Independent Bank (NASDAQ: IBCP) awards director 487 phantom units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GULIS STEPHEN L JR reported acquisition or exercise transactions in this Form 4 filing.

Independent Bank Corp. director Stephen L. Gulis Jr. received a grant of 487.02 Phantom Stock Units on the company’s deferred compensation and stock purchase plan for non-employee directors at an indicated value of $36.28 per unit. These phantom units are to be settled in the issuer’s common stock when he retires from the board. Following this award, his reported phantom stock unit balance is 63,590.42 units, reflecting a routine, compensation-related increase rather than an open-market trade.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider GULIS STEPHEN L JR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	487.02	$36.28	$18K

Holdings After Transaction: Phantom Stock Units — 63,590.42 shares (Direct)

Footnotes (1)

[object Object]

Key Figures

Phantom units granted: 487.02 units Grant value per unit: $36.28 per unit Phantom units after grant: 63,590.42 units +1 more

4 metrics

Phantom units granted 487.02 units Grant of Phantom Stock Units on 2026-02-13

Grant value per unit $36.28 per unit Indicated value for Phantom Stock Unit grant

Phantom units after grant 63,590.42 units Total Phantom Stock Units following transaction

Underlying common stock 487.02 shares Common Stock underlying the new Phantom Stock Units

Key Terms

Phantom Stock Units, Deferred Compensation and Stock Purchase Plan for Non Employee Directors, Common Stock, grant/award acquisition

4 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"

Common Stock financial

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

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

grant/award acquisition financial

"transaction_action": "grant/award acquisition""

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 10:55 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^*

GULIS STEPHEN L JR

(Last)

(First)

(Middle)

4200 E BELTLINE AVE

(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)

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	⁽¹⁾	02/13/2026		A	V	487.02		⁽¹⁾	⁽¹⁾	Common Stock	487.02	$36.28	63,590.42	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	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 Independent Bank Corp. (IBCP) director Stephen Gulis receive in this Form 4?

Stephen L. Gulis Jr., a director of Independent Bank Corp., received a grant of 487.02 Phantom Stock Units. The award is part of a deferred compensation and stock purchase plan for non-employee directors, increasing his total phantom unit holdings to 63,590.42 units.

What are Phantom Stock Units in Independent Bank Corp. (IBCP)'s director plan?

Phantom Stock Units are bookkeeping entries that track the value of Independent Bank Corp.’s common stock. For non-employee directors, these units accrue under a deferred compensation and stock purchase plan and are later settled in actual common shares rather than paid out in cash.

How many Phantom Stock Units does the IBCP director hold after this transaction?

After receiving 487.02 additional Phantom Stock Units, director Stephen L. Gulis Jr. holds a reported total of 63,590.42 phantom units. This figure reflects his cumulative phantom-based compensation position following the latest routine grant under the director compensation program.

At what value were the new Phantom Stock Units granted to the IBCP director?

The 487.02 Phantom Stock Units were granted at an indicated value of $36.28 per unit. This value typically tracks Independent Bank Corp.’s common stock price for accounting purposes, helping align director compensation with shareholder value over time.

When will the Independent Bank Corp. Phantom Stock Units be settled into common shares?

The Phantom Stock Units are scheduled to be settled in Independent Bank Corp.’s common stock when Stephen L. Gulis Jr. retires as a director. Until that retirement date, they remain deferred compensation entries rather than current ownership of common shares.

Does this IBCP Form 4 show an open-market stock purchase or sale by the director?

This Form 4 does not report an open-market purchase or sale. Instead, it records a compensation-related grant of 487.02 Phantom Stock Units under a non-employee director deferred compensation and stock purchase plan, to be settled in common stock at retirement.