QUIGLEY SUSAN 4

What Happened
Susan Quigley, a director of United Security Bancshares (UBFO), disposed of company equity on April 1, 2026 as part of the merger with Community West Bancshares. She surrendered 24,887 common shares for cash consideration of $10.51 per share (total $261,562) and 15,000 derivative shares/options (value listed as N/A in the filing) pursuant to the Merger Agreement rather than an open-market sale.

Key Details

• Transaction date: April 1, 2026; Form 4 filed April 3, 2026 (appears timely under the 2‑business‑day rule).
• Dispositions: 24,887 common shares at $10.51 each (total $261,562); 15,000 derivative shares/options reported as disposed with no per‑share price in the filing.
• Shares owned after transaction: not specified in the provided filing details.
• Footnote summaries:
  • F1: Ordinary shares were converted under the Merger Agreement into the right to receive 0.4520 share of Community West for each Company share (merger effective 4/1/2026). Unvested restricted stock vested and became entitled to the same treatment.
  • F2: Reporting person’s stock options were converted into the right to receive, if any, the amount by which an option’s price exceeded $10.29 (20‑day VWAP ending 3/27/2026) under the Merger Agreement (i.e., option cash‑out/conversion mechanics).
• Transaction type codes on the Form: Disposition to issuer (D); one entry relates to derivative/option conversion.

Context
These disposals were merger-related (company-level corporate action), not voluntary open‑market sales by the director. Derivative/option items reflect conversion or cash-out mechanics under the merger terms rather than a standard exercise-and-sell transaction. Merger-related filings generally reflect deal consideration mechanics more than insider sentiment about the stock.