Form 4: HarborOne Bancorp EVP Sanborn H. Scott Reports Changes in Beneficial Ownership

EVP and Chief Lending Officer of HarborOne Bancorp, Sanborn H. Scott, reports changes in beneficial ownership of company stock due to vesting of restricted shares and performance share units, as well as an award of restricted stock.

Summary

• On February 28, 2025, Sanborn H. Scott, EVP and Chief Lending Officer of HarborOne Bancorp, had shares withheld by the issuer to cover withholding taxes associated with the vesting of restricted shares.
• The Compensation Committee determined that performance-vesting criteria were met for 1,036 performance share units (PSUs) granted on March 1, 2022.
• Shares were also withheld to cover withholding taxes associated with the vesting of these PSUs.
• On March 3, 2025, Scott acquired 5,762 shares of restricted stock at no cost, which will vest in three equal annual installments starting March 3, 2026.
• Following these transactions, Scott beneficially owns 62,857 shares of HarborOne Bancorp.
• The transactions were reported on Form 4, filed with the SEC on March 4, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The document simply reports transactions related to executive compensation. The vesting of PSUs suggests performance targets were met, which is mildly positive, but overall, it's a routine filing.

Positives

• The vesting of performance share units indicates that performance criteria were met, which could be viewed positively.
• The award of restricted stock aligns the executive's interests with those of the shareholders.

Future Outlook

The restricted stock award vests in three equal annual installments beginning on March 3, 2026.

Industry Context

Executive compensation and ownership changes are common in the banking industry. These filings provide transparency into the alignment of management's interests with shareholders.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, stock options, restricted stock, and performance-based incentives.
• Vesting schedules for restricted stock and performance share units are typically structured to incentivize long-term performance and retention.
• Companies like JPMorgan Chase, Bank of America, and Wells Fargo also regularly report similar Form 4 filings related to their executives' stock transactions.

Stakeholder Impact

• The vesting of performance share units and award of restricted stock can align management's interests with those of shareholders.
• Transparency in executive compensation is important for maintaining investor confidence.

Key Dates