Form 4: Brookline Bancorp CEO's Tax-Related Stock Disposition

Michael P. Goldrick, CEO of PCSB Bank, reported the disposition of 9,489 Brookline Bancorp common shares for tax withholding purposes following the vesting of restricted stock.

Summary

• Michael P. Goldrick, CEO of PCSB Bank and a Director of Brookline Bancorp Inc. (BRKL), reported transactions involving the company's common stock.
• On August 25, 2025, Mr. Goldrick disposed of a total of 9,489 shares of common stock at a price of $11.03 per share.
• These dispositions were classified under transaction code "F," indicating they were for the payment of tax liability incident to the vesting of performance-based restricted stock shares.
• The restricted stock shares were granted under the Brookline Bancorp, Inc. 2021 Stock Option and Incentive Plan and vested according to the terms of the Agreement and Plan of Merger by and among Berkshire Hills Bancorp, Inc., Commerce Acquisition Sub, Inc., and Brookline Bancorp, Inc.
• Following these transactions, Mr. Goldrick directly beneficially owns 38,091 shares of common stock and indirectly owns 5,000 shares through an IRA.

Sentiment

Score: 5

Explanation: The filing reports a routine, non-discretionary disposition of shares for tax purposes upon vesting of restricted stock. This is a neutral event with no inherent positive or negative implications for the company's operational or financial performance.

Future Outlook

The filing indicates that the reported transactions were made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), suggesting pre-planned future transactions.

Industry Context

This is a routine insider transaction filing, common for executives receiving equity compensation. It reflects the standard process of tax withholding upon the vesting of restricted stock, a common practice across industries for executive compensation.

Stakeholder Impact

• Shareholders: The disposition of shares for tax purposes is a routine event and does not indicate a change in management's confidence or a significant shift in ownership structure. It is a standard part of executive compensation.
• Employees: The vesting of performance-based restricted stock is part of the company's compensation plan, which can motivate executives.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary disposition of shares by an insider for tax withholding purposes upon the vesting of restricted stock. Such transactions are common and do not typically reflect a change in the insider's view of the company's prospects or fundamental value. Therefore, it provides no new information that would warrant a change in investment recommendation based solely on this filing. A 'hold' recommendation is appropriate as there's no new catalyst for 'buy' or 'sell'.

Keywords

Brookline Bancorp, BRKL, Michael P. Goldrick, SEC Form 4, Insider Transaction, Stock Disposition, Restricted Stock, Tax Withholding, CEO, PCSB Bank