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Eastern Bankshares, Inc.·4

Mar 3, 5:55 PM ET

Miller Quincy Lee 4

4 · Eastern Bankshares, Inc. · Filed Mar 3, 2026

Research Summary

AI-generated summary of this filing

Updated

Eastern Bankshares (EBC) President Quincy Miller Converts Awards, Withholds Shares

What Happened

  • Quincy Miller, President of Eastern Bankshares (EBC), had performance/restricted stock units convert into 25,069 shares on March 1, 2026 (code M). To cover tax obligations, he surrendered 11,154 shares (worth ~$218,172) and 4,676 shares (worth ~$91,463), for total withholding of 15,830 shares ($309,635) (code F). After withholding, he netted roughly 9,239 shares from the vesting event. On March 2, 2026 he was also granted 15,162 new restricted stock units (RSUs) that vest starting March 2, 2027 (code A).

Key Details

  • Transaction dates and prices:
    • Mar 1, 2026: 25,069 shares converted from derivatives (vested awards) @ $0.00 (acquired).
    • Mar 1, 2026: 11,154 shares withheld @ $19.56 = $218,172 (tax withholding).
    • Mar 1, 2026: 4,676 shares withheld @ $19.56 = $91,463 (tax withholding).
    • Mar 2, 2026: Grant of 15,162 RSUs (derivative award) @ $0.00 (acquired).
  • Net shares added from the vesting event: approximately 9,239 shares (25,069 acquired minus ~15,830 withheld).
  • Notable footnotes:
    • F9: The shares resulted from a PRSU payout at 93.1% of target for the Jan 1, 2023–Dec 31, 2025 performance period.
    • F8: The Mar 2, 2026 grant of 15,162 RSUs vests in three equal annual installments beginning Mar 2, 2027.
    • F1/F3: RSUs/PRSUs convert one-for-one into common stock when they vest.
  • Filing timeliness: Report covers transactions on 2026-03-01 and was filed 2026-03-03 — appears timely under Form 4 rules.

Context

  • These transactions reflect vesting and tax-withholding, not open-market sales. Codes: M = exercise/conversion of derivative (vesting of RSUs/PRSUs), F = shares surrendered for tax liability, A = grant/award.
  • The tax-withholding surrender is a routine administrative action to satisfy tax obligations and does not necessarily indicate a change in insider sentiment.

Insider Transaction Report

Form 4
Period: 2026-03-01
Eastern Bankshares, Inc.EBC
Miller Quincy Lee
President
Transactions
  • Exercise/Conversion

    Common Stock

    [F1]
    2026-03-01+25,069→ 68,698 total
  • Tax Payment

    Common Stock

    2026-03-01$19.56/sh−11,154$218,172→ 57,544 total
  • Award

    Common Stock

    [F9]
    2026-03-01−10,542→ 68,086 total
  • Tax Payment

    Common Stock

    2026-03-01$19.56/sh−4,676$91,463→ 63,410 total
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F4]
    2026-03-01−14,232→ 14,232 total
    → Common stock (14,232 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F5]
    2026-03-01−3,775→ 0 total
    → Common stock (3,775 underlying)
  • Exercise/Conversion

    Restricted Stock Units

    [F1][F6]
    2026-03-01−7,062→ 7,063 total
    → Common stock (7,062 underlying)
  • Award

    Restricted Stock Units

    [F3][F8]
    2026-03-02+15,162→ 15,162 total
    → Common stock (15,162 underlying)
Holdings

  • Common Stock

    (indirect: By 401(k))
    13,900

  • Common Stock

    (indirect: By IRA)
    83,240

  • Common Stock

    (indirect: By Spouse)
    1,280

  • Common Stock

    [F2]
    (indirect: By ESOP)
    4,921

  • Restricted Stock Units

    [F1][F7]
    → Common stock (16,864 underlying)
    16,864
Footnotes (9)
  • [F1]Restricted stock units convert into common stock on a one-for-one basis.
  • [F2]Reflects the amount of shares beneficially owned, including shares received due to automatic dividend reinvestment, as of the date of this report.
  • [F3]Each restricted stock unit represents a contingent right to receive one share of EBC common stock on the applicable vesting date.
  • [F4]On March 1, 2022, the reporting person was granted 71,157 restricted stock units that vest in five equal annual installments beginning March 1, 2023, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
  • [F5]On March 1, 2023, the reporting person was granted 11,324 restricted stock units that vest in three equal annual installments beginning March 1, 2024, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
  • [F6]On March 1, 2024, the reporting person was granted 21,186 restricted stock units that vest in three equal annual installments beginning March 1, 2025, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
  • [F7]On March 3, 2025, the reporting person was granted 16,864 restricted stock units that vest in three equal annual installments beginning March 3, 2026, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
  • [F8]On March 2, 2026, the reporting person was granted 15,162 restricted stock units that vest in three equal annual installments beginning March 2, 2027, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
  • [F9]Represents shares of Eastern Bankshares, Inc. (the "Company") common stock, par value $0.01 per share ("Common Stock") received upon vesting of a performance restricted stock unit ("PRSU") award eligible to vest based upon the Company's performance on total shareholder return ("TSR") measured at the end of the three-year performance period of January 1, 2023 through December 31, 2025 (the "Performance Period") relative to TSR performance over that performance period of the banks listed on the KBW Nasdaq Regional Banking Index (the "TSR Measure"). The Compensation and Human Capital Management Committee determined that the Company's performance of the TSR Measure resulted in a payout of 93.1% of target.
Signature
/s/ Kathleen R. Henry, by Power of Attorney|2026-03-03

Documents

1 file
  • 4
    ownership.xmlPrimary

    4