PEARSON KEVIN J 4

What Happened

• Kevin J. Pearson, Vice Chairman of M&T Bank (MTB), exercised stock options on June 9, 2026 and immediately sold shares in open-market trades the same day. He exercised 10,062 options at a $190.78 strike (cost $1,919,628) and 13,296 options at a $164.54 strike (cost $2,187,724). He sold 18,722 shares at a weighted average price of $225.20 (proceeds $4,216,282) and 4,636 shares at a weighted average price of $226.70 (proceeds $1,050,995). Total sale proceeds were $5,267,277 and total exercise payments were $4,107,352 (net proceeds ≈ $1,159,925).

Key Details

• Transaction date: June 9, 2026; Form 4 filed June 11, 2026 (appears timely).
• Option exercises reported as Form 4 code M; sales reported as S (open market).
• Sale execution details: one block executed at weighted avg $225.20 (range $225.00–$225.67; see footnote F2) and another at weighted avg $226.70 (range $226.16–$227.12; see footnote F3).
• Some entries show a $0.00 price for derivative "dispositions" — these reflect conversion/settlement of the derivative upon exercise (see footnotes).
• Footnotes: transactions occurred under a Rule 10b5-1 trading plan adopted March 5, 2026 (F1); options are currently exercisable (F5) and were granted under the company’s equity incentive plan (F6). Holdings are reported as of March 31, 2026 (F4); phantom stock units disclosure (F7) relates to retirement-plan units, not these trades.
• The filing does not indicate a late report; the filing date is two days after the transactions.

Context

• This is a common pattern: exercising stock options and immediately selling the acquired shares (a cashless-like outcome). That typically reflects option monetization or tax/cash planning rather than an explicit view on company prospects.
• For retail investors, purchases are generally more informative than routine option exercises followed by sales; these transactions primarily realize value from previously granted options.