Form 4: Independent Bank Corp Director Michael J. Cok Acquires Phantom Stock Units

Director Michael J. Cok of Independent Bank Corp acquired phantom stock units under the company's deferred compensation plan.

Summary

• Michael J. Cok, a director at Independent Bank Corp, acquired phantom stock units through the company's deferred compensation plan.
• On November 15, 2024, 156.14 phantom stock units were accrued at a price of $37.66 per unit.
• An additional 312.63 phantom stock units were accrued on January 1, 2025, at a price of $31.35 per unit.
• These phantom stock units will be settled in Independent Bank Corp's common stock upon Mr. Cok's retirement as a director.
• 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 a neutral to slightly positive event as it aligns director interests with the company's long-term performance.

Positives

• The acquisition of phantom stock units aligns director compensation with the long-term performance of the company.
• The deferred compensation plan encourages directors to remain with the company until retirement.

Future Outlook

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

Industry Context

Deferred compensation plans are a common practice for directors in the financial industry, aligning their interests with the long-term success of the company.

Comparison to Industry Standards

• Many financial institutions use deferred compensation plans, including phantom stock units, as part of their director compensation packages.
• These plans are designed to incentivize long-term commitment and align director interests with shareholder value.
• Companies like JP Morgan Chase and Bank of America also utilize similar deferred compensation strategies for their board members.

Stakeholder Impact

• The acquisition of phantom stock units has a neutral impact on shareholders as it is part of the standard director compensation plan.
• The plan aligns director interests with the long-term performance of the company, which is beneficial for shareholders.

Key Dates

Keywords

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