Equity transactions by Mercury General (NYSE: MCY) officer Butler

Rhea-AI Filing Summary

Mercury General Corp officer Kelly Lynn Butler reported a mix of equity-based transactions. On February 21, 2026, Butler exercised or converted 649.27 restricted stock units at a price of $0.00 per unit into 649.27 shares of common stock, then disposed of 649.27 common shares to the issuer at $86.44 per share, leaving no directly held common shares from this block. A footnote states each restricted stock unit is the economic equivalent of one share of common stock, will vest in three equal annual installments beginning on February 21, 2026, and will be settled in cash upon vesting. After these transactions, Butler has indirect ownership of 50 common shares through an ESOP.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Butler Kelly Lynn

(Last) (First) (Middle)

C/O MERCURY GENERAL CORP.

4484 WILSHIRE BOULEVARD

(Street)

LOS ANGELES CA 90010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MERCURY GENERAL CORP [ MCY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
02/21/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/21/2026		M		649.27	A	(1)	649.27	D
Common Stock	02/21/2026		D		649.27	D	$86.44	0	D
Common Stock								50	I	By ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	02/21/2026		M			649.27	(1)	(1)	Common Stock	649.27	$0	1,298.53	D

Explanation of Responses:

1. Each restricted stock unit is the economic equivalent of one share of the Issuer's Common Stock. The restricted stock units will vest in three equal annual installments beginning on February 21, 2026, and will be settled in cash upon vesting.

Remarks:

VP and Chief Underwriting Officer

	/s/ Judy Walters, Attorney-in-Fact	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transactions did Mercury General (MCY) officer Kelly Lynn Butler report?

Kelly Lynn Butler reported exercising or converting 649.27 restricted stock units into 649.27 common shares, then disposing of 649.27 common shares to the issuer at $86.44 per share. The filing also shows an indirect holding of 50 common shares through an ESOP after these transactions.

How many Mercury General (MCY) restricted stock units are involved and what do they represent?

The filing shows 649.27 restricted stock units tied to an exercise or conversion. A footnote explains each restricted stock unit is the economic equivalent of one share of Mercury General common stock, vesting over time in three equal annual installments and settled in cash when vesting occurs.

What is the vesting schedule for Mercury General (MCY) restricted stock units held by Butler?

The restricted stock units vest in three equal annual installments beginning on February 21, 2026. According to the footnote, they are settled in cash upon vesting, and each unit is economically equivalent to one share of Mercury General common stock, linking eventual cash payments to share value.

Did Kelly Lynn Butler buy or sell Mercury General (MCY) shares in the open market?

The Form 4 reports a disposition of 649.27 common shares to the issuer at $86.44 per share, coded as a disposition to the issuer rather than an open-market sale. Other reported activity reflects the exercise or conversion of restricted stock units into common stock at $0.00 per share.

What is Kelly Lynn Butler’s Mercury General (MCY) share ownership after the reported transactions?

After the reported exercise, conversion, and disposition transactions, Butler shows no directly held common shares from this block, with a total of 0.00 direct common shares. The filing reports indirect ownership of 50 common shares held through an ESOP, classified as indirect ownership.

How are Mercury General (MCY) restricted stock units in this filing ultimately settled?

The restricted stock units are settled in cash rather than stock upon vesting. A footnote states each unit is the economic equivalent of one share of Mercury General common stock, with vesting in three equal annual installments starting February 21, 2026, linking payments to the share value.