secwatch.observer — SEC 8-K summary
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Issuer:     Eastern Bankshares, Inc. (EBC)
CIK:        0001810546
Form:       8-K
Filed at:   2024-07-15T23:59:59+00:00
Accession:  0001193125-24-178841
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 2.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eastern Bankshares closes Cambridge Bancorp merger; names R. David Rosato CFO
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- Merger effective July 12, 2024; each Cambridge share exchanged for 4.956 EBC shares (aggregate ~39.2M shares issued).
- Denis Sheahan (former Cambridge CEO) becomes CEO of Eastern; assumed 45,783 RSUs and 75,940 converted PRSUs.
- R. David Rosato appointed CFO effective Aug 1, 2024; base salary $550k, MIP target 65%, equity target 100% of base.
- One-time restricted stock award of $350k and cash award of $200k; change-in-control agreement provides 2x severance.
- James B. Fitzgerald steps down as CFO, remains in advisory capacity to assist transition.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/0001193125-24-178841-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1810546/000119312524178841/d863528d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-178841

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer