OPENLANE (OPLN) director receives 6,031 phantom stock units as deferred fees
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
OPENLANE, Inc. director Michael T. Kestner received a grant of 6,031 units of phantom stock on June 5, 2026. These phantom stock units are credited as deferred director fees under the KAR Auction Services, Inc. Directors Deferred Compensation Plan and will convert into common stock on a one-for-one basis.
The 6,031 phantom stock units vest on June 5, 2027 and are subject to forfeiture until vested. After this grant, Kestner holds a total of 89,593 phantom stock units directly. The filing describes a compensation-related award, not an open-market share purchase or sale.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
Kestner Michael T.
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock | 6,031 | $36.48 | $220K |
Holdings After Transaction:
Phantom Stock — 89,593 shares (Direct, null)
Footnotes (1)
- The phantom stock will convert into shares of common stock on a one-for-one basis. Represents director fees deferred in the reporting person's account in the KAR Auction Services, Inc. Directors Deferred Compensation Plan. 6,031 shares of phantom stock vest on June 5, 2027, and are subject to forfeiture until vested. All other shares of phantom stock are vested. The reporting person will receive shares of common stock, on a one-for-one basis, at a future date(s) specified by him subject to the terms and conditions of the KAR Auction Services, Inc. Directors Deferred Compensation Plan.
Key Figures
Phantom stock units granted: 6,031 units
Grant reference price: $36.48 per unit
Total phantom stock after grant: 89,593 units
+2 more
5 metrics
Phantom stock units granted
6,031 units
Grant on June 5, 2026 to director Michael T. Kestner
Grant reference price
$36.48 per unit
Price per phantom stock unit for this award
Total phantom stock after grant
89,593 units
Direct holdings following the reported transaction
Vesting date for new units
June 5, 2027
6,031 phantom stock units subject to forfeiture until vested
Conversion ratio
1:1 into common stock
Phantom stock converts into OPENLANE common shares
Key Terms
Phantom Stock, Directors Deferred Compensation Plan, vest, forfeiture
4 terms
Phantom Stock financial
"The phantom stock will convert into shares of common stock on a one-for-one basis."
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
Directors Deferred Compensation Plan financial
"deferred in the reporting person's account in the KAR Auction Services, Inc. Directors Deferred Compensation Plan."
A directors deferred compensation plan lets a board member postpone receiving part or all of their cash fees or stock-based pay until a future date, often retirement, allowing taxes to be delayed and payouts to be structured over time. Investors care because these plans change a company’s future cash obligations and reveal how the board’s pay is aligned with long-term performance—like choosing to take a paycheck later to tie personal reward to the company’s future results.
vest financial
"6,031 shares of phantom stock vest on June 5, 2027, and are subject to forfeiture until vested."
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
forfeiture financial
"6,031 shares of phantom stock vest on June 5, 2027, and are subject to forfeiture until vested."
FAQ
What insider transaction did OPENLANE (OPLN) report for Michael T. Kestner?
OPENLANE reported that director Michael T. Kestner received a grant of 6,031 phantom stock units on June 5, 2026. The award represents deferred director fees that will convert one-for-one into common shares under the company’s Directors Deferred Compensation Plan.
Is the OPENLANE (OPLN) Form 4 a stock purchase or sale?
The Form 4 does not show an open-market purchase or sale. It reports an acquisition of 6,031 phantom stock units as a compensation-related grant, classified as a derivative award rather than a discretionary buy or sell transaction in the market.
How many phantom stock units does Michael T. Kestner hold after this OPENLANE grant?
Following the June 5, 2026 grant, Michael T. Kestner holds 89,593 phantom stock units directly. These units track the value of OPENLANE common stock and are payable in shares on a one-for-one basis at dates specified under the deferred compensation plan.
When do the newly granted OPENLANE phantom stock units vest for director Kestner?
The 6,031 phantom stock units granted to director Kestner vest on June 5, 2027. Until that vesting date, these specific units are subject to forfeiture, while the filing notes that all of his other phantom stock units are already vested under the plan’s terms.
What does phantom stock mean in the context of OPENLANE (OPLN) director compensation?
In this context, phantom stock represents deferred director fees credited as units that mirror OPENLANE’s common shares. According to the filing, Kestner’s phantom stock will convert into common stock on a one-for-one basis at future dates specified under the Directors Deferred Compensation Plan.