Form 4: Eastern Bankshares Executive VP Steven Antonakes Reports Stock Transactions
SEC Form 4
Executive VP Steven Louis Antonakes reports acquisition and disposal of Eastern Bankshares (EBC) stock and restricted stock units.
Summary
- Steven Louis Antonakes, an Executive VP at Eastern Bankshares, reported transactions involving the company's common stock and restricted stock units on March 1, 2024.
- He acquired 10,972 shares of common stock through the conversion of restricted stock units at a price of $0.00.
- He disposed of 3,506 shares of common stock at a price of $12.81.
- Following these transactions, Antonakes directly owns 27,453 shares of common stock.
- He also indirectly owns 7,336 shares through a 401(k) and 2,793 shares through an ESOP.
- He was granted 5,439 restricted stock units that vest in three equal annual installments beginning March 1, 2025.
- He directly owns 28,464 restricted stock units from a 2022 grant and 2,973 restricted stock units from a 2023 grant.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing stock transactions, with no inherent positive or negative sentiment.
Future Outlook
The reporting person was granted 5,439 restricted stock units on March 1, 2024, vesting in three equal annual installments beginning March 1, 2025, subject to continued service.
Industry Context
This Form 4 filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their trading activities in the company's stock. It is typical for executives to receive and vest restricted stock units as part of their compensation.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies in the US, ensuring transparency of insider transactions.
- Companies like JPMorgan Chase & Co. and Bank of America also have executives who regularly file Form 4s, reflecting similar transactions in their respective company stocks.
- The vesting schedules of restricted stock units, such as the three-year or five-year vesting periods mentioned, are common in executive compensation packages across the financial industry.
Stakeholder Impact
- The transactions reported may have a minor impact on shareholders by slightly increasing the number of outstanding shares as restricted stock units vest.
Key Dates
| Date | Description |
|---|---|
| 03/01/2022 | Reporting person was granted 47,438 restricted stock units that vest in five equal annual installments beginning March 1, 2023. |
| 03/01/2023 | Reporting person was granted 4,458 restricted stock units that vest in three equal annual installments beginning March 1, 2024. |
| 03/01/2024 | Earliest transaction date; reporting person acquired and disposed of shares and was granted restricted stock units. |
| 03/05/2024 | Date of signature for the Form 4 filing. |
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