IBCP director granted 293 Phantom Stock Units
Independent Bank Corp. director Joan A. Budden reported a grant of 293.36 Phantom Stock Units tied to the company’s common stock.
Rhea-AI Filing Summary
Independent Bank Corp. director Joan A. Budden reported a grant of 293.36 Phantom Stock Units tied to the company’s common stock. The units were valued at $33.71 per unit and were accrued under Independent Bank Corporation’s Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
These Phantom Stock Units are to be settled in common stock when Budden retires as a director. After the grant, her phantom unit balance was 35,609.23 units. She also held 6,307.81 common shares directly, including 16.8393 shares acquired through a dividend reinvestment program during the second quarter, and 810 common shares indirectly through an IRA.
Positive
- None.
Negative
- None.
Insider Trade Summary
Grant/Award: 293.36 shares
Grant/Award
3 txns
Insider
Budden Joan A
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 293.36 | $33.71 | $10K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Units — 35,609.23 contracts (Direct);
Common Stock — 810 shares (Indirect, By IRA);
Common Stock — 6,307.81 shares (Direct)
Footnotes (2)
- F1. Includes 16.8393 shares acquired through dividend reinvestment program (DRIP) during the second quarter.
- F2. The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
Key Figures
Phantom Stock Units granted: 293.36 units
Grant price per unit: $33.71 per unit
Total Phantom Stock Units after grant: 35,609.23 units
+3 more
6 metrics
Phantom Stock Units granted
293.36 units
Grant to Joan A. Budden on 2026-05-14
Grant price per unit
$33.71 per unit
Value used for Phantom Stock Unit award
Total Phantom Stock Units after grant
35,609.23 units
Budden’s phantom unit balance following transaction
Direct common shares held
6,307.81 shares
Direct IBCP common stock holdings, includes DRIP shares
Indirect common shares via IRA
810 shares
IBCP common stock held through IRA
DRIP shares acquired
16.8393 shares
Common shares added by dividend reinvestment during second quarter
Key Terms
Phantom Stock Units, dividend reinvestment program (DRIP), Deferred Compensation and Stock Purchase Plan for Non Employee Directors, IRA
4 terms
Phantom Stock Units financial
"The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors"
Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.
dividend reinvestment program (DRIP) financial
"Includes 16.8393 shares acquired through dividend reinvestment program (DRIP) during the second quarter."
Deferred Compensation and Stock Purchase Plan for Non Employee Directors financial
"The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors"
IRA financial
"total_shares_following_transaction: 810.0000, nature_of_ownership: By IRA"
An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Joan A. Budden report in this Form 4 for IBCP?
Joan A. Budden reported a grant of 293.36 Phantom Stock Units valued at $33.71 each. These units were accrued under Independent Bank Corporation’s deferred compensation and stock purchase plan for non-employee directors and increase her equity-linked compensation position in the company.
How many Phantom Stock Units does Joan A. Budden hold after this grant in IBCP?
After the grant, Joan A. Budden holds 35,609.23 Phantom Stock Units. These units track the value of Independent Bank Corp common stock and will be settled in actual shares when she retires from the board, aligning her compensation with shareholder interests.
What is the value per Phantom Stock Unit granted to Joan A. Budden at IBCP?
Each Phantom Stock Unit granted to Joan A. Budden was valued at $33.71. This price is used to determine the size of her deferred compensation award under the company’s Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
When will Joan A. Budden’s Phantom Stock Units in IBCP be settled?
Budden’s Phantom Stock Units will be settled in Independent Bank Corp common stock upon her retirement as a director. Until then, the units remain as bookkeeping entries representing deferred compensation rather than currently deliverable shares.
What is the role of the dividend reinvestment program (DRIP) in Budden’s IBCP holdings?
The dividend reinvestment program added 16.8393 shares to Budden’s direct common stock holdings. Instead of taking cash dividends, those amounts were used to buy additional Independent Bank Corp shares automatically during the second quarter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
