Independent Bank Corp (IBCP) director receives phantom stock unit grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Wooldridge Michael G. reported acquisition or exercise transactions in this Form 4 filing.
Independent Bank Corp. director Michael G. Wooldridge reported compensation-related awards of phantom stock units tied to the company’s common stock. On July 1, 2026, he received 137 phantom stock units at a reference price of $32.46 per unit, bringing his credited balance to 425.46 units. A prior award on May 14, 2026 added 2.38 units at $33.71 per unit. The footnotes state these 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 he retires as a director.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Wooldridge Michael G.
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 137 | $32.46 | $4K |
| Grant/Award | Phantom Stock Units | 2.38 | $33.71 | $80.23 |
Holdings After Transaction:
Phantom Stock Units — 425.46 shares (Direct, null)
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
July 1 phantom units granted: 137 phantom stock units
May 14 phantom units granted: 2.38 phantom stock units
Price per unit (July 1 grant): $32.46 per unit
+3 more
6 metrics
July 1 phantom units granted
137 phantom stock units
Grant on July 1, 2026 at $32.46 per unit
May 14 phantom units granted
2.38 phantom stock units
Grant on May 14, 2026 at $33.71 per unit
Price per unit (July 1 grant)
$32.46 per unit
Reference price for 137 phantom stock units
Price per unit (May 14 grant)
$33.71 per unit
Reference price for 2.38 phantom stock units
Total phantom units after July 1
425.46 units
Total phantom stock units credited following July 1, 2026 transaction
Total phantom units after May 14
288.46 units
Total phantom stock units credited following May 14, 2026 transaction
Key Terms
Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, settled in the Issuer's Common Stock, fair market value, +1 more
5 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"
settled in the Issuer's Common Stock financial
"are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director"
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.
accrual amount financial
"determined by dividing the accrual amount by 90% of the fair market value"
FAQ
What insider activity did Independent Bank Corp (IBCP) report for Michael G. Wooldridge?
Independent Bank Corp reported that director Michael G. Wooldridge received phantom stock unit awards as compensation. He acquired 137 units on July 1, 2026 and 2.38 units on May 14, 2026, both tied to the company’s common stock.
How many phantom stock units does Michael G. Wooldridge hold after the latest IBCP Form 4?
After the July 1, 2026 award, Michael G. Wooldridge holds 425.46 phantom stock units. This total reflects units accrued under the company’s deferred compensation plan for non-employee directors and is reported as his balance following the most recent transaction.
At what prices were the IBCP phantom stock units credited to Michael G. Wooldridge?
The July 1, 2026 grant credited 137 phantom stock units at $32.46 per unit. The May 14, 2026 grant credited 2.38 units at $33.71 per unit. These prices are used to determine the number of units under the plan’s formula.
What is a phantom stock unit in the context of Independent Bank Corp (IBCP)?
For IBCP, phantom stock units are bookkeeping units tied to common stock, accrued under a deferred compensation and stock purchase plan. The Form 4 notes they will be settled in the issuer’s common stock when the director retires from the board.
When will Michael G. Wooldridge’s IBCP phantom stock units be settled into common stock?
According to the Form 4 footnotes, the phantom stock units will be settled in Independent Bank Corp’s common stock upon Michael G. Wooldridge’s retirement as a director. Until then, the units remain as deferred compensation entries in his plan account.
What plan governs the phantom stock units reported for IBCP director Michael G. Wooldridge?
The phantom stock units are accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors. The plan determines how units are credited and specifies that settlement occurs in common stock at the director’s retirement.