Independent Bank (IBCP) director receives new phantom stock unit awards

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Kruse Ronia F reported acquisition or exercise transactions in this Form 4 filing.

Independent Bank Corp. director Ronia F. Kruse reported additional phantom stock unit awards tied to the company’s common stock. On July 1, 2026, she received 127.07 phantom stock units at a reference value of $32.46 per unit, following a prior 200-unit grant on May 14, 2026 at $33.71 per unit. These units were credited under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and will be settled in common stock when she retires from the board. After the July grant, her reported balance is 24,403.27 phantom stock units, reflecting deferred, stock-linked director compensation rather than open-market trading.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Kruse Ronia F

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	127.07	$32.46	$4K
Grant/Award	Phantom Stock Units	200	$33.71	$7K

Holdings After Transaction: Phantom Stock Units — 24,403.27 shares (Direct, null)

Footnotes (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. 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

July 1, 2026 phantom units granted: 127.07 units May 14, 2026 phantom units granted: 200 units Phantom units after July 1, 2026: 24,403.27 units +2 more

5 metrics

July 1, 2026 phantom units granted 127.07 units Phantom Stock Units award at $32.46 reference price

May 14, 2026 phantom units granted 200 units Phantom Stock Units award at $33.71 reference price

Phantom units after July 1, 2026 24,403.27 units Total phantom stock units following latest grant

July 1, 2026 reference price $32.46 per unit Used to value 127.07 phantom stock units

May 14, 2026 reference price $33.71 per unit Used to value 200 phantom stock units

Key Terms

Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, fair market value, Form 4

4 terms

Phantom Stock Units financial

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

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

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

fair market value financial

"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.

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Available on EDGAR 07/02/2026 - 10:34 AM Accepted by SEC EDGAR 07/02/2026 - 10:34 AM

FAQ

What did Ronia F. Kruse report in her latest Form 4 for IBCP?

Ronia F. Kruse reported grants of phantom stock units as director compensation. She received 127.07 units on July 1, 2026 and 200 units on May 14, 2026, both under Independent Bank’s deferred compensation and stock purchase plan for non-employee directors.

How many phantom stock units does Ronia F. Kruse now hold in IBCP?

After the July 1, 2026 award, Ronia F. Kruse holds 24,403.27 phantom stock units. These units track Independent Bank common stock and represent deferred director compensation to be settled in shares when she retires from the board.

Were the IBCP Form 4 transactions open-market buys or sells?

The transactions were not open-market buys or sells. They were phantom stock unit grants reported with code A, meaning awards or other acquisitions under a compensation plan, rather than discretionary share purchases or sales in the market.

When will Ronia F. Kruse’s IBCP phantom stock units be settled?

The phantom stock units will be settled in Independent Bank common stock upon her retirement as a director. Until then, the units remain as deferred compensation, with value linked to the company’s share price instead of immediate cash payments.

How are IBCP phantom stock units calculated under the director plan?

Units are credited by dividing the accrual amount by 90% of the fair market value of Independent Bank common stock on the effective deferral date. This formula, described in the plan footnote, determines how many phantom units each director accrual purchases.

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^*

Kruse Ronia F

(Last)

(First)

(Middle)

4200 E BELTLINE

(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)
05/14/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	⁽¹⁾	05/14/2026		A	V	200		⁽¹⁾	⁽¹⁾	Common Stock	200	$33.71	24,276.2	D
Phantom Stock Units	⁽²⁾	07/01/2026		A		127.07		⁽²⁾	⁽²⁾	Common Stock	127.07	$32.46	24,403.27	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	07/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR