Mahmood Nabeel 4

What Happened

• Director Mahmood Nabeel disposed of 23,556.883 shares of United Security Bancshares at $10.51 per share for proceeds of $247,583 on April 1, 2026. He also had a disposition recorded for 15,000 derivative shares (options) in connection with the same transaction.
• Both dispositions were made pursuant to the Agreement and Plan of Merger between United Security and Community West Bancshares (the Merger), which became effective at 12:01 a.m. on April 1, 2026. These were not open-market sales but company actions tied to the merger.

Key Details

• Transaction date: 2026-04-01. Report filed: 2026-04-03 (timely Form 4).
• Cash sale: 23,556.883 shares @ $10.51 = $247,583.
• Derivative disposition: 15,000 (options) — value reported as N/A on the filing.
• Shares owned after the transaction: not reported in the provided extract.
• Footnote highlights:
  • F1: Ordinary shares were converted into merger consideration (each United Security share converted into the right to receive 0.4520 of a Community West share); unvested restricted awards vested and became entitled to the Merger Consideration.
  • F2: Stock options were converted at the effective time into the right to receive any amount equal to the option’s intrinsic value based on a $10.29 reference price (20‑day VWAP ending 3/27/2026).
• Transaction code: D (Disposition to issuer) — reflects transfer/cancellation under the merger, not a public sale.

Context

• These dispositions arose from the corporate merger, so they reflect the mechanics of the deal (conversion/cancellation and payment) rather than voluntary open-market insider selling. For options, the filing indicates conversion into a cash/settlement amount based on a $10.29 reference price; the filing lists the derivative value as N/A.