Independent Bank director awarded phantom units
INDEPENDENT BANK CORP /MI/ director Joan A. Budden received a grant of 270.470 Phantom Stock Units, valued at $36.2800 per unit.
Rhea-AI Filing Summary
INDEPENDENT BANK CORP /MI/ director Joan A. Budden received a grant of 270.470 Phantom Stock Units, valued at $36.2800 per unit. These phantom units are credited under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and will be settled in common stock when she retires from the board.
Following this award, her deferred Phantom Stock Units balance is 35,315.8700 units. She also reports 6,290.9700 shares of common stock held directly and 810.0000 shares held indirectly through an IRA, which include 15.5243 shares acquired via a dividend reinvestment program during the first quarter.
Positive
- None.
Negative
- None.
Insider Trade Summary
Grant/Award: 270.47 shares
Grant/Award
3 txns
Insider
Budden Joan A
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 270.47 | $36.28 | $10K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock Units — 35,315.87 contracts (Direct);
Common Stock — 810 shares (Indirect, By IRA);
Common Stock — 6,290.97 shares (Direct)
Footnotes (2)
- F1. Includes 15.5243 shares acquired through dividend reinvestment program (DRIP) during the first 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 grant: 270.4700 units at $36.2800
Total phantom units after grant: 35,315.8700 units
Direct common stock holding: 6,290.9700 shares
+2 more
5 metrics
Phantom stock grant
270.4700 units at $36.2800
Grant of Phantom Stock Units on 2026-02-13
Total phantom units after grant
35,315.8700 units
Deferred Phantom Stock Units balance following transaction
Direct common stock holding
6,290.9700 shares
Common Stock held directly after reported update
Indirect IRA holding
810.0000 shares
Common Stock held indirectly by IRA after reported update
DRIP acquisition
15.5243 shares
Shares acquired through dividend reinvestment program during first quarter
Key Terms
Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, dividend reinvestment program (DRIP)
3 terms
Phantom Stock Units financial
"The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan"
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.
Deferred Compensation and Stock Purchase Plan for Non Employee Directors financial
"accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors"
dividend reinvestment program (DRIP) financial
"Includes 15.5243 shares acquired through dividend reinvestment program (DRIP) during the first quarter."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did IBCP director Joan A. Budden report in this Form 4 filing?
Joan A. Budden reported receiving 270.470 Phantom Stock Units at $36.2800 each under a deferred compensation plan. The units will be settled in Independent Bank common stock when she retires as a director, reflecting routine board compensation rather than open-market trading.
How many Phantom Stock Units does Joan A. Budden now hold at IBCP?
After the latest grant, Joan A. Budden holds 35,315.8700 Phantom Stock Units. These units track the value of Independent Bank common stock and are part of a deferred compensation arrangement, to be delivered in shares upon her retirement from the board.
Does this IBCP Form 4 show any open-market stock purchases or sales?
The Form 4 does not show open-market purchases or sales. It reports a grant of 270.470 Phantom Stock Units as compensation and updates Budden’s direct and IRA common stock holdings, which are characterized as holdings rather than new buy or sell transactions.
What common stock holdings does Joan A. Budden report in IBCP?
Budden reports 6,290.9700 Independent Bank common shares held directly and 810.0000 shares held indirectly through an IRA. The filing notes that these amounts include 15.5243 shares acquired via a dividend reinvestment program during the first quarter, reflecting automatic reinvestment.
What is the Independent Bank deferred compensation and stock purchase plan mentioned?
The plan is the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors. Under it, Phantom Stock Units like Budden’s 270.470-unit grant accrue and are later settled in common stock when the director retires, aligning compensation with share performance over time.
AI-generated analysis. How Rhea-AI works. Not financial advice.
