Form 4: HarborOne Executive's Stock Activity Amid Eastern Merger

HarborOne Bancorp's SVP, Chief HR Officer, Susan Bugnacki Stewart, reported changes in her beneficial ownership of common stock and options, driven by the merger agreement with Eastern Bankshares.

Summary

• Susan Bugnacki Stewart, SVP, Chief HR Officer of HarborOne Bancorp, Inc., reported changes in her beneficial ownership of company securities.
• On November 1, 2025, 8,743 shares of HarborOne common stock were acquired due to the vesting of outstanding performance units at target level, as per the merger agreement with Eastern Bankshares, Inc.
• Following this acquisition, the reporting person directly owned 16,556 shares of common stock.
• Also on November 1, 2025, 16,556 shares of HarborOne common stock were disposed of.
• This disposition was a result of outstanding and unexercised options to purchase HarborOne common stock being converted into options to purchase Eastern Bankshares common stock, with adjustments for the exchange ratio, as per the merger agreement.
• After these transactions, the reporting person directly owns 0 shares of HarborOne common stock.

Sentiment

Score: 6

Explanation: The filing reports a procedural change in beneficial ownership for an executive due to a merger. The vesting of performance units is positive, but the complete disposition of HarborOne shares reflects the merger's impact rather than a direct positive or negative sentiment about HarborOne's standalone performance.

Positives

• Vesting of 8,743 performance units at the target level, indicating successful achievement of performance metrics prior to the merger.

Negatives

• Complete disposition of 16,556 shares of HarborOne common stock, resulting in zero direct beneficial ownership of HarborOne shares for the reporting person, reflecting the executive's full exit from direct equity in HarborOne Bancorp due to the merger.

Future Outlook

The reporting person's future equity interest will be tied to Eastern Bankshares, Inc. through converted options, following the completion of the merger agreement.

Industry Context

The filing indicates a merger between HarborOne Bancorp and Eastern Bankshares, Inc., a common trend in the banking sector for consolidation, market expansion, and efficiency gains.

Stakeholder Impact

• Shareholders (HarborOne): The merger agreement led to the conversion of options and vesting of performance units, impacting the equity structure for executives and potentially all shareholders through the exchange ratio.
• Employees (HarborOne): The SVP, Chief HR Officer's equity changes reflect the broader impact of the merger on employee compensation and equity plans.

Next Steps

• Integration of HarborOne Bancorp, Inc. into Eastern Bankshares, Inc. following the merger agreement.
• The reporting person's equity interest will now be in Eastern Bankshares, Inc. via converted options.

Key Dates

Keywords

HarborOne Bancorp, HONE, Eastern Bankshares, merger, insider trading, Form 4, stock options, performance units, executive compensation, beneficial ownership