GULIS STEPHEN L JR 4

What Happened

• Stephen L. Gulis Jr., a director of Independent Bank Corporation (IBCP), was granted 487.02 Phantom Stock Units on 2026-02-13. The units are valued at $36.28 each, for a total reported value of approximately $17,669. This transaction is an award (derivative) under a director deferred compensation plan, not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-02-13; 487.02 units at $36.28 each (total ≈ $17,669).
• Transaction type: Award/Grant (derivative Phantom Stock Units).
• Settlement: The Phantom Stock Units are accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non‑Employee Directors and will be settled in common stock upon the reporting person’s retirement as a director (per footnote).
• Shares owned after transaction: Not specified in the filing.
• Filing timeliness: The Form 4 was filed 2026-04-02 for a 2026-02-13 transaction, indicating a late filing.

Context

• These Phantom Stock Units are a form of deferred compensation for non-employee directors and do not represent immediate stock delivered into the open market; they will convert to common shares upon the director’s retirement per the plan terms.
• As an awarded derivative grant (not a purchase or sale), this transaction is routine compensation-related activity rather than a direct market endorsement or divestment by the director.