Independent Bank (NASDAQ: IBCP) director receives phantom stock unit awards
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Keller Christina reported acquisition or exercise transactions in this Form 4 filing.
Independent Bank Corp. director Christina Keller received additional equity-based compensation through phantom stock units. On July 1, 2026, she was granted 635.34 phantom stock units at a reference price of $32.46 per unit, bringing her phantom unit balance to 25,044.29 units. An earlier grant on May 14, 2026 added 201.09 units at $33.71 per unit. These phantom stock units were accrued 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.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Keller Christina
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 635.34 | $32.46 | $21K |
| Grant/Award | Phantom Stock Units | 201.09 | $33.71 | $7K |
Holdings After Transaction:
Phantom Stock Units — 25,044.29 shares (Direct)
Footnotes (1)
- 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. 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. The number of the units credited to a participant's account is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock on the effective date of the deferral.
Key Figures
Phantom units granted: 635.34 units
Phantom units granted: 201.09 units
Total phantom units held: 25,044.29 units
+2 more
5 metrics
Phantom units granted
635.34 units
Grant on July 1, 2026 at $32.46 reference price
Phantom units granted
201.09 units
Grant on May 14, 2026 at $33.71 reference price
Total phantom units held
25,044.29 units
Balance following July 1, 2026 grant
Underlying security
1 common share per unit
Each phantom stock unit tracks Independent Bank common stock
Conversion price
$0.00 per unit
Phantom units under deferred compensation plan
Key Terms
Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, fair market value
3 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.
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"
fair market value financial
"dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock"
The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.
FAQ
What did Christina Keller report in her latest Form 4 for IBCP?
Christina Keller reported grants of phantom stock units as equity-based compensation. She received 635.34 units on July 1, 2026 and 201.09 units on May 14, 2026, both tied to Independent Bank Corp.’s director deferred compensation and stock purchase plan.
How many phantom stock units does Christina Keller hold after these IBCP grants?
After the reported transactions, Christina Keller holds 25,044.29 phantom stock units. These units were credited under Independent Bank Corporation’s Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are designed to mirror the value of the company’s common stock over time.
Are Christina Keller’s Form 4 IBCP transactions open-market buys or sales?
The transactions are not open-market buys or sales. They are grants of phantom stock units recorded as compensation under Independent Bank Corporation’s deferred compensation plan for non-employee directors, with units to be settled in common stock upon her retirement from the board.
When will Christina Keller’s IBCP phantom stock units be settled into common stock?
The phantom stock units will be settled in Independent Bank Corp.’s common stock upon Christina Keller’s retirement as a director. Until then, units remain as bookkeeping entries under the Deferred Compensation and Stock Purchase Plan for Non Employee Directors, tracking the stock’s value.
How are the number of IBCP phantom stock units determined for Christina Keller?
The number of phantom stock units is calculated by dividing the accrual amount by 90% of the fair market value of Independent Bank Corp.’s common stock on the deferral’s effective date, as specified in the Deferred Compensation and Stock Purchase Plan for Non Employee Directors.