Pierce Christopher D 4

What Happened
Christopher D. Pierce, Chief Operating Officer of Mechanics Bancorp (MCHB), converted/exercised 4,580 incentive units into Class A common shares on 2026-02-15. To satisfy tax withholding, 1,887 of those shares were surrendered at $15.37 each, totaling about $29,003. The conversion required no cash exercise price per the filing; net shares retained from the conversion were 2,693 (4,580 acquired minus 1,887 withheld).

Key Details

• Transaction date: February 15, 2026; Form 4 filed February 18, 2026 (appears timely).
• Conversion/exercise (code M): 4,580 incentive units converted to shares (reported both as an acquisition and a $0 derivative disposition line).
• Tax withholding (code F): 1,887 shares withheld/disposed at $15.37 each for ~$29,003.
• Net new shares retained from this event: 2,693.
• Shares owned after the transaction: not provided in the supplied data.
• Relevant footnotes from the filing:
  • Each incentive unit is a contingent right to receive one Class A share and does not require payment upon vesting.
  • Incentive units are economically equivalent to one share.
  • Vesting schedule noted: two equal annual installments beginning February 15, 2027.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context: This was a conversion of incentive units (no cash paid) with a routine withholding of shares to cover taxes — effectively a partial sell to cover tax obligations rather than an open-market sale. Purchases or net acquisitions can be more informative to investors; here the insider retained a net of 2,693 shares after withholding. For full legal and plan details, refer to the original Form 4 filing and company disclosures.