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Independent Bank Corp. (IBCP) 鈥� Form 4 insider transaction

Director Joan A. Budden reported one transaction dated 15-May-2025 under the company鈥檚 Deferred Compensation & Stock Purchase Plan for Non-Employee Directors:

• 272.97 Phantom Stock Units (settle 1:1 in common stock upon retirement) were acquired at an assumed price of $32.57.

Following the award, Budden鈥檚 beneficial ownership stands at:

• 34,467.52 phantom stock units (direct)
• 6,242.28 common shares (direct) 鈥� includes 15.6623 shares from the Q2 DRIP
• 810 common shares held indirectly via an IRA

No derivative disposals, sales or option exercises were disclosed. The filing represents routine board compensation and marginally increases insider equity exposure, with de minimis dilution for existing shareholders.

Form 4 Overview 鈥� Independent Bank Corp. (IBCP)

Director Stephen L. Gulis Jr. filed a Form 4 disclosing the accrual of 491.51 Phantom Stock Units on 15 May 2025 under the company鈥檚 Deferred Compensation and Stock Purchase Plan for Non-Employee Directors. The units were credited at an implied price of $32.57 per share and will convert into an equal number of IBCP common shares when the director retires. Following this grant, Gulis鈥� total deferred phantom stake rises to 62,062.86 units, all reported as direct beneficial ownership.

Because these Phantom Stock Units are a routine, cashless, deferred-compensation award rather than an open-market purchase, the filing does not involve cash outlay or immediate share issuance. Consequently, the transaction has negligible dilution impact and does not alter the current public float or near-term earnings per share. The disclosure chiefly signals continued equity alignment between the board member and shareholders but is not material to the company鈥檚 capital structure or operating outlook.

Veritex Holdings, Inc. (VBTX) has filed a Form S-8 to register up to 1,650,000 additional shares of its $0.01 par value common stock for issuance under employee equity plans. The filing covers (i) 750,000 shares tied to outstanding awards granted under the shareholder-approved 2022 Amended and Restated Omnibus Incentive Plan and (ii) 900,000 newly authorized shares available under the recently approved 2025 Amended and Restated Omnibus Incentive Plan.

The 2025 Plan, adopted by the board on 25 Apr 2025 and ratified by shareholders on 27 May 2025, amends and restates the 2022 Plan and further expands the company鈥檚 long-term incentive capacity. Earlier plans included the 2014 Plan (1 million shares) and the 2019 Plan (1.5 million shares).

No proceeds flow directly to the company at the time of registration; actual cash inflow, if any, will occur upon option exercise or settlement of awards for cash. The filing reiterates Texas law鈥揵ased indemnification provisions for directors and officers and lists customary undertakings required by the Securities Act.

For investors, the key consideration is the potential dilution from issuing up to 1.65 million additional shares, offset by the strategic objective of aligning management and employee incentives with shareholder interests. The impact magnitude will depend on Veritex鈥檚 total shares outstanding and the pace at which awards vest or are exercised.

Independent Bank Corp. (IBCP) 鈥� Form 4 insider transaction

Director Ronia F. Kruse reported two acquisitions of phantom stock units under the company鈥檚 Deferred Compensation and Stock Purchase Plan for Non-Employee Directors:

• 15 May 2025: 172.90 units acquired at a reference price of $32.57.
• 01 Jul 2025: 685.66 units acquired at a reference price of $29.17.

After the transactions, Kruse鈥檚 total holdings in derivative phantom units rose to 22,517.77. These units are designed to mirror the value of IBCP common stock and will be settled in shares when the director retires from the Board.

No common shares were bought or sold on the open market, and the filing contains no indication of dispositions or sales. The transactions are routine, compensation-related awards that increase the director鈥檚 equity-linked exposure and further align board incentives with shareholder interests, but they do not change the public float or directly affect cash flow.

UBS AG is offering an 18-month Capped Buffer GEARS note linked to the Nasdaq-100 Index (NDX), scheduled to price on 30 July 2025, settle on 4 August 2025 and mature on 4 February 2027. The unsecured, unsubordinated note has a $1,000 denomination and provides:

• Upside exposure: positive index performance is multiplied by a 1.50 upside gearing factor, but total return is capped at a 15-17 % maximum gain (exact cap set on trade date). Maximum payment at maturity is therefore $1,150-$1,170 per note.
• 10 % Buffer: investors are protected against the first 10 % decline in NDX. If the final index level is at or above 90 % of the initial level, principal is repaid in full.
• Contingent downside: if NDX ends below the downside threshold (90 % of initial level), investors lose principal on a 1-for-1 basis beyond the 10 % buffer. A 40 % index drop, for example, would generate a 30 % note loss.
• No coupons or interim payments; credit risk of UBS applies.

The preliminary estimated initial value is $943-$973鈥攂elow the $1,000 issue price鈥攔eflecting underwriting discount ($20), hedging and issuance costs and UBS鈥檚 internal funding spread. UBS Securities LLC will make a secondary market in the notes on a best-efforts basis but the securities will not be listed on an exchange.

Key risks highlighted include: potential loss of almost all principal, limited upside, lack of liquidity, valuation below issue price, tax uncertainty (pre-paid derivative treatment assumed), and broad resolution powers of Swiss regulator FINMA over UBS. The investor suitability section stresses that the product is appropriate only for investors who:

• Understand structured note risk/return profiles
• Can forgo dividends, accept capped upside and potential principal loss
• Are willing to hold to maturity
• Are comfortable with UBS credit risk

Offering economics: UBS receives ~$980 per note after the $20 underwriting discount. Third-party dealers may forgo part of this discount for fee-based advisory accounts. The estimated initial value incorporates UBS鈥檚 internal models and will be published in the final pricing supplement.

Tax treatment: UBS and investors will treat the notes as prepaid derivatives; however, no IRS ruling exists and alternative treatments (e.g., contingent payment debt instrument) could apply. Section 871(m) withholding is not expected because the note is not delta-one, but future events could change this analysis.

Servotronics, Inc. (SVT) Form 4 鈥� insider disposal related to pending merger

Director Karen L. Howard reported the cash disposal of her entire equity position in Servotronics on 01 July 2025. Two transactions were disclosed:

• 6,465 common shares tendered and exchanged for $47.00 per share under the Agreement and Plan of Merger with TransDigm Inc. (Transaction code 鈥淯鈥�).
• 536 restricted shares that vested upon the change-in-control were simultaneously converted to cash at the same $47.00 consideration (Transaction code 鈥淒鈥�).

Following these actions, the reporting person now holds 0 SVT shares (direct or indirect). The filing confirms that stockholders who validly tendered鈥攐r whose shares were cancelled at closing鈥攚ill receive the all-cash consideration of $47.00, subject to standard tax withholding.

No derivative securities were reported. The Form 4 reinforces that the cash tender offer has progressed to the 鈥淎cceptance Time,鈥� signalling practical completion of the TransDigm acquisition of Servotronics.

Crescent Biopharma, Inc. (formerly GlycoMimetics, Inc.; Nasdaq ticker now CBIO) filed an extensive Form 8-K to report the closing of its reverse-merger with privately held Crescent Biopharma on 13 June 2025.

Key deal mechanics: immediately prior to closing, GlycoMimetics implemented a 1-for-100 reverse stock split. At the merger鈥檚 鈥淔irst Effective Time,鈥� every Crescent common share converted into 0.1445 share of GlycoMimetics common stock, while Crescent preferred shares became Series A non-voting convertible preferred shares (1 preferred = 1,000 common post-conversion). After applying the exchange ratio and exercising pre-funded warrants, the combined company has 19.55 million common shares on a fully diluted basis (13.89 m outstanding, 2.77 m pre-funded warrants, 2.89 m underlying Series A preferred).

Ownership shift: legacy Crescent security-holders control roughly 97.3 % of the post-merger equity, leaving pre-merger GlycoMimetics holders with only 2.7 %. Support agreements covering 98.4 % of Crescent and 1.7 % of GlycoMimetics shares ensured approval; key Crescent insiders and investors also entered 180-day lock-ups.

Financing: Simultaneous with closing, Crescent raised $200 million (gross) via the sale of 85.5 m common shares and 19.1 m pre-funded warrants at an implied Crescent valuation of $50 million. Proceeds include $40.5 million of previously issued convertible notes that rolled into equity.

Redomestication & rebranding: the company migrated from Delaware to the Cayman Islands via a Plan of Conversion, adopted new Cayman memorandum & articles, and formally changed its name to Crescent Biopharma, Inc. Shares began trading as CBIO on 16 June 2025.

Governance & management: a six-member board was installed (Peter Harwin, chair). Joshua Brumm becomes CEO; other senior hires include Jonathan McNeill (COO/President) and Richard Scalzo (CFO). A 2.35 m-share 2025 Stock Incentive Plan and a 0.20 m-share ESPP were approved. Ernst & Young was dismissed as auditor; PricewaterhouseCoopers was appointed.

Capital structure amendments: authorised common share count increased to 175 m. No fractional shares were issued for the reverse split; cash was paid in lieu.

Implications for investors: the transaction recapitalises the business with $200 m of new cash, positions Crescent鈥檚 oncology pipeline inside a Nasdaq-listed vehicle, but massively dilutes prior GLYC holders. Trading liquidity now depends on lock-up expirations and the success of the Crescent pipeline, details of which are incorporated by reference from the S-4.