IBCP director granted additional phantom stock units

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

Rhea-AI Filing Summary

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

Independent Bank Corp. (IBCP) director Ronia F. Kruse received additional deferred equity-based compensation in the form of Phantom Stock Units. On February 13, 2026, she was granted 183.34 Phantom Stock Units at a reference price of $36.28 per unit, and on April 1, 2026, she was granted 137.64 units at $29.97 per unit. These units were credited under the company’s Deferred Compensation and Stock Purchase Plan for Non-Employee Directors and will be settled in Independent Bank’s common stock upon her retirement as a director. Following the April grant, her balance in this phantom unit account increased to about 24,076.2 units, reflecting long-term, plan-based compensation rather than open-market trading.

Insider Trade Summary

Grant/Award: 320.98 shares

Grant/Award 2 txns

Insider Kruse Ronia F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	137.64	$29.97	$4K
Grant/Award	Phantom Stock Units	183.34	$36.28	$7K

Holdings After Transaction: Phantom Stock Units — 24,076.2 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

Phantom units granted (Feb 13, 2026): 183.34 units Phantom units granted (Apr 1, 2026): 137.64 units Unit reference price (Feb 13, 2026): $36.28 per unit +2 more

5 metrics

Phantom units granted (Feb 13, 2026) 183.34 units Grant/award acquisition at $36.28 per unit

Phantom units granted (Apr 1, 2026) 137.64 units Grant/award acquisition at $29.97 per unit

Unit reference price (Feb 13, 2026) $36.28 per unit Used to determine credited Phantom Stock Units

Unit reference price (Apr 1, 2026) $29.97 per unit Used to determine credited Phantom Stock Units

Phantom units after April grant 24,076.2 units Total Phantom Stock Units following April 1, 2026 transaction

Key Terms

Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, to be settled in the Issuer's Common Stock, fair market value, +1 more

5 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"

to be settled in the Issuer's Common Stock financial

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

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.

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

FAQ

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

What insider activity did IBCP director Ronia F. Kruse report on this Form 4?

Ronia F. Kruse reported receiving additional Phantom Stock Units as deferred compensation, not open-market share purchases or sales. These grants increase her long-term equity-linked exposure to Independent Bank Corp. (IBCP) but involve no immediate cash transaction in the market.

How many Phantom Stock Units did Ronia F. Kruse receive from Independent Bank Corp. (IBCP)?

Kruse received 183.34 Phantom Stock Units on February 13, 2026 and 137.64 units on April 1, 2026. Both awards were granted under the company’s non-employee director deferred compensation plan and increase her equity-linked compensation balance.

At what prices were the Phantom Stock Units for IBCP director Ronia F. Kruse credited?

The Phantom Stock Units were credited using reference prices of $36.28 per unit on February 13, 2026 and $29.97 per unit on April 1, 2026. Footnotes explain that units are determined using 90% of the common stock’s fair market value.

When will Ronia F. Kruse’s Phantom Stock Units in IBCP be settled into common stock?

The Phantom Stock Units are scheduled to be settled in Independent Bank Corp. common stock when Kruse retires as a director. Until then, they function as bookkeeping entries under the Deferred Compensation and Stock Purchase Plan for Non-Employee Directors.

How many Phantom Stock Units does IBCP director Ronia F. Kruse hold after these transactions?

After the April 1, 2026 grant, Kruse holds a total of 24,076.2 Phantom Stock Units. This figure represents her accumulated deferred compensation balance in phantom units tied to Independent Bank Corp.’s common stock performance.

Are the Phantom Stock Units reported by Ronia F. Kruse open-market purchases of IBCP stock?

No. The Phantom Stock Units reflect grant/award acquisitions under a deferred compensation plan, not open-market purchases. They are bookkeeping units that will convert into Independent Bank common shares only upon her retirement from the board.

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

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Accepted by SEC EDGAR 04/02/2026 - 11:07 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^*

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)
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	183.34		(1)	(1)	Common Stock	183.34	$36.28	23,938.56	D
Phantom Stock Units	(2)	04/01/2026		A		137.64		(2)	(2)	Common Stock	137.64	$29.97	24,076.2	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)