Woodrow Tracy S. 4

What Happened

• Tracy S. Woodrow, Senior Executive Vice President of M&T Bank (MTB), exercised 1,053 stock options (exercise price $138.10) on 2026-02-11, costing $145,419, and sold the 1,053 shares in an open-market transaction the same day for $234.21 each, generating $246,623 in gross proceeds. The net spread between sale proceeds and exercise cost was about $101,200.
• The filing also records a derivative disposition at $0 for 1,053 units, reflecting the option conversion/termination as part of the exercise.

Key Details

• Transaction date: 2026-02-11; Sale price: $234.21/share; Exercise price: $138.10/share.
• Shares exercised/acquired: 1,053; Shares sold/disposed: 1,053.
• Proceeds from sale: $246,623; Exercise cost paid: $145,419; approximate net gain: $101,204.
• Footnotes: F1 = options were currently exercisable; F2 = the option grant was from the company’s equity incentive plan and the reporting person paid no price for the option grant itself.
• Shares owned following transaction: Not disclosed in this filing.
• Filing timeliness: Report filed 2026-02-12 for a 2026-02-11 transaction (appears timely).

Context

• This is a common cashless exercise pattern: options were exercised and the resulting shares were sold the same day. Such transactions often reflect routine option exercises for liquidity or tax purposes rather than an explicit buy/sell signal about company prospects.
• The derivative $0 disposition entry typically documents that the option was converted/terminated upon exercise.