Form 4: Independent Bank Corp Director Budden Reports Acquisition of Phantom Stock Units and Common Stock

Director Joan A. Budden reports acquisition of phantom stock units and common stock in Independent Bank Corp, including shares from dividend reinvestment.

Summary

• On May 13, 2024, Joan A. Budden, a director of Independent Bank Corp, acquired 307.35 phantom stock units.
• 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 upon retirement.
• The price of the derivative security (phantom stock units) was $25.91.
• Budden also acquired 6,186.09 shares of common stock directly, which includes 17.63 shares acquired through a dividend reinvestment program (DRIP) during the second quarter.
• Additionally, Budden indirectly owns 810 shares of common stock through an IRA.
• Following these transactions, Budden directly owns 33,487.99 shares of common stock.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive due to the director's acquisition of shares and phantom stock units, indicating confidence in the company. The DRIP participation further supports a positive outlook.

Positives

• The acquisition of phantom stock units and common stock by a director signals confidence in the company's future.
• Participation in the dividend reinvestment program (DRIP) indicates a long-term investment perspective.

Future Outlook

The phantom stock units will be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.

Industry Context

Insider transactions are closely watched as indicators of management's confidence in the company's prospects. Acquisitions, especially by directors, are generally viewed positively.

Comparison to Industry Standards

• Comparing Joan Budden's holdings to other directors in similar sized banks would provide a benchmark for assessing the significance of her investment.
• Reviewing the terms of Independent Bank Corporation's Deferred Compensation and Stock Purchase Plan against industry standards for non-employee director compensation would offer further context.
• Analyzing DRIP participation rates among Independent Bank Corporation's shareholders compared to peers could indicate investor sentiment.

Stakeholder Impact

• Shareholders may view the director's stock acquisitions as a positive sign.
• The deferred compensation plan impacts non-employee directors by providing a means of accruing company stock.

Key Dates