Form 4: First Busey President Mike Maddox Departs, Vests Shares

First Busey Corporation's President, Mike Maddox, has departed the company, triggering the vesting of over 40,000 performance-based restricted stock units.

Summary

• Mike Maddox, who served as President and Director of First Busey Corp, is no longer subject to Section 16 reporting requirements effective January 27, 2026, following his departure from the company.
• On January 27, 2026, Maddox acquired 40,614 shares of Common Stock upon the vesting of performance-based restricted stock unit awards and accrued dividend equivalent shares, with a transaction price of $0.
• Prior to his departure, Maddox also acquired 4.1917 shares of Common Stock through dividend reinvestment at $23.3596 per share on October 31, 2025.
• An additional 270.1167 shares of Common Stock were purchased through the First Busey Corporation Employee Stock Purchase Plan at $19.618 per share on December 31, 2025.
• Following these transactions, Maddox directly beneficially owns 252,470.6021 shares of Common Stock and 50 shares of Series A Non-Cumulative Perpetual Preferred Stock.
• Maddox also holds Stock Appreciation Rights (SARs) totaling 110,741 underlying Common Stock, with various exercise prices ranging from $9.37 to $21.35 and expiration dates extending to July 26, 2033.
• Indirect beneficial ownership includes Common Stock, Series A Preferred Stock, and Depositary Shares held by his spouse and stepson, for which Maddox disclaims beneficial ownership.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for First Busey Corporation, as it primarily reports an executive's departure and the associated, expected vesting of equity awards, without providing new operational or financial performance data.

Positives

• Mike Maddox received a significant vesting of 40,614 shares of Common Stock upon his departure, indicating a successful payout of performance-based awards.
• Maddox increased his direct beneficial ownership of Common Stock through dividend reinvestment and an employee stock purchase plan prior to his departure.

Negatives

• The departure of a President and Director, Mike Maddox, could be viewed as a loss of experienced leadership for First Busey Corporation.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding First Busey Corporation's future performance or strategic direction.

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.
• Effective January 27, 2026, the reporting person is no longer subject to Section 16 in connection with his transactions in the equity securities of First Busey Corporation and therefore will no longer report any such transactions on Form 4 or Form 5.

Industry Context

StockSavvy.ai notes that executive departures, particularly of a President and Director, are common events in the financial services industry, often accompanied by the vesting of long-term incentive awards. Such changes can sometimes signal strategic shifts or leadership transitions within an organization, though this filing provides no specific details beyond the individual's departure.

Comparison to Industry Standards

• This filing details an executive's stock transactions and departure, which is a standard event in corporate governance. There are no specific financial results or projects to compare against industry benchmarks.
• The vesting of performance-based restricted stock units upon departure is a common practice for executive compensation packages across publicly traded companies, aligning executive incentives with long-term company performance.

Management Changes

Related Party Transactions

• Indirect beneficial ownership of Common Stock, Series A Non-Cumulative Perpetual Preferred Stock, and Depositary Shares by Mike Maddox's spouse.
• Indirect beneficial ownership of Depositary Shares by Mike Maddox's stepson.
• Mike Maddox disclaims beneficial ownership of these indirectly held securities.

Stakeholder Impact

• Shareholders: The departure of a President and Director could lead to questions about leadership continuity, but the vesting of shares is a standard compensation event.
• Employees: No direct impact on general employees is indicated by this filing.
• Management: A leadership transition will occur, potentially leading to the appointment of a new President.

Next Steps

• Mike Maddox will no longer report transactions on Form 4 or Form 5 for First Busey Corporation.

Key Dates

Recommendation

The departure of a President and Director is a significant leadership change that warrants attention. While the stock transactions themselves are routine for an executive departure, the change in leadership could introduce uncertainty. Investors should hold and monitor for further announcements regarding a successor and any potential strategic shifts.

Keywords

First Busey Corp, BUSE, Mike Maddox, Form 4, SEC filing, insider trading, stock ownership, restricted stock units, performance awards, executive departure, corporate governance, stock appreciation rights, employee stock purchase plan