Form 4: Director Christina Keller Acquires Phantom Stock Units in Independent Bank Corp

Director Christina Keller acquired phantom stock units in Independent Bank Corp through a deferred compensation plan, to be settled in common stock upon retirement.

Summary

• Christina Keller, a director at Independent Bank Corp, acquired phantom stock units through the company's Deferred Compensation and Stock Purchase Plan for Non-Employee Directors.
• These units are to be settled in the company's common stock upon her retirement as a director.
• On November 15, 2024, 122.29 phantom stock units were acquired at a price of $37.66 per unit, resulting in a total of 19,311.21 units.
• On January 1, 2025, an additional 542.32 phantom stock units were acquired at a price of $31.35 per unit, resulting in a total of 19,853.53 units.
• The number of units credited is determined by dividing the accrual amount by 90% of the fair market value of the company's common stock on the deferral date.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed as neutral to slightly positive as it aligns director interests with the company's performance.

Positives

• The acquisition of phantom stock units aligns the director's interests with the long-term performance of the company.
• The deferred compensation plan is a common method for incentivizing non-employee directors.

Future Outlook

The phantom stock units will be settled in common stock upon the director's retirement.

Industry Context

This type of deferred compensation is common for non-employee directors in the financial industry, aligning their interests with the long-term success of the bank.

Comparison to Industry Standards

• Deferred compensation plans using phantom stock units are a common practice among publicly traded companies, particularly in the financial sector, to incentivize and retain non-employee directors.
• Many banks and financial institutions use similar plans to align director compensation with shareholder value creation.
• The specific terms of the plan, such as the vesting schedule and settlement method, are typical for these types of arrangements.

Stakeholder Impact

• The acquisition of phantom stock units by a director demonstrates alignment of interests with shareholders.
• The plan is designed to incentivize the director to contribute to the long-term success of the company.

Key Dates

Keywords

phantom stock units, deferred compensation, director, Independent Bank Corp, stock purchase plan, equity, insider trading