Form 4: HarborOne Bancorp SVP David E. Tryder Reports Changes in Beneficial Ownership

David E. Tryder, SVP and Chief Marketing 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, David E. Tryder, SVP, Chief Marketing Officer of HarborOne Bancorp, reported changes in beneficial ownership of the company's common stock.
• These changes include the disposal of shares to cover withholding taxes related to the vesting of restricted shares and performance share units (PSUs).
• Tryder also acquired shares through the vesting of PSUs granted on March 1, 2021, and the award of restricted stock.
• Specifically, 4,164 PSUs vested due to the Compensation Committee's determination that performance criteria were met.
• Tryder acquired 2,774 shares of restricted stock, which will vest in three equal annual installments starting March 1, 2025.
• Following these transactions, Tryder beneficially owns 15,158.703 shares of HarborOne Bancorp common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing primarily reflects routine transactions related to executive compensation. The vesting of PSUs suggests that performance targets were met, which is mildly positive, but the overall impact is not significant.

Positives

• The vesting of PSUs indicates that performance criteria were met, which could be viewed positively.
• The award of restricted stock 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 1, 2025, indicating a multi-year incentive structure.

Industry Context

Form 4 filings are standard disclosures for corporate insiders and provide transparency into their transactions in the company's stock. 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, bonus, stock options, and restricted stock units (RSUs) or performance share units (PSUs).
• The vesting schedules and performance criteria for equity awards are typically designed to align executive incentives with long-term shareholder value creation.
• Companies like Bank of America, JP Morgan Chase, and Wells Fargo also use similar compensation structures for their executives.
• The specific terms of these awards, such as vesting periods and performance metrics, can vary widely based on company size, industry, and individual performance.

Stakeholder Impact

• The transactions have a minor impact on shareholders by increasing the number of shares outstanding, but the effect is likely negligible.
• The vesting of PSUs and award of restricted stock incentivize the executive to continue driving company performance, which benefits shareholders in the long run.

Key Dates