[Form 4] INDEPENDENT BANK CORP /MI/ Insider Trading Activity

Rhea-AI Filing Summary

Michael J. Cok, a director of Independent Bank Corporation (IBCP), reported two accruals of phantom stock units under the company's deferred compensation plan for non-employee directors. The filing shows accruals dated 08/15/2025 (218.68 units at a per-unit reference of $31.11) and 10/01/2025 (412.45 units at $27.88). These phantom units are payable in the issuer's common stock upon Mr. Cok's retirement as a director and increase his reported beneficial ownership to 26,384.11 and then 26,796.56 shares, respectively. The transactions were reported on Form 4 and signed by an attorney-in-fact.

Positive

• Disclosure of deferred compensation accruals provides transparency on director pay and future equity settlement.
• Post-accrual beneficial ownership reported (26,384.11 and 26,796.56 shares), clarifying insider holdings after transactions.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-comp accruals increase reported ownership but present no governance red flags.

The Form 4 documents two non-cash accruals of phantom stock units for a non-employee director, to be settled in common stock upon retirement. Such accruals align with typical director compensation practices that defer cash and tie compensation to equity value. The filing clarifies the settlement mechanism and reports post-accrual beneficial ownership levels, supporting transparency. No derivative exercises, sales, or insider trading are disclosed.

Compensation & Benefits Analyst

TL;DR: Compensation detail shows equity-linked deferred pay; notable for disclosure but not materially dilutive.

The entries show phantom units credited under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non-Employee Directors, with unit counts and the method for computing credited units (accrual divided by 90% of fair market value). The amounts (218.68 and 412.45 units) modestly increase the director's equity exposure. This is consistent with non-cash, long-term alignment of directors with shareholders.

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

1. Name and Address of Reporting Person^*

Cok Michael J

(Last) (First) (Middle)

4200 E BELTLINE

(Street)

GRAND RAPIDS MI 49525

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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

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

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

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)	08/15/2025		A	V	218.68		(1)	(1)	Common Stock	218.68	$31.11	26,384.11	D
Phantom Stock Units	(2)	10/01/2025		A		412.45		(2)	(2)	Common Stock	412.45	$27.88	26,796.56	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	10/01/2025
	** 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.

FAQ

What changes did Michael J. Cok report on Form 4 for IBCP?

He reported two accruals of phantom stock units: 218.68 units on 08/15/2025 and 412.45 units on 10/01/2025, to be settled in common stock upon retirement.

How many IBCP shares does the filing show after the reported transactions?

The filing shows beneficial ownership increasing to 26,384.11 shares after the first accrual and to 26,796.56 shares after the second.

Are these phantom stock units settled in cash or stock for IBCP directors?

The phantom stock units are to be settled in the issuer's common stock upon the reporting person's retirement as a director, per the filing.

What valuation/pricing information is included for the phantom units?

The filing lists reference amounts of $31.11 for the 08/15/2025 accrual and $27.88 for the 10/01/2025 accrual; the plan credits units by dividing accruals by 90% of fair market value on the deferral date.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Darcy J. Benjamin, Attorney-in-Fact on behalf of the reporting person, dated 10/01/2025.