McGrath RentCorp (MGRC) COO logs RSU conversions and tax share dispositions
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
MCGRATH RENTCORP Chief Operating Officer Philip B. Hawkins reported vesting and conversion of restricted stock units into common shares, along with share dispositions to cover taxes. On February 23–24, 2026, he acquired common stock through derivative exercises, including 1,333 and 3,136-share conversions, at a stated conversion price of $0.00 per share. Some of the resulting shares, including 702 and 1,038 shares at prices of $113.07 and $114.48, were withheld as tax-payment dispositions. Footnotes explain that the RSUs vest over three years, include a performance-based component, and that vested performance RSUs convert at 159.21% of one common share.
Positive
- None.
Negative
- None.
Insider Trade Summary
3,960 shares exercised/converted
Mixed
8 txns
Insider
Hawkins Philip B
Role
Chief Operating Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Unit | 657 | $0.00 | -- |
| Exercise | Restricted Stock Unit | 1,970 | $0.00 | -- |
| Exercise | Common Stock | 657 | $0.00 | -- |
| Exercise | Common Stock | 3,136 | $0.00 | -- |
| Tax Withholding | Common Stock | 1,038 | $114.48 | $119K |
| Exercise | Restricted Stock Unit | 1,333 | $0.00 | -- |
| Exercise | Common Stock | 1,333 | $0.00 | -- |
| Tax Withholding | Common Stock | 702 | $113.07 | $79K |
Holdings After Transaction:
Restricted Stock Unit — 0 shares (Direct);
Common Stock — 4,438 shares (Direct)
Footnotes (1)
- The restricted stock unit shall vest 33% on the first annual anniversary of the grant; 33% on the second annual anniversary of the grant; and 34% on the third annual anniversary of the grant. Each restricted stock unit represents a right to receive one share of common stock or an amount equal to the fair market value of the common stock underlying the unit on the vesting date. The RSUs are subject to a performance based vesting component at the end of a three-year performance period. The conversion price of the RSUs was based on the closing price of McGrath RentCorp common stock on February 24, 2026 and therefore such date is determined to be the date exercisable. Shares acquired upon vesting of performance based RSUs. Each vested RSU converts into 159.21% of one share of McGrath RentCorp common stock.
FAQ
What insider transactions did MGRC executive Philip B. Hawkins report?
Philip B. Hawkins reported RSU vesting and related common share transactions. He exercised restricted stock units into common stock on February 23–24, 2026, and some of the resulting shares were disposed of to satisfy tax-withholding obligations tied to those equity awards.
Were the MGRC Form 4 transactions open-market buys or sells?
The Form 4 shows RSU exercises and tax-withholding dispositions, not open-market trades. Transactions coded "M" reflect derivative exercises, while code "F" represents shares delivered to cover tax liabilities arising from the vesting and conversion of restricted stock unit awards.
How do the McGrath RentCorp RSUs reported by Hawkins vest over time?
The restricted stock units vest 33% on the first anniversary, 33% on the second, and 34% on the third. Each unit represents a right to one share of common stock or its fair market value on the vesting date, subject to plan terms and conditions.
What performance-based feature applies to Hawkins’ MGRC RSUs?
Some RSUs include a performance-based vesting component over a three-year performance period. At vesting, each such RSU converts into 159.21% of one McGrath RentCorp common share, reflecting achievement of specified performance criteria described in the award’s governing terms.
How was the conversion price for the MGRC RSUs determined?
The conversion price of the RSUs was based on the closing price of McGrath RentCorp common stock on February 24, 2026. That closing price establishes the date the RSUs became exercisable, aligning the award’s valuation with the market price on that specific date.