Form 4: Eastern Co Director James Mitarotonda Reports Share Acquisition and Indirect Holdings

Director James Mitarotonda reports acquiring 1,025 common shares through the Director's Fee Program and disclaims beneficial ownership of 630,100 shares held indirectly through Barington Companies Equity Partners, L.P.

Summary

• On September 16, 2024, James A. Mitarotonda, a director of Eastern Co, acquired 1,025 common shares through the company's Director's Fee Program at a price of $31.46 per share.
• Following this transaction, Mitarotonda directly owns 35,508 common shares.
• Mitarotonda also indirectly holds 630,100 common shares through Barington Companies Equity Partners, L.P., but disclaims beneficial ownership except to the extent of pecuniary interest.
• The reporting person is the sole stockholder and director of LNA Capital Corp, which is the general partner of Barington Capital Group, L.P., which is the majority member of Barington Capital Investors, LLC ('Barington Investors').
• Barington Investors is the general partner of Barington Companies Equity Partners L.P.

Sentiment

Score: 6

Explanation: The sentiment is neutral. A director acquiring shares is generally a positive sign, but the disclaimer of beneficial ownership of a large indirect holding tempers the enthusiasm.

Positives

• The acquisition of shares by a director may signal confidence in the company's future performance.

Management Comments

• The reporting person disclaims beneficial ownership of these securities, except to the extent of the pecuniary interests therein, and this report shall not be deemed to be an admission that the reporting person is the beneficial owner of these shares for the purposes of Section 16 or any other purpose.

Industry Context

Director share acquisitions are common and often viewed as a positive sign, reflecting the director's belief in the company's prospects.

Comparison to Industry Standards

• Director's Fee Programs are a fairly standard method of compensation in many publicly listed companies.
• The level of indirect ownership through investment partnerships is not uncommon for directors with significant financial holdings.

Stakeholder Impact

• The share acquisition could have a slightly positive impact on shareholder sentiment.

Key Dates