SHEAHAN DENIS K 4
4 · Eastern Bankshares, Inc. · Filed Mar 3, 2026
Research Summary
AI-generated summary of this filing
Eastern Bankshares (EBC) CEO Denis Sheahan Receives RSU Award
What Happened
- Denis K. Sheahan, Chief Executive Officer of Eastern Bankshares (EBC), received a grant of 24,340 restricted stock units (RSUs) on March 2, 2026 (reported on Form 4 filed March 3, 2026). The RSUs are reported at $0.00 (derivative award) and convert one-for-one into common shares on vesting.
- The filing also reports a disposal of 1 share on September 16, 2025 at $13.85 (proceeds shown as ~$14). Footnote F12 indicates this was the sale of a fractional share by the transfer agent in connection with transferring shares to a brokerage account — a routine administrative transaction.
Key Details
- Transaction dates and amounts:
- Sep 16, 2025: Sale of 1 share at $13.85 (proceeds ≈ $14) — fractional-share sale per F12.
- Mar 2, 2026: Grant of 24,340 RSUs (derivative award) reported at $0.00 (F11).
- Vesting and conversion:
- The 24,340 RSUs vest in three equal annual installments beginning March 2, 2027, subject to continued service (F11). RSUs convert to common stock on a one-for-one basis (F2/F8).
- Other notable items from the filing:
- The filing references prior grants and a larger March 3, 2025 RSU award (154,088 RSUs) with its own vesting schedule (F10) and several Cambridge-to-Eastern RSU conversions from the merger (F1).
- The filing notes beneficial ownership as reported on the Form (see F13).
- Timeliness:
- The RSU grant (Mar 2, 2026) was reported on the Form 4 filed Mar 3, 2026 (within typical 2-business-day reporting window).
- The Sep 16, 2025 fractional-share sale was reported much later (filing dated Mar 3, 2026), so that earlier sale was reported late in this Form 4.
Context
- RSUs are long-term compensation: they do not require cash to acquire and only convert into shares if/when they vest; vested shares will be issued as soon as practicable after vesting.
- The 1-share sale appears to be an administrative fractional-share disposition by the transfer agent (not an active market sale decision), which is common when moving holdings between accounts.
- As always, insider purchases (or new grants) can be more informative than routine small sales; these RSUs increase potential future equity for the CEO subject to the stated vesting schedule.
Insider Transaction Report
Form 4
SHEAHAN DENIS K
DirectorChief Executive Officer
Transactions
- Sale
Common Stock
[F12]2025-09-16$13.85/sh−1$14→ 33,305 total(indirect: By IRA) - Award
Restricted Stock Units
[F8][F11]2026-03-02+24,340→ 24,340 total→ Common stock (24,340 underlying)
Holdings
- 250,781(indirect: By Trust)
Common Stock
- 889(indirect: By ESOP)
Common Stock
[F13] - 3,232
Restricted Stock Units
[F1][F2][F3]→ Common stock (3,232 underlying) - 11,241
Restricted Stock Units
[F1][F2][F4]→ Common stock (11,241 underlying) - 34,544
Restricted Stock Units
[F1][F2][F5]→ Common stock (34,544 underlying) - 33,721
Restricted Stock Units
[F1][F2][F6]→ Common stock (33,721 underlying) - 42,221
Restricted Stock Units
[F1][F2][F7]→ Common stock (42,221 underlying) - 25,821
Restricted Stock Units
[F8][F9]→ Common stock (25,821 underlying) - 154,088
Restricted Stock Units
[F8][F10]→ Common stock (154,088 underlying)
Footnotes (13)
- [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.
- [F10]On March 3, 2025, the reporting person was granted 154,088 restricted stock units of which 24,365 vest in three equal annual installments beginning March 3, 2026 and 129,723 vest in five equal installments beginning on March 3, 2026, subject to continued service. Vested shares will be issued to the reporting person as soon as practicable after the vesting date.
- [F11]On March 2, 2026, the reporting person was granted 24,340 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.
- [F12]Sale of fractional shares by transfer agent in connection with the transfer of shares to a brokerage account.
- [F13]Reflects the amount of shares beneficially owned, including shares received due to automatic dividend reinvestment, as of the date of this report.
- [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. The final tranche of this Company RSU award vested 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. The Company RSU award provided 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 that Cambridge 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.
Signature
/s/ Kathleen R. Henry, by Power of Attorney|2026-03-03