Kallingal Tony P 4

What Happened

• Tony P. Kallingal, EVP & Chief Banking Officer of Mechanics Bancorp (MCHB), converted/converted derivative incentive units into 4,580 shares on February 15, 2026. To satisfy tax withholding, 1,887 of those shares were surrendered at $15.37 per share, totaling $29,003. The filing shows the derivative conversion (code M) and a tax withholding disposition (code F). Net shares delivered to Kallingal after withholding: 2,693 (4,580 acquired − 1,887 withheld).
• This was not an open-market sale or purchase by the insider but a conversion of incentive units with shares withheld to cover tax obligations (a routine administrative step).

Key Details

• Transaction date: 2026-02-15; Form 4 filed: 2026-02-18.
• Transactions reported: conversion/exercise of derivative/incentive units (code M) for 4,580 shares; tax-withholding disposal (code F) of 1,887 shares at $15.37/share = $29,003.
• Shares owned after the transaction: not stated on the provided filing (net newly issued to insider = 2,693).
• Footnotes from the filing:
  • F1: Each incentive unit is a contingent right to receive one Class A common share; no cash payment is required upon vesting.
  • F2: Each incentive unit is the economic equivalent of one share.
  • F3: The incentive units vest in two equal annual installments beginning February 15, 2027.
• Filing timeliness: Form was filed three days after the transaction date; no late filing notation is indicated in the provided data.

Context

• This transaction is a conversion/settlement of incentive units rather than a market purchase or sale. The withholding of shares to cover taxes is a common administrative disposition and should not be read as a deliberate cash sale of stock by the insider.
• For retail investors, conversions and awards increase insider equity but do not necessarily indicate a bullish or bearish signal by the officer.