MICHAELS CHRISTOPHER S 4

What Happened Christopher S. Michaels, Executive Vice President of Independent Bank Corp (IBCP), received a grant of 1,803 performance rights (PSUs) on February 3, 2026. The award was reported as two entries (one listed as a derivative) at a $0.00 acquisition price — a compensation grant, not a cash purchase. Each PSU may convert into up to two shares of common stock based on relative total shareholder return, so the grant could result in up to 3,606 shares if the performance conditions are fully met.

Key Details

• Transaction date: 2026-02-03; Form 4 filed 2026-02-05.
• Award: 1,803 Performance Rights (PSUs) granted; acquisition price $0.00.
• Potential underlying shares: up to 3,606 common shares (each PSU may pay as many as 2 shares).
• Shares owned after transaction: not specified in the filing.
• Footnote: Each Performance Right is contingent on total shareholder return vs. a peer index (performance-based vesting).
• Filing timeliness: No late filing indicated (transaction reported on Feb 5 for Feb 3 transaction).

Context This was a compensation grant (award of performance rights), not an open-market buy or sale. Such grants are common for executive incentives and only convert to shares if specified performance targets are met; there is no immediate cash outlay and the ultimate value depends on future stock performance and vesting outcomes.