IBM Director Michelle J. Howard Defers Board Fees into Equity Units

Executive Summary

On October 1, 2026, International Business Machines Corp ($IBM) director Michelle J. Howard filed a Form 4 disclosing the acquisition of 291 Promised Fee Shares on September 30, 2026. The transaction represents quarterly director fee deferrals under the IBM Board of Directors Deferred Compensation and Equity Award Plan, valued at $219.93 per share for a total value of approximately $64,000.

Transaction Breakdown

• Security: Promised Fee Share (Derivative, convertible into Common Stock or cash after retirement)
• Shares Acquired: 291.00
• Stated Price: $219.93
• Total Transaction Value: $63,999.63
• Nature of Transaction: Code 'A' (Grant, award, or other acquisition pursuant to Rule 16b-3). This represents an automatic or elective deferral of director fees into equity units rather than an open-market purchase.
• Post-Transaction Holdings: 17,050.00 Promised Fee Shares held directly.

Market & Governance Impact

Because this transaction is an ordinary quarterly fee deferral under IBM's director compensation structure, it carries low market significance and does not reflect discretionary open-market sentiment.