Form 4: First Busey Executive Reports Related Party Stock Acquisition
Insider Transaction Report
First Busey Corp President Mike Maddox filed a Form 4 disclosing the acquisition of 1,000 Series B Preferred Stock Depositary Shares by a related party, for which he disclaims beneficial ownership.
Summary
- Mike Maddox, President and Director of First Busey Corp, filed a Form 4 reporting changes in beneficial ownership.
- The filing details the acquisition of 1,000 Depositary Shares, representing a 1/40th interest in Series B Preferred Stock, on December 3, 2025.
- The shares were acquired at a weighted average price of $25.519 per share, with trades ranging from $25.51 to $25.52.
- Maddox disclaims beneficial ownership of these acquired shares, as well as other indirect holdings of Common Stock (4,739 shares), Series A Preferred Stock (100 shares), and additional Depositary Shares (40,280 via spouse, 460 via stepson, 460 via stepson).
- Maddox directly beneficially owns 211,582.2937 shares of Common Stock and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock.
- He also holds Stock Appreciation Rights (SARs) totaling 110,741 underlying common shares, with various exercise prices and expiration dates ranging from January 2028 to July 2033.
Sentiment
Score: 5
Explanation: Neutral. The filing is a compliance disclosure of a related-party transaction where the executive disclaims beneficial ownership, thus not directly signaling personal investment confidence in the company.
Positives
- The filing demonstrates compliance with SEC reporting requirements for insider transactions and beneficial ownership.
- The executive maintains significant direct holdings in Common Stock (211,582.2937 shares) and Series A Preferred Stock (50 shares), indicating continued alignment with shareholder interests.
Negatives
- The reporting person explicitly disclaims beneficial ownership of the acquired shares and other indirect holdings, meaning this transaction does not represent a direct personal investment by the executive signaling confidence.
Future Outlook
The filing does not contain any forward-looking statements or guidance regarding the company's future outlook.
Management Comments
- The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.
Industry Context
This Form 4 filing is a routine disclosure of an insider transaction, common in the financial services industry for executives and directors to report changes in their beneficial ownership or that of related parties. Such filings ensure transparency in insider dealings.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Grant | Michael J. Maddox granted a Power of Attorney to Lynette Strode, Catherine Alqallaf, and Carolyn Slattery to execute and file SEC reports (Forms 3, 4, 5, 144, Schedule 13D/G) on his behalf. | 2025-09-26 | This is a standard corporate governance practice to facilitate timely and accurate SEC filings for executives, ensuring compliance with reporting obligations. |
Related Party Transactions
- Acquisition of 1,000 Depositary Shares, with beneficial ownership disclaimed by the reporting person but attributed indirectly to his spouse.
- Indirect beneficial ownership of 4,739 Common Stock shares by spouse, with beneficial ownership disclaimed by the reporting person.
- Indirect beneficial ownership of 100 Series A Non-Cumulative Perpetual Preferred Stock shares by spouse, with beneficial ownership disclaimed by the reporting person.
- Indirect beneficial ownership of 40,280 Depositary Shares by spouse, with beneficial ownership disclaimed by the reporting person.
- Indirect beneficial ownership of 460 Depositary Shares by stepson, with beneficial ownership disclaimed by the reporting person.
- Indirect beneficial ownership of 460 Depositary Shares by another stepson, with beneficial ownership disclaimed by the reporting person.
Stakeholder Impact
- This filing primarily impacts regulatory bodies by ensuring transparency in insider and related-party transactions.
- For shareholders, it provides disclosure of beneficial ownership changes, though the disclaimer of ownership by the executive limits its interpretative value as a signal of executive confidence.
Next Steps
- No specific future actions, events, or milestones are mentioned in this compliance filing.
Key Dates
| Date | Description |
|---|---|
| 2025-03-01 | Date exercisable for multiple Stock Appreciation Rights. |
| 2025-09-26 | Date of Power of Attorney execution by Michael J. Maddox. |
| 2025-12-03 | Date of acquisition transaction for Depositary Shares. |
| 2025-12-05 | Date of Form 4 filing signature. |
| 2028-01-24 | Expiration date for Stock Appreciation Right with $9.37 exercise price. |
| 2028-05-01 | Expiration date for Stock Appreciation Right with $11.24 exercise price. |
| 2030-06-01 | Expiration date for Stock Appreciation Right with $14.01 exercise price. |
| 2033-07-26 | Expiration date for Stock Appreciation Right with $21.35 exercise price. |
Keywords
First Busey, BUSE, Form 4, insider transaction, beneficial ownership, preferred stock, depositary shares, stock appreciation rights, corporate governance
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