Form 4: HarborOne Bancorp EVP, CER Officer Joseph E. McQuade Reports Changes in Beneficial Ownership

Joseph E. McQuade, EVP, CER Officer of HarborOne Bancorp, reports transactions involving common stock, including acquisitions and disposals to cover withholding taxes and vesting of restricted shares and performance share units.

Summary

• On February 28, 2025, Joseph E. McQuade, EVP, CER Officer of HarborOne Bancorp, engaged in multiple transactions involving the company's common stock.
• These transactions included the disposal of shares to cover withholding taxes related to the vesting of restricted shares and performance share units (PSUs).
• Specifically, 322, 511 and 282 shares were disposed of at a price of $11.5 each to cover these tax obligations.
• Additionally, 610 PSUs granted on March 1, 2022, vested due to the Compensation Committee's determination that performance-vesting criteria were met.
• Shares were also withheld to cover withholding taxes associated with the vesting of PSUs, with 212 shares disposed of at $11.5.
• On March 3, 2025, McQuade acquired 4,885 shares of restricted stock at no cost, which will vest in three equal annual installments starting March 3, 2026.
• Following these transactions, McQuade's total beneficial ownership of HarborOne Bancorp common stock is 22,683 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing primarily reflects routine transactions related to equity compensation. The vesting of PSUs suggests the achievement of performance goals, which is mildly positive, but the disposal of shares for tax purposes is a standard procedure.

Positives

• The vesting of PSUs indicates that performance goals were achieved, which is a positive sign for the company's performance.
• The acquisition of 4,885 restricted shares demonstrates a continued investment and alignment of interests with the company's future.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 3, 2026, suggesting a long-term incentive for the reporting person.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.

Comparison to Industry Standards

• Comparing the vesting schedules and performance criteria of HarborOne's PSU grants to those of similar regional banks would provide a benchmark for assessing the competitiveness of their executive compensation packages.
• Analyzing the proportion of equity-based compensation in McQuade's overall compensation package relative to peers at institutions like Eastern Bankshares, Independent Bank Corp, or Washington Federal could offer insights into HarborOne's compensation philosophy.
• Reviewing the types of performance metrics used for PSU vesting (e.g., ROA, ROE, efficiency ratio) against industry best practices would help determine the alignment of executive incentives with shareholder value creation.

Stakeholder Impact

• Shareholders may view the vesting of PSUs as a positive sign, indicating that the company is meeting its performance targets.
• Employees may be motivated by the fact that performance goals are being achieved, leading to the vesting of equity awards for executives.

Next Steps

• Monitor future Form 4 filings to track any further changes in insider ownership.
• Evaluate the company's performance against the vesting criteria of the PSUs to assess the effectiveness of the compensation plan.

Key Dates