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

Rhea-AI Filing Summary

Independent Bank Corporation (IBCP) director Ronia F. Kruse reported two accruals of phantom stock units under the company's Deferred Compensation and Stock Purchase Plan for Non-Employee Directors. On 08/15/2025, 188.19 phantom stock units were credited with an indicated per-unit value of $31.11, resulting in a reported beneficial ownership figure of 22,705.96. On 10/01/2025, 717.31 phantom stock units were credited with an indicated per-unit value of $27.88, raising the reported beneficial ownership to 23,423.27. The filings state these phantom units are to be settled in the issuer's common stock upon the reporting person's retirement as a director.

Positive

• Transparent disclosure of non-cash director compensation events with unit counts, per-unit values, and post-transaction beneficial ownership
• Plan mechanics disclosed for October accrual: units determined by dividing accrual amount by 90% of fair market value on the deferral effective date

Negative

• None.

Insights

Financial Analyst

TL;DR: Director accrued additional phantom stock units that convert to common stock at retirement, modestly increasing reported beneficial ownership.

The Form 4 discloses two non-cash accruals of phantom stock units for a non-employee director under the bank's deferred compensation plan. These are compensation accounting events rather than open-market purchases or sales. The reported per-unit values ($31.11 and $27.88) and the unit counts (188.19 and 717.31) are explicitly provided, as are the post-transaction beneficial ownership figures. For investors, this is a routine director compensation disclosure and does not, by itself, indicate trading activity or immediate dilution.

Corporate Governance Expert

TL;DR: Routine director deferred-compensation accruals reported; settlement in common stock occurs on retirement per plan terms.

The filing clearly states these phantom stock units accrue under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non-Employee Directors and will be settled in common stock upon the director's retirement. The method for determining unit credits for the October accrual is specified (accrual amount divided by 90% of the fair market value on the deferral effective date). This disclosure aligns with standard governance practices for non-employee director compensation and documents the mechanics and timing of settlement.

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).

1. Name and Address of Reporting Person^*

Kruse Ronia F

(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	188.19		(1)	(1)	Common Stock	188.19	$31.11	22,705.96	D
Phantom Stock Units	(2)	10/01/2025		A		717.31		(2)	(2)	Common Stock	717.31	$27.88	23,423.27	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	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 did IBCP director Ronia F. Kruse report on Form 4?

She reported two accruals of phantom stock units under the non-employee director deferred compensation plan: 188.19 units on 08/15/2025 and 717.31 units on 10/01/2025.

How many phantom stock units were credited and what were the per-unit values?

The filing shows 188.19 units at $31.11 (08/15/2025) and 717.31 units at $27.88 (10/01/2025).

Will these phantom stock units be converted to common stock?

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

What were the reported beneficial ownership figures after the transactions?

The filing lists post-transaction beneficial ownership of 22,705.96 following the August accrual and 23,423.27 following the October accrual.

How is the number of units determined for the October accrual?

The number of units credited is calculated by dividing the accrual amount by 90% of the fair market value of IBCP common stock on the deferral effective date, as stated in the filing.