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Mechanics Bancorp·4

May 29, 7:08 PM ET

Cochran Patricia 4

Research Summary

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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.