First Busey (BUSE) Insider Report: Dividend Reinvestment and Preferred Purchases
Rhea-AI Filing Summary
Mike Maddox, President and Director of First Busey Corporation (BUSE), reported multiple transactions in the issuer's common and preferred-related securities. On 07/28/2025 he acquired 1.809 shares of common stock through dividend reinvestment at a weighted average price of $23.1925, bringing his reported common stock ownership to 210,307.6211 shares. He also reports 4,739 common shares and 100 series A preferred shares as indirectly held by his spouse.
On 09/02/2025 he purchased 21,780 depositary shares (each representing 1/40 of a Series B preferred) at a weighted average price of $25.2622. He holds several outstanding stock appreciation rights exercisable through 2033 covering a total of 110,741 underlying common shares across four strike levels ($9.37, $11.24, $14.01, $21.35).
Positive
- Dividend reinvestment acquisition of common stock under the ESPP (exempt under Rule 16b-3)
- Open-market purchase of 21,780 depositary shares in Series B preferred (weighted avg price $25.2622)
- Transparency on indirect holdings with spouse-held common and preferred disclosed
- Detailed SAR disclosure showing exercisable amounts and strike prices, aiding dilution analysis
Negative
- None.
Insights
TL;DR: Insider acquired common and preferred-related securities via dividend reinvestment and open-market purchases; holdings include sizable SAR positions.
The reported dividend-reinvestment acquisition and the 21,780 depositary share purchase are routine compensation and reinvestment activities rather than discrete strategic transactions. The large aggregate common share count reported (210,307.6211) and the material stock appreciation rights exposure (total underlying 110,741 shares) are relevant for calculating potential dilution and executive compensation expense.
TL;DR: Transactions appear consistent with plan-based reinvestment and compensation; indirect spouse holdings are disclaimed.
The Form 4 discloses acquisitions through the ESPP reinvestment mechanism exempt under Rule 16b-3 provisions, and the reporting person explicitly disclaims beneficial ownership of certain spouse-held securities. These disclosures follow Section 16 reporting norms and clarify direct versus indirect ownership for governance review.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Depositary Shares, 1/40 interest in Series B Preferred Stock | 21,780 | $25.2622 | $550K |
| holding | Stock Appreciation Right | -- | -- | -- |
| holding | Stock Appreciation Right | -- | -- | -- |
| holding | Stock Appreciation Right | -- | -- | -- |
| holding | Stock Appreciation Right | -- | -- | -- |
| holding | Series A Non-Cumulative Perpetual Preferred Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Series A Non-Cumulative Perpetual Preferred Stock | -- | -- | -- |
| Grant/Award | Common Stock | 1.809 | $23.1925 | $41.96 |
Footnotes (1)
- Shares were acquired through dividend reinvestment in the First Busey Corporation Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(c) and Rule 16b-3(d). The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose. Each Depositary Share represents 1/40th interest in a share of the issuer's 8.25% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, par value $0.001 per share. The price reported above reflects the weighted average purchase price. The purchase was executed in multiple trades at prices ranging from $25.2300 to $25.2699, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the shares purchased at each separate price within the range set forth in this footnote (4) to this Form 4.
