Form 4: HarborOne Bancorp EVP Inez Friedman-Boyce Reports Changes in Beneficial Ownership

Inez Friedman-Boyce, EVP and Chief Legal 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, Inez Friedman-Boyce, EVP and Chief Legal 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 associated with the vesting of restricted shares and performance share units (PSUs).
• Specifically, 454, 531, 293, and 220 shares were disposed of at a price of $11.5 each to cover these tax obligations.
• Additionally, 634 performance share units (PSUs) granted on March 1, 2022, vested on February 28, 2025, after the Compensation Committee determined that performance-vesting criteria were met.
• On March 3, 2025, Ms. Friedman-Boyce acquired 5,076 shares of restricted stock at no cost, which will vest in three equal annual installments starting on March 3, 2026.
• Following these transactions, Ms. Friedman-Boyce beneficially owns 29,528 shares of HarborOne Bancorp common stock.

Sentiment

Score: 6

Explanation: Neutral sentiment as the document primarily reports routine transactions related to executive compensation. The vesting of PSUs suggests positive performance, but the disposals are related to tax obligations.

Positives

• The vesting of performance share units indicates that performance goals were achieved over the three-year performance period.
• The acquisition of 5,076 restricted shares suggests continued alignment of the executive's interests with the company's long-term performance.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 3, 2026, indicating a multi-year incentive structure.

Management Comments

• The Compensation Committee of the Board of Directors determined that performance-vesting criteria were met over the three-year performance period with regard to the PSUs.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Vesting schedules for restricted stock and performance share units are common compensation practices in the banking industry to align executive incentives with long-term company performance.
• Tax withholding practices related to equity compensation are standard across publicly traded companies.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
• Employees may be indirectly affected by the company's performance, which influences the vesting of performance-based equity awards.

Key Dates