Independent Bank (IBCP) director grant boosts deferred stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

INDEPENDENT BANK CORP /MI/ director Joan A. Budden received a grant of 270.470 Phantom Stock Units, valued at $36.2800 per unit. These phantom units are 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.

Following this award, her deferred Phantom Stock Units balance is 35,315.8700 units. She also reports 6,290.9700 shares of common stock held directly and 810.0000 shares held indirectly through an IRA, which include 15.5243 shares acquired via a dividend reinvestment program during the first quarter.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Budden Joan A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	270.47	$36.28	$10K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock Units — 35,315.87 shares (Direct); Common Stock — 810 shares (Indirect, By IRA); Common Stock — 6,290.97 shares (Direct)

Footnotes (1)

Includes 15.5243 shares acquired through dividend reinvestment program (DRIP) during the first quarter. 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.

Key Figures

Phantom stock grant: 270.4700 units at $36.2800 Total phantom units after grant: 35,315.8700 units Direct common stock holding: 6,290.9700 shares +2 more

5 metrics

Phantom stock grant 270.4700 units at $36.2800 Grant of Phantom Stock Units on 2026-02-13

Total phantom units after grant 35,315.8700 units Deferred Phantom Stock Units balance following transaction

Direct common stock holding 6,290.9700 shares Common Stock held directly after reported update

Indirect IRA holding 810.0000 shares Common Stock held indirectly by IRA after reported update

DRIP acquisition 15.5243 shares Shares acquired through dividend reinvestment program during first quarter

Key Terms

Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, dividend reinvestment program (DRIP)

3 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"

dividend reinvestment program (DRIP) financial

"Includes 15.5243 shares acquired through dividend reinvestment program (DRIP) during the first quarter."

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 11:58 AM

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^*

Budden Joan A

(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)
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)
Common Stock								810	I	By IRA
Common Stock								6,290.97	D⁽¹⁾

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	⁽²⁾	02/13/2026		A	V	270.47		⁽²⁾	⁽²⁾	Common Stock	270.47	$36.28	35,315.87	D

Explanation of Responses:

1. Includes 15.5243 shares acquired through dividend reinvestment program (DRIP) during the first quarter.

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.

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)

Source: View Original Filing on SEC EDGAR

FAQ

What did IBCP director Joan A. Budden report in this Form 4 filing?

Joan A. Budden reported receiving 270.470 Phantom Stock Units at $36.2800 each under a deferred compensation plan. The units will be settled in Independent Bank common stock when she retires as a director, reflecting routine board compensation rather than open-market trading.

How many Phantom Stock Units does Joan A. Budden now hold at IBCP?

After the latest grant, Joan A. Budden holds 35,315.8700 Phantom Stock Units. These units track the value of Independent Bank common stock and are part of a deferred compensation arrangement, to be delivered in shares upon her retirement from the board.

Does this IBCP Form 4 show any open-market stock purchases or sales?

The Form 4 does not show open-market purchases or sales. It reports a grant of 270.470 Phantom Stock Units as compensation and updates Budden’s direct and IRA common stock holdings, which are characterized as holdings rather than new buy or sell transactions.

What common stock holdings does Joan A. Budden report in IBCP?

Budden reports 6,290.9700 Independent Bank common shares held directly and 810.0000 shares held indirectly through an IRA. The filing notes that these amounts include 15.5243 shares acquired via a dividend reinvestment program during the first quarter, reflecting automatic reinvestment.

What is the Independent Bank deferred compensation and stock purchase plan mentioned?

The plan is the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors. Under it, Phantom Stock Units like Budden’s 270.470-unit grant accrue and are later settled in common stock when the director retires, aligning compensation with share performance over time.