Form 4: HarborOne Bancorp EVP, Chief Lending Officer Reports Changes in Beneficial Ownership

H. Scott Sanborn, EVP and Chief Lending Officer of HarborOne Bancorp, reports transactions involving common stock, including acquisitions and disposals to cover withholding taxes and vesting of performance share units.

Summary

• On March 1, 2024, H. Scott Sanborn, EVP and Chief Lending Officer of HarborOne Bancorp, engaged in transactions involving the company's common stock.
• These transactions included the disposal of shares to cover withholding taxes related to the vesting of Performance Share Units (PSUs).
• Specifically, 530, 562, 479, and 2,444 shares were disposed of at a price of $10.18 per share to cover these taxes.
• Sanborn also acquired 7,292 shares upon the vesting of PSUs granted on March 1, 2021, at a price of $10.18 per share.
• Additionally, Sanborn acquired 5,369 shares of restricted stock with no consideration, which will vest in three equal annual installments starting March 1, 2025.
• Following these transactions, Sanborn's total beneficial ownership of HarborOne Bancorp common stock is 58,047 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to executive compensation. The vesting of PSUs suggests the achievement of performance goals, which is mildly positive.

Positives

• The vesting of PSUs indicates that performance goals were met over the three-year performance period, suggesting positive performance by the company.
• The grant of restricted stock to an executive aligns their interests with those of the shareholders and incentivizes future performance.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 1, 2025, suggesting continued employment and alignment with company performance.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders, allowing investors to monitor management's alignment with shareholder interests.

Stakeholder Impact

• Shareholders can monitor insider transactions to assess management's alignment with company performance.
• Employees may be impacted by the vesting of PSUs and restricted stock awards, which can affect morale and retention.

Next Steps

• The restricted stock award will continue to vest in annual installments beginning March 1, 2025.

Key Dates