IBCP director granted new phantom stock units

Keller Christina reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Keller Christina reported acquisition or exercise transactions in this Form 4 filing.

Independent Bank Corp. director Christina Keller received additional phantom stock units as deferred compensation, increasing her long-term equity-linked stake. On April 1, she was granted 688.1900 phantom stock units at a reference price of $29.9700, following a February 13 grant of 180.1300 units at $36.2800. These units accrue under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the issuer’s common stock when she retires from the board. After these awards, Keller holds 24,207.8600 phantom stock units directly.

Insider Trade Summary

Grant/Award: 868.32 shares

Grant/Award 2 txns

Insider Keller Christina

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	688.19	$29.97	$21K
Grant/Award	Phantom Stock Units	180.13	$36.28	$7K

Holdings After Transaction: Phantom Stock Units — 24,207.86 contracts (Direct)

Footnotes (2)

1. F1. The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
2. F2. The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director. The number of the units credited to a participant's account is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock on the effective date of the deferral.

Key Figures

April 1 phantom units granted: 688.1900 units April 1 reference price: $29.9700 per unit February 13 phantom units granted: 180.1300 units +2 more

5 metrics

April 1 phantom units granted 688.1900 units Phantom Stock Units grant on April 1, 2026

April 1 reference price $29.9700 per unit Reference price for April 1 phantom unit credit

February 13 phantom units granted 180.1300 units Phantom Stock Units grant on February 13, 2026

February 13 reference price $36.2800 per unit Reference price for February 13 phantom unit credit

Total phantom units after transactions 24,207.8600 units Direct phantom stock holdings following reported grants

Key Terms

Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, fair market value, Common Stock

4 terms

Phantom Stock Units financial

"The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Deferred Compensation and Stock Purchase Plan for Non Employee Directors financial

"The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors"

fair market value financial

"The number of the units credited to a participant's account is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

Common Stock financial

"are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did IBCP director Christina Keller report on this Form 4?

Christina Keller reported receiving phantom stock unit awards as compensation, not open-market trades. She acquired units under Independent Bank Corporation’s deferred compensation plan for non-employee directors, which will convert into common stock when she retires from the board, aligning her interests with shareholders over time.

How many phantom stock units did Christina Keller acquire in the latest IBCP Form 4?

Keller received 688.1900 phantom stock units effective April 1, 2026. These units were credited at a reference price of $29.9700 per unit, based on 90% of the fair market value under the plan’s formula, and will ultimately be settled in Independent Bank’s common stock at retirement.

What earlier phantom stock award to Christina Keller is disclosed for IBCP?

The filing also shows a February 13, 2026 grant of 180.1300 phantom stock units to Keller. Those units were valued using a reference price of $36.2800 per unit under the same non-employee director deferred compensation and stock purchase plan, adding to her long-term equity-linked position.

What is the total phantom stock balance Christina Keller holds with IBCP after these awards?

After the most recent grant, Keller’s total phantom stock units balance is 24,207.8600 units. This figure represents her accumulated deferred compensation under the Independent Bank Corporation plan, all of which is scheduled to be settled in issuer common stock once she retires as a director.

How do IBCP phantom stock units for non-employee directors work according to the plan?

Phantom stock units are credited based on deferrals under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors. Units are calculated by dividing the accrual amount by 90% of the common stock’s fair market value on the deferral date, and are settled in common shares at retirement.

Does this IBCP Form 4 show Christina Keller buying or selling common stock in the market?

No, the Form 4 only reports phantom stock unit awards classified as grants or other acquisitions. These are derivative, compensation-related entries, not open-market purchases or sales of Independent Bank’s common stock, and will convert into shares later when she retires from the board.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 10:56 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Keller Christina

(Last) (First) (Middle)

4200 E BELTLINE AVE

(Street)

GRAND RAPIDS MICHIGAN 49525

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
INDEPENDENT BANK CORP /MI/ [ IBCP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	02/13/2026		A	V	180.13		(1)	(1)	Common Stock	180.13	$36.28	23,519.67	D
Phantom Stock Units	(2)	04/01/2026		A		688.19		(2)	(2)	Common Stock	688.19	$29.97	24,207.86	D

Explanation of Responses:

1. The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.

2. The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director. The number of the units credited to a participant's account is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock on the effective date of the deferral.

Remarks:

	s/Darcy J. Benjamin, Attorney-in-Fact	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)