[144] M&T Bank Corp. SEC Filing

Rhea-AI Filing Summary

Cencora, Inc. (COR) – Form 4 filing: President & CEO Robert P. Mauch exercised 3,225 stock options at an $86.09 strike price and concurrently sold 4,968 common shares on 07/18/25 under a Rule 10b5-1 trading plan. The sale was executed at an average $294.11, generating about $1.46 million in gross proceeds.

After the paired exercise-and-sale, Mauch’s direct share ownership fell from 44,094 to 42,351 shares, a net reduction of 1,743 shares (≈4%). He continues to hold 25,802 fully vested options. No operational metrics, guidance, or other corporate developments are disclosed; the filing strictly documents routine insider transactions.

Insights

Securities Analyst

TL;DR: Minor net sale (≈4% stake) by CEO; routine 10b5-1 plan, limited strategic signal, neutral share-price impact expected.

The option exercise at $86.09 and immediate sale at $294.11 is a typical liquidity move, capturing a $208 per-share spread. Because the CEO still retains over 42k shares and 25.8k options, the transaction does not materially alter alignment with shareholders. Volume sold equals roughly one day’s average trading volume, so market impact should be negligible. I view the disclosure as neutral for valuation.

Corporate Governance Expert

TL;DR: Slight negative optics from share reduction, but 10b5-1 plan mitigates concern; governance risk remains low.

Executives selling stock can raise red flags, yet the pre-scheduled plan and modest size reduce interpretive risk. The CEO’s remaining stake preserves incentive alignment. No pattern of continuous disposals is evident. Therefore, the filing has low governance impact, though some investors may view any C-suite selling as marginally bearish.

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	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	2461	485569.51	160516041	07/22/2025	NYSE

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	01/31/2025	Restricted Stock Vesting	Issuer			1623	01/31/2025	Compensation
Common	02/14/2025	Restricted Stock Vesting	Issuer			838	02/14/2025	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

Nothing to Report

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

How many Cencora (COR) shares did the CEO sell?

Robert P. Mauch sold 4,968 shares on 07/18/25 at an average $294.11.

What was the value of the insider sale at Cencora?

Gross proceeds were approximately $1.46 million (4,968 × $294.11).

Did the CEO of COR buy any shares in the same filing?

Yes, he exercised 3,225 stock options at $86.09 before the sale.

How many Cencora shares does the CEO now own?

Post-transaction, Mauch directly owns 42,351 common shares.

Are the transactions under a Rule 10b5-1 plan?

Yes, the sale was executed pursuant to a 10b5-1 plan adopted on 11/15/24.