Webster (WBS) President Luis Massiani Disposes 185,082 Shares

What Happened

• Luis Massiani, President and COO of Webster Financial Corporation, recorded a disposition to the issuer of 185,081.85 shares on August 20, 2026. The Form 4 shows $0 per share because this was not an open‑market sale but part of a corporate transaction.
• Under the transaction agreement, each Webster share was exchanged for 2.0548 Banco Santander American Depositary Shares (ADS) and $48.75 in cash. The cash portion equals about $9.02 million; the transaction effectively converted Massiani’s Webster holdings into Santander ADS plus cash. All fractional shares were paid in cash.
• Per the filing, all of his equity awards were converted into equivalent Banco Santander awards, and he no longer beneficially owns any Webster common stock after the closing.

Key Details

• Transaction date: August 20, 2026 (reported on Form 4 filed August 21, 2026). Transaction code: D (Disposition to issuer).
• Shares involved: 185,081.85 Webster shares; Form 4 reports $0.00 price because consideration was in ADS + cash, not a share-for-cash market trade.
• Cash consideration: $48.75 per Webster share → ~ $9,022,740 total. ADS received: ~380,306.2 Banco Santander ADS (2.0548 ADS per Webster share).
• Shares owned after transaction: 0 shares of Webster common stock (report notes no remaining beneficial ownership).
• Footnotes: (F1) describes the exchange terms with Banco Santander and closing price context; (F2) equity awards converted into Banco Santander awards; (F3) confirms no remaining Webster holdings.
• Filing timeliness: Reported the day after the effective date (no late filing flagged).

Context

• This was a corporate acquisition/reincorporation transaction, not an insider-initiated open-market sale. Retail investors should view this as a conversion of holdings under the deal terms rather than a personal sell signal. The Webster closing price on the last trading day before the closing was $77.57, and fractional shares were cashed out per the agreement.