Shrader Glenn C 4
4 · Mechanics Bancorp · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Mechanics Bancorp (MCHB) EVP Glenn C. Shrader Exercises Incentive Units
What Happened
Glenn C. Shrader, Executive Vice President & General Counsel of Mechanics Bancorp (MCHB), had incentive units vest and converted them into 7,197 Class A shares on February 15, 2026 (reported on Form 4). To satisfy tax withholding obligations, 2,965 of those shares were surrendered at $15.37 per share for a total withholding of $45,572, leaving a net 4,232 shares issued to him. The conversions are reported as derivative exercises/conversions (code M) and the share surrenders for taxes are reported under code F.
Key Details
- Transaction date: February 15, 2026; Form 4 filed February 18, 2026 (appears 1 business day late).
- Conversion (M): 7,197 incentive units -> 7,197 Class A shares (no cash paid on vesting).
- Tax withholding (F): 2,965 shares withheld at $15.37/share = $45,572.
- Net shares received: 7,197 − 2,965 = 4,232 shares.
- Shares owned after transaction: not specified in the provided excerpt.
- Footnotes: incentive units are contingent rights to one Class A share and require no payment on vesting (F1/F2); some units vested as of Feb 15, 2026 (F3); other units remain subject to future vesting schedules (F4/F5).
Context
This was a vesting/conversion of incentive units with shares withheld to cover tax liabilities (a common, non-market sale transaction). Transaction codes: M = derivative exercise/conversion; F = payment of exercise price or tax liability (share withholding). Such tax-withholding surrenders are routine and do not necessarily signal a change in the insider’s view of the company. The Form 4 appears to have been filed one business day after the typical 2-business-day reporting window.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1]2026-02-15+2,980→ 13,575 total - Tax Payment
Class A Common Stock
2026-02-15$15.37/sh−1,228$18,874→ 12,347 total - Exercise/Conversion
Class A Common Stock
[F1]2026-02-15+1,719→ 14,066 total - Tax Payment
Class A Common Stock
2026-02-15$15.37/sh−708$10,882→ 13,358 total - Exercise/Conversion
Class A Common Stock
[F1]2026-02-15+2,498→ 15,856 total - Tax Payment
Class A Common Stock
2026-02-15$15.37/sh−1,029$15,816→ 14,827 total - Exercise/Conversion
Incentive Units - Not Deferred (2022)
[F2][F3]2026-02-15−2,980→ 0 total→ Class A Common Stock (2,980 underlying) - Exercise/Conversion
Incentive Units - Not Deferred (2023)
[F2][F4]2026-02-15−1,719→ 1,720 total→ Class A Common Stock (1,719 underlying) - Exercise/Conversion
Incentive Units - Not Deferred (2024)
[F2][F5]2026-02-15−2,498→ 4,997 total→ Class A Common Stock (2,498 underlying)
Footnotes (5)
- [F1]Each incentive unit represents a contingent right to receive one share of Issuer Class A common stock. Incentive units do not require the holder to pay any consideration upon vesting.
- [F2]Each incentive unit is the economic equivalent of one share of Issuer Class A Common Stock.
- [F3]All shares have vested as of February 15, 2026.
- [F4]The remaining incentive units vest on February 15, 2027.
- [F5]The incentive units vest in two equal annual installments beginning February 15, 2027.