Form 4: HarborOne Bancorp EVP Brenda Diepold Reports Changes in Beneficial Ownership

Brenda Diepold, EVP and Chief Banking Officer of HarborOne Bancorp, reports transactions involving common stock, including acquisitions, disposals, and vesting of restricted stock and performance share units.

Summary

• Brenda Diepold, EVP and Chief Banking Officer of HarborOne Bancorp, filed a Form 4 detailing changes in her beneficial ownership of the company's stock.
• On March 1, 2024, Diepold had multiple transactions involving common stock, including disposals to cover withholding taxes and acquisitions through vesting of performance share units (PSUs) and restricted stock awards.
• Specifically, 4,980 PSUs granted on March 1, 2021, vested due to the Compensation Committee's determination that performance criteria were met.
• Diepold also acquired 4,240 shares of restricted stock, which will vest in three equal annual installments starting March 1, 2025.
• Following these transactions, Diepold beneficially owns 31,130 shares of HarborOne Bancorp common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation and does not indicate any significant positive or negative developments.

Positives

• The vesting of performance share units indicates that performance criteria were met over the three-year performance period.
• The award of restricted stock suggests continued alignment of executive interests with shareholder value.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 1, 2025, suggesting continued equity-based compensation for the reporting person.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. These filings are closely watched by investors seeking insights into management's perspective on the company's stock.

Comparison to Industry Standards

• Equity compensation, including restricted stock and performance share units, is a common practice among publicly traded companies, particularly in the financial services sector.
• Comparable companies like Eastern Bankshares, Inc. and Independent Bank Corp. also utilize similar equity-based compensation plans to incentivize executives and align their interests with shareholders.
• The vesting schedules and performance criteria associated with these awards are typically designed to promote long-term value creation and retention of key personnel.

Stakeholder Impact

• The transactions have a minor impact on shareholders, reflecting changes in insider ownership.
• Employees may be indirectly affected by the performance-based vesting of PSUs, which incentivizes management to achieve company goals.

Key Dates