Brown Marianne Catherine 4

What Happened

• Marianne Catherine Brown, a director of International Business Machines Corp. (IBM), was granted/credited with 325 Promised Fee Shares on 2026-06-30. The report lists a per-share value of $281.21, for a total reported value of $91,393. This was recorded as an award/acquisition (derivative) under the company's director deferred compensation and equity award plan—not an open-market purchase or sale.

Key Details

• Transaction date and type: 2026-06-30 — Grant/Award (code A, derivative)
• Shares/price/value: 325 shares at $281.21 per share; total value $91,393
• Shares owned after transaction: Not specified in the provided Form 4 data
• Footnotes: These are "Promised Fee Shares" under the IBM Board of Directors Deferred Compensation and Equity Award Plan (F1–F3). Fees were deferred into Promised Fee Shares and distribution is deferred until the director's retirement; payout may be in common stock or cash.
• Filing timeliness: No late-filing flag provided in the supplied details

Context

• These Promised Fee Shares represent deferred compensation for board service rather than a market purchase or sale of existing stock. They are derivative rights that convert to stock or cash upon the plan’s payout conditions (typically retirement), so they do not necessarily reflect an immediate change in market exposure by the insider.