Form 4: HarborOne Bancorp EVP Inez Friedman-Boyce Reports Stock Transactions
SEC Form 4 Filing
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 March 1, 2024, Inez Friedman-Boyce, EVP and Chief Legal Officer of HarborOne Bancorp, engaged in 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, 454 shares, 377 shares, and 293 shares were disposed of at a price of $10.18 per share to cover these taxes.
- Additionally, 4,884 PSUs granted on March 1, 2021, vested, resulting in the acquisition of these shares at $10.18 per share.
- A further 1,693 shares were disposed of to cover withholding taxes associated with the vesting of these PSUs.
- Friedman-Boyce also acquired 4,597 shares of restricted stock with no consideration, which will vest in three equal annual installments starting March 1, 2025.
- Following these transactions, Friedman-Boyce beneficially owns 25,316 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 inherently indicate positive or negative sentiment about the company's performance.
Positives
- The vesting of performance share units indicates that performance goals were met over the three-year performance period.
- The acquisition of restricted stock suggests continued alignment of the executive's interests with the company's long-term success.
Future Outlook
The restricted stock award vests in three equal annual installments beginning on March 1, 2025.
Industry Context
Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company executives and directors. These filings are closely watched by investors for signals about management's confidence in the company's prospects.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, restricted stock, and performance-based incentives.
- The vesting schedules and performance criteria for equity awards are typically designed to align executive interests with shareholder value creation.
- Companies like JPMorgan Chase & Co and Goldman Sachs also use similar compensation structures for their executives.
Stakeholder Impact
- The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments.
- Shareholders may view the vesting of performance share units as a positive sign, indicating that performance goals were achieved.
Key Dates
| Date | Description |
|---|---|
| 03/01/2021 | Date of grant for 4,884 performance share units (PSUs). |
| 03/01/2024 | Date of transactions involving common stock, including disposals for tax withholding and vesting of PSUs. |
| 03/01/2025 | First vesting date for the acquired restricted stock, vesting in three equal annual installments. |
| 03/05/2024 | Date of signature for the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.