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

Rhea-AI Filing Summary

Stephen L. Gulis Jr., a director of Independent Bank Corporation (IBCP), received 518.69 phantom stock units on 08/15/2025 that will be settled in common stock upon his retirement. The filing shows those units were recorded under the company’s Deferred Compensation and Stock Purchase Plan for Non-Employee Directors and carry an attributed price of $31.11 per share. After this grant, Mr. Gulis beneficially owns 62,581.55 shares of common stock on a direct basis. The Form 4 is signed by an attorney-in-fact on 10/01/2025.

Positive

• Director alignment with shareholders: Phantom units settle in common stock at retirement, tying director compensation to equity performance
• Transparency: Filing discloses exact number of units (518.69), attributed price ($31.11), and post-transaction beneficial ownership (62,581.55 shares)

Negative

• Potential future dilution: Phantom units will convert to common shares upon retirement, representing future share issuance
• Limited vesting detail: Filing does not specify vesting schedule or exact settlement timing beyond 'upon retirement', reducing clarity on timing of dilution

Insights

Corporate Governance Expert

TL;DR: Director received deferred compensation in phantom units vested for retirement; modestly increases future equity dilution potential.

The grant of 518.69 phantom stock units to a director under a deferred compensation plan is a routine governance practice that aligns non-employee directors’ interests with shareholders by providing equity-settled awards at retirement. The units are not immediately dilutive because they are payable upon retirement, but they represent potential future issuance of common shares. The recorded per-unit price of $31.11 reflects the valuation used for accounting or reporting; the filing does not state vesting schedule details beyond settlement at retirement.

Compensation Analyst

TL;DR: Non-employee director compensation awarded as phantom units; materiality is low given the unit count relative to total shares outstanding (not provided).

This disclosure documents 518.69 phantom stock units awarded to a director and clarifies they accrue under the company’s deferred compensation plan for non-employee directors. Such awards are common and intended to retain directors and link pay to share performance. The form lists the reporter’s direct beneficial ownership after the grant as 62,581.55 shares, but without total share count the impact on ownership percentage or dilution cannot be assessed from this filing alone.

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^*

GULIS STEPHEN L JR

(Last) (First) (Middle)

4200 E BELTLINE AVE

(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	518.69		(1)	(1)	Common Stock	518.69	$31.11	62,581.55	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.

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 Stephen L. Gulis Jr. receive on 08/15/2025?

He received 518.69 phantom stock units under the Deferred Compensation and Stock Purchase Plan for Non-Employee Directors, payable in common stock at retirement.

How many shares does Stephen L. Gulis Jr. beneficially own after this Form 4?

62,581.55 shares of common stock on a direct basis are reported as beneficially owned following the transaction.

What price is associated with the phantom stock units reported on the Form 4?

$31.11 per share is the price shown in the filing associated with the phantom stock units.

When will the phantom stock units be settled into common stock?

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

Who signed the Form 4 and when was it signed?

Signed by Darcy J. Benjamin, Attorney-in-Fact, on 10/01/2025 as indicated in the document.