[144] Mcgrath Rentcorp SEC Filing

Rhea-AI Filing Summary

On 24 Jul 2025, 1st Source Corporation (NASDAQ: SRCE) filed an 8-K announcing a planned leadership succession effective 1 Oct 2025 under Item 5.02. Current Chairman & CEO Christopher J. Murphy III will step down from all CEO and board-chair roles at both the holding company and 1st Source Bank and become Executive Chairman. The Board promoted three internal executives:

• Andrea G. Short to Chief Executive Officer of the Company (retaining her President title and CEO of the Bank) with an expected five-year employment agreement.
• Kevin C. Murphy—Christopher III’s son—to President of the Bank while remaining Executive Vice President of the Company.
• Brett A. Bauer to Executive Vice President, Chief Financial Officer & Treasurer of both the Company and the Bank.

No financial results, strategic shifts or other material transactions were disclosed. Each executive will execute amended employment agreements. The filing is strictly a governance update; no exhibits contain financial statements.

Positive

• Planned CEO succession announced well in advance, reducing operational uncertainty.
• Internal promotions maintain strategic continuity and leverage existing expertise.

Negative

• Familial appointment of Kevin Murphy may raise governance and nepotism concerns among investors.
• No financial guidance accompanied the leadership changes, leaving impact on performance unclear.

Insights

Corporate Governance Expert

TL;DR Orderly internal succession limits disruption, but family promotion heightens governance scrutiny; overall neutral investor impact.

The Board provided more than two months’ notice, signalling a well-planned transition that should sustain operational continuity. Promoting long-tenured executives like Andrea Short and Brett Bauer preserves institutional knowledge and avoids integration risk. However, elevating Kevin Murphy, the CEO’s son, to Bank President introduces perceived nepotism and may attract proxy-adviser questions about independence and meritocracy. Because Christopher III remains Executive Chairman, investors should monitor board dynamics and CEO autonomy. With no financial guidance or strategic change announced, the disclosure is governance-centric and likely neutral to near-term valuation.

Bank Industry Analyst

TL;DR Succession keeps experienced bankers in key roles, supporting business continuity; modestly positive for stakeholder confidence.

Andrea Short has led the Bank and Company as President, so her elevation to CEO formalises existing responsibilities and should reassure clients and regulators. Brett Bauer’s promotion to EVP signals stability in finance leadership. Kevin Murphy’s broad IT and digital background aligns with sector-wide technology priorities, potentially enhancing competitive positioning. Absence of balance-sheet or earnings data means no direct effect on capital ratios or profitability models, yet the transparent hand-off reduces key-person risk—a slight positive for credit and equity holders.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Charles Schwab & Co., Inc. 3000 Schwab Way Westlake TX 76262	7000	879534.00	24611531	07/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	02/26/2024	RSU / PSU	McGRATH RENTCORP			4026	02/26/2024	Equity Compensation
Common	02/23/2025	Restricted Stock Lapse	McGRATH RENTCORP			1455	02/23/2025	Equity Compensation
Common	02/24/2025	Restricted Stock Lapse	McGRATH RENTCORP			577	02/24/2025	Equity Compensation
Common	02/25/2025	RSU / PSU	McGRATH RENTCORP			942	02/25/2025	Equity Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
KEITH E PRATT TTEE 5700 LAS POSITAS RD LIVERMORE CA 94551	MCGRATH RENTCORP	05/19/2025	5000	576098.00

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

When will Christopher J. Murphy III step down as SRCE CEO?

He will relinquish CEO and board-chair duties on October 1, 2025 and become Executive Chairman.

Who will become the new CEO of 1st Source Corporation (SRCE)?

Andrea G. Short will assume the role of Chief Executive Officer while retaining her President title.

What new position was given to Kevin C. Murphy at 1st Source Bank?

Kevin C. Murphy was promoted to President of the Bank and remains Executive Vice President of the Company.

Did 1st Source Corporation disclose any financial results in this 8-K filing?

No, the filing focuses solely on leadership changes; no earnings or balance-sheet data were provided.

Will the promoted executives receive new employment agreements?

Yes, each executive is expected to enter into amended or new employment agreements covering their updated roles.