Independent Bank CEO exercises stock awards
Independent Bank Corp. President & CEO William B. Kessel exercised equity awards and settled related taxes using shares.
Accepted by SEC EDGAR
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Form Type
4
Rhea-AI Filing Summary
Independent Bank Corp. President & CEO William B. Kessel exercised equity awards and settled related taxes using shares. He exercised Performance Rights that resulted in the acquisition of 10,981 shares of Common Stock. To cover tax obligations, 4,788 Common Stock shares were withheld at a price of $33.78 per share. Following these transactions, he holds 159,836 Common Stock shares directly and 9,020.35 shares indirectly through an ESOP.
Insider Trade Summary
6,431 shares exercised/converted
Exercise
3 txns
Insider
Kessel William B
Role
President & CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Performance Right | 6,431 | $0.00 | $0.00 |
| Exercise | Common Stock | 10,981 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Stock | 4,788 | $33.78 | $162K |
| Holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Performance Right — 0 contracts (Direct);
Common Stock — 159,836 shares (Direct);
Common Stock — 9,020.35 shares (Indirect, By ESOP)
Holdings Before and After:
Performance Right, 6,431 to 0 contracts (Direct);
Common Stock, 153,643 to 159,836 shares (Direct)
Footnotes (1)
- F1. Each Performance Right (PSU) represents a contingent right to receive not more than two (2) shares of Issuer Common Stock, based upon the total shareholder return of Issuer's Common Stock, relative to its peer group index.
Key Figures
Shares acquired via exercise: 10,981 shares
Shares withheld for taxes: 4,788 shares
Tax withholding price: $33.78 per share
+3 more
6 metrics
Shares acquired via exercise
10,981 shares
Common Stock from Performance Rights on 2026-04-06
Shares withheld for taxes
4,788 shares
Tax withholding disposition on 2026-04-06
Tax withholding price
$33.78 per share
Price used for 4,788-share tax payment
Direct holdings after transaction
159,836 shares
Common Stock directly owned after 2026-04-06
Indirect ESOP holdings
9,020.35 shares
Common Stock held indirectly by ESOP after 2026-04-06
Performance Right exercise shares
6,431 units
Performance Right units exercised, conversion price $0.00
Key Terms
Performance Right, PSU, tax-withholding disposition, ESOP, +1 more
5 terms
Performance Right financial
"Each Performance Right (PSU) represents a contingent right to receive not more than two (2) shares"
PSU financial
"Each Performance Right (PSU) represents a contingent right to receive not more than two (2) shares"
A PSU is a company where the government owns a controlling stake and often plays a direct role in its management and strategy. Think of it like a business that operates with public oversight, similar to a town-run utility versus a private neighborhood service. Investors watch PSUs differently because government involvement can affect profits, dividend policies, regulatory treatment and stability, so these stocks may behave more like policy instruments than pure market-driven enterprises.
tax-withholding disposition financial
"Payment of exercise price or tax liability by delivering securities"
A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.
ESOP financial
"Common Stock indirectly owned, nature of ownership: By ESOP"
An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did IBCP CEO William B. Kessel report?
William B. Kessel exercised Performance Rights into 10,981 shares of Independent Bank Corp. Common Stock. To satisfy tax obligations, 4,788 shares were withheld at $33.78 per share, leaving him with substantial ongoing ownership in the company’s stock.
Were any of the IBCP CEO’s transactions open-market sales or purchases?
The reported activity reflects derivative exercises and tax withholding, not open-market trades. Shares were acquired through exercising Performance Rights, and a portion was disposed of as a tax-withholding transaction rather than a discretionary market sale or purchase.
What does the tax-withholding transaction mean in the IBCP Form 4 filing?
The tax-withholding transaction shows 4,788 Common Stock shares delivered at $33.78 per share to satisfy tax liabilities. This disposition is a mechanical step tied to the vesting or exercise of awards, rather than a voluntary decision to sell shares in the open market.
What are Performance Rights (PSUs) in the IBCP CEO’s compensation?
Each Performance Right (PSU) represents a contingent right to receive up to two shares of Common Stock. The ultimate payout depends on Independent Bank Corp.’s total shareholder return relative to a peer group index, linking the award to comparative stock performance.
How many derivative securities remain after the IBCP CEO’s exercise?
The derivative summary in this filing is empty, and the Performance Right position shows zero shares following the transaction. This indicates the reported Performance Rights were fully exercised, with no remaining derivative position from this specific award.
AI-generated analysis. How Rhea-AI works. Not financial advice.
