WALTERS KIRK W 4/A

What Happened

• Kirk W. Walters, a director of M&T Bank Corporation (MTB), received 13,130 shares of M&T stock on April 1, 2022. The transaction is reported as an acquisition/award (code A) and no purchase price is shown (price = N/A).
• This was not a market purchase or sale but shares received in exchange for Walters' holdings of People’s United Financial, Inc. common stock as part of the merger between M&T and People’s United. The filing is an amendment correcting the originally reported share count.

Key Details

• Transaction date: April 1, 2022 (reported via an amended Form 4 filed Feb 5, 2026).
• Price: N/A (shares were received in a stock-for-stock merger exchange, not bought or sold).
• Exchange ratio: Each People’s United share converted into 0.118 of an M&T share per the merger agreement. The 13,130 M&T shares imply Walters surrendered roughly 111,356 People’s United shares (13,130 ÷ 0.118 ≈ 111,356), per the filing.
• Shares owned after transaction: not stated in this amended filing.
• Footnotes: F1 — this Form 4 amends an earlier filing to correct an understated share count due to clerical error. F2 — describes the merger mechanics (Merger Sub merged with People’s United, then People’s United merged into M&T).
• Timeliness: This is an amended filing submitted nearly four years after the transaction to correct the record.

Context

• This transaction reflects a merger exchange (stock consideration), not an indicator of the director buying or selling shares on the open market. Such exchange receipts are typically administrative and do not by themselves signal a change in insider sentiment.
• Because no dollar amount or market trade occurred in this filing, retail investors should not interpret this as a purchase-based bullish signal or a sale-based bearish signal; it is a corrected record of shares received in the merger.