Cochran Patricia 4
4 · Mechanics Bancorp · Filed May 29, 2026
Research Summary
AI-generated summary of this filing
Mechanics Bancorp Director Patricia Cochran Receives RSUs
What Happened
Patricia Cochran, a director of Mechanics Bancorp (MCHB), had 3,301 restricted stock units (RSUs) vest/convert on May 27, 2026 and was granted an additional 5,513 RSUs on May 28, 2026. The vested/converted shares show an acquisition and a corresponding disposition of 3,301 derivative shares at $0.00 per share (RSUs do not require payment on vesting). The new grant of 5,513 RSUs also carries a $0.00 per-share acquisition price; those RSUs vest on May 28, 2027.
Key Details
- Transaction dates: May 27, 2026 (3,301 RSUs vested/converted), May 28, 2026 (5,513 RSU grant). Form 4 filed May 29, 2026 (timely).
- Prices: $0.00 per share for all RSU-related items (RSUs require no cash payment on vesting).
- Reported actions: Exercise/conversion of derivative (code M) for 3,301 shares (acquired and also reported as disposed as a derivative) and grant/award (code A) of 5,513 RSUs (acquired).
- Footnotes:
- F1–F4: RSUs convert 1-for-1 to Class A common stock on vesting; the 3,301 RSUs were originally granted May 21, 2025 and vested May 27, 2026; the 5,513 RSUs were granted May 28, 2026 and vest May 28, 2027. Reporting method for unvested RSUs was changed (see F2).
- F5–F7: The filing also references incentive units (economic equivalent to shares); includes 73 units acquired Mar 19, 2026 and 128 units acquired May 28, 2026.
- Shares owned after transaction: The filing adjusts beneficial ownership reporting and excludes unvested RSUs from Table I totals per footnote F2 (no single "shares after" total provided in the filing itself).
- Timeliness: Filing appears timely (transaction period 2026-05-27; filed 2026-05-29).
Context
RSUs are awards that convert into common stock on a vesting date and require no purchase price on conversion. The paired acquisition and disposition entries for 3,301 derivative shares reflect conversion/derivative reporting and the filing’s accounting of those RSUs (see footnotes); they do not necessarily indicate a market sale. This is a non-cash, compensation-related insider event rather than an open-market buy or sell.
Insider Transaction Report
- Exercise/Conversion
Class A Common Stock
[F1][F2]2026-05-27+3,301→ 13,204 total - Exercise/Conversion
Restricted Stock Units
[F1][F2][F3]2026-05-27−3,301→ 0 total→ Class A Common Stock (3,301 underlying) - Award
Restricted Stock Units
[F1][F4]2026-05-28+5,513→ 5,513 total→ Class A Common Stock (5,513 underlying)
- 2,792
Incentive Units - Deferred
[F5][F6][F7]→ Class A Common Stock (2,554 underlying)
Footnotes (7)
- [F1]Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of Mechanics Bancorp (the "Company") Class A common stock. RSUs do not require the holder to pay any consideration on vesting.
- [F2]Granted but unvested RSUs were previously reported in Table I. Going forward, granted but unvested RSUs will be reported in Table II and will be reported in Table I when they vest and convert into Class A common stock. Share totals of securities beneficially owned following reported transaction(s) reported in Table I have been adjusted to reflect this change in reporting and do not include unvested RSUs.
- [F3]On May 21, 2025, the Reporting Person was granted the equivalent of 3,301 of the Company's RSUs, which vest on May 27, 2026. Upon vesting, the Reporting Person will receive a number of shares of the Company's Class A common stock equal to the number of RSU's that vest on that date.
- [F4]On May 28, 2026, the Reporting Person was granted 5,513 RSUs, which vest on May 28, 2027. Upon vesting, the Reporting Person will receive a number of shares of the Company's Class A common stock equal to the number of RSU's that vest on that date.
- [F5]Each incentive unit is the economic equivalent of one share of Issuer Class A common stock.
- [F6]The Reporting Person has elected to defer payment on such incentive units until the earlier of (i) the retirement or termination of the Reporting Person, or (ii) a change in control of Issuer.
- [F7]Includes 73 incentive units acquired on March 19, 2026 and 128 incentive units acquired on May 28, 2026.