Form 4: Eastern Bankshares Director Deborah C. Jackson Sells Shares Under 10b5-1 Plan
SEC Form 4 Filing
Director Deborah C. Jackson sold 2,200 shares of Eastern Bankshares, Inc. common stock at an average price of $14.07 per share on May 15, 2024, under a pre-arranged trading plan.
Summary
- On May 15, 2024, Deborah C. Jackson, a director of Eastern Bankshares, Inc., sold 2,200 shares of common stock at an average price of $14.07 per share.
- The sales were executed under a Rule 10b5-1 trading plan adopted on November 17, 2023.
- Following the transaction, Jackson directly owns 72,997 shares and indirectly owns 19,000 shares through an IRA.
- The directly owned shares include common stock and restricted stock that vests over time.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the transaction is a routine sale under a pre-arranged trading plan and doesn't necessarily indicate a positive or negative outlook on the company.
Industry Context
Sales by insiders are a common occurrence and are often viewed in the context of pre-arranged trading plans like the 10b5-1 plan used in this instance. These plans allow insiders to sell shares over a period of time without being accused of trading on inside information.
Stakeholder Impact
- The sale of shares by a director could have a minor impact on shareholder sentiment, but the existence of a 10b5-1 plan mitigates concerns about insider information.
Key Dates
| Date | Description |
|---|---|
| 2021-11-30 | Date of grant for 37,258 shares of restricted stock that vests ratably over a five-year period. |
| 2023-11-17 | Date the reporting person adopted a Rule 10b5-1 trading plan. |
| 2024-05-13 | Date that 4,696 shares of restricted stock are scheduled to vest in full. |
| 2024-05-15 | Date of the transaction where 2,200 shares of common stock were sold. |
| 2024-05-17 | Date of signature on the Form 4 filing. |
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