Form 4: HarborOne Bancorp EVP, CER Officer 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 stock and performance share units.

Summary

• On March 1, 2024, Joseph E. McQuade, an EVP, CER Officer of HarborOne Bancorp, reported several 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, 377, and 282 shares were disposed of at a price of $10.18 each to cover withholding taxes.
• Additionally, 4,884 PSUs granted on March 1, 2021, vested, and 1,693 shares were withheld to cover associated withholding taxes.
• McQuade also acquired 4,424 shares of restricted stock with no consideration, which will vest in three equal annual installments starting March 1, 2025.
• Following these transactions, McQuade beneficially owns 18,515 shares of HarborOne Bancorp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The vesting of PSUs suggests the company met certain performance goals, and the additional restricted stock award indicates continued investment in the executive. However, the disposal of shares for tax purposes is a routine event.

Positives

• The vesting of 4,884 performance share units (PSUs) indicates that performance-vesting criteria were met over the three-year performance period.
• The acquisition of 4,424 shares of restricted stock represents additional equity compensation for the reporting person.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 1, 2025.

Industry Context

Form 4 filings are standard disclosures required by the SEC for corporate insiders, providing transparency into their transactions in the company's stock. This filing indicates routine compensation-related transactions.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, restricted stock, and performance-based equity awards.
• The vesting of performance share units (PSUs) is a common practice to align executive incentives with company performance, similar to programs at companies like JPMorgan Chase & Co. and Bank of America.
• Restricted stock awards are also a standard component of executive compensation, with vesting schedules typically ranging from three to five years, comparable to vesting schedules at Wells Fargo and Citigroup.

Stakeholder Impact

• Shareholders may view the vesting of PSUs positively, as it suggests the company achieved certain performance targets.
• The transactions have a minimal direct impact on employees, customers, suppliers, or creditors.

Key Dates