Denis K. Sheahan - Sep 3, 2024 Form 4 Insider Report for Eastern Bankshares, Inc. (EBC)

Role
Chief Executive Officer, Director
Signature
/s/ Kathleen C. Henry, by Power of Attorney
Stock symbol
EBC
Transactions as of
Sep 3, 2024
Transactions value $
$0
Form type
4
Date filed
9/4/2024, 08:29 PM
Previous filing
Jul 15, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding EBC Common Stock 246K Sep 3, 2024 By Revocable Trust
holding EBC Common Stock 3.42K Sep 3, 2024 By ESOP

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction EBC Restricted Stock Units Award $0 +25.8K $0.00 25.8K Sep 3, 2024 Common Stock 25.8K Direct F8, F9
holding EBC Restricted Stock Units 3.23K Sep 3, 2024 Common Stock 3.23K Direct F1, F2, F3
holding EBC Restricted Stock Units 11.2K Sep 3, 2024 Common Stock 11.2K Direct F1, F2, F4
holding EBC Restricted Stock Units 34.5K Sep 3, 2024 Common Stock 34.5K Direct F1, F2, F5
holding EBC Restricted Stock Units 33.7K Sep 3, 2024 Common Stock 33.7K Direct F1, F2, F6
holding EBC Restricted Stock Units 42.2K Sep 3, 2024 Common Stock 42.2K Direct F1, F2, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Eastern Bankshares, Inc. (the "Company") issued these time-based restricted stock units ("RSUs") as of July 12, 2024, when the Company completed a merger with Cambridge Bancorp ("Cambridge"). Pursuant to the terms of the Agreement and Plan of Merger, dated September 19, 2023, Cambridge RSUs and performance-based restricted stock units ("PRSUs") were assumed and converted to Company RSUs at an exchange ratio of 4.956 Company units for each Cambridge unit.
F2 Restricted stock units convert into common stock on a one-for-one basis.
F3 This award for 3,232 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on February 15, 2021, that vested in three equal annual installments beginning one year after the grant date. The reporting person elected to defer receipt of common stock issuable upon the vesting of these RSUs.
F4 This award for 11,241 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on February 15, 2022, that provided for vesting in three equal annual installments beginning one year after the grant date. Subject to continued service, the final tranche of this Company RSU award will vest on February 15, 2025. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
F5 This award for 34,544 Company RSUs replaced an award of Cambridge RSUs granted to the reporting person on April 28, 2023, that provided for vesting in three equal annual installments beginning one year after the grant date. Subject to continued service, the remaining tranches will vest on April 28 of 2025 and 2026, respectively. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
F6 This award for 33,721 Company RSUs replaced an award of Cambridge PRSUs granted to the reporting person on February 15, 2022. Subject to continued service, the Company RSU award provides for cliff vesting on December 31, 2024. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
F7 This award for 42,221 Company RSUs replaced an award of Cambridge PRSUs granted to the reporting person on April 28, 2023. Subject to continued service, the Company RSU award provides for cliff vesting on December 31, 2025. The reporting person elected to defer receipt of common stock issuable upon vesting except for shares withheld for tax obligations.
F8 Each restricted stock unit represents a contingent right to receive one share of Company common stock on the applicable vesting date.
F9 On September 3, 2024, the reporting person was granted 25,821 restricted stock units that vest in three equal annual installments beginning September 3, 2025, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.