Sullivan Michael James 4

What Happened

• Michael James Sullivan, a director of Eastern Bankshares, exercised stock options on Feb 27, 2026 to acquire 50,000 shares at $13.38 per share, for a total cash outlay of $669,000. The same filing reports a related derivative conversion/disposition of 50,000 units at $0 (reported as a derivative disposal) on the same date.
• This was an option exercise (an acquisition of shares), not a sale of shares reported here.

Key Details

• Transaction date: 2026-02-27; Form 4 filed: 2026-03-02 (period of report 2026-02-27).
• Acquired: 50,000 shares at $13.38 each — total cost $669,000 (code M = option exercise).
• Disposed/converted: 50,000 derivative units at $0 reported alongside the exercise (derivative conversion/disposition).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnote: Per the Agreement and Plan of Merger (Apr 24, 2025) related to the merger of HarborOne into Eastern (effective Nov 1, 2025), the option needed to be exercised by May 1, 2026 (six months after the reporting person’s HarborOne director role ended).

Context

• For retail investors: an option exercise means the insider converted options into actual shares by paying the exercise price; it is a purchase-like action but does not necessarily imply bullish sentiment by itself.
• The accompanying derivative-disposition line and the footnote indicate this exercise is tied to post-merger option treatment required under the merger agreement, rather than an open-market buy or sell.