SEC Contract Filing

Filing Date: 2021-08-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ebc-20210630xex101xmanagem.htm
<DESCRIPTION>EX-10.1
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2021 Workiva -->
<title>Document</title></head><body><div id="i7dc4cc5314b341b6903be2641edd8df8_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Exhibit 10.1</font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">EASTERN BANKSHARES, INC. </font></div><div style="margin-top:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">MANAGEMENT INCENTIVE PLAN</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Eastern Bankshares, Inc. Management Incentive Plan (&#8220;MIP&#8221; or &#8220;the Plan&#8221;) is the short-term incentive plan for designated Named Executive Officers (&#8220;NEOs&#8221;) of Eastern Bankshares, Inc. (&#8220;Company&#8221;) and other Plan participants from Eastern Bank and Eastern Insurance Group, LLC as outlined below. The Company&#8217;s Compensation Committee administers the Plan, which is designed to reward success as determined by measuring performance against established Company Performance Measures (e.g., Net Income) and individual performance goals. The Plan is also designed to align annual cash compensation with market competitive levels when performance expectations are met.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Plan Effective Date</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Plan is effective as of January 1, 2021, as approved by the Compensation Committee. </font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Plan Year</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Performance is measured annually over the Plan Year. The Plan Year is the performance measurement period from January 1 through December 31.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Plan Eligibility</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">All NEOs (designated pursuant to applicable SEC rules), members of the Management Committee and select employees in management positions who significantly influence the profitability of the Company, are eligible to participate in the Plan as Plan participants (altogether, &#8220;Participants&#8221;). Except with respect to the NEOs and Management Committee members, the CEO is the sole determinant of Participant eligibility, which is then communicated to Participants. </font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">MIP Target </font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Each Participant is assigned a MIP target (&#8220;MIP Target&#8221;) for the Plan Year, based on the job responsibilities contained in their role and appropriate market data, as determined by the Chief Human Resources Officer and approved by the CEO. MIP Targets are expressed as a percent of base salary and communicated to Participants upon becoming eligible as a Plan Participant (or, in certain cases, at the time of a job change, as contemplated in </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Calculation Rules for Participants with Changes or Partial Year Participation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> below). </font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Determination of MIP Funding Pool </font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Each year, Management will establish specific Company performance measures (&#8220;Company Performance Measures&#8221;) for the Plan Year, such as Net Income and other key measures, as deemed appropriate. The Company Performance Measures will be approved by the Compensation Committee, which may also establish a minimum performance threshold which must be met in order for any MIP award to be payable.</font></div><div style="margin-top:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Target MIP Funding Pool</font><font style="color:#000000;font-family:'Times New Roman',sans-se