Kessel William B 4

What Happened

• William B. Kessel, President & CEO and Director of Independent Bank Corp (IBCP), was granted 6,052 performance rights on 2026-02-03. The grant shows an acquisition price of $0.00 (no cash paid).
• The filing also lists the award as a derivative instrument: each Performance Right (PSU) may convert into up to two shares of common stock based on total shareholder return vs. a peer group — meaning the 6,052 PSUs could result in up to 12,104 shares if performance goals are met.
• This is an award/compensation grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-03; Form 4 filed 2026-02-05 (filed within the typical 2-business-day window).
• Reported price: $0.00 per unit; reported acquisition value: $0.
• Shares owned after transaction: not specified in the supplied Form 4 details.
• Footnote: F1 — Each Performance Right (PSU) represents a contingent right to receive up to two shares of common stock based on relative total shareholder return.
• No indication in this filing of tax withholding, immediate sale, 10b5-1 plan, or late filing.

Context

• Performance rights (PSUs) are common executive compensation tied to future performance targets; they do not represent immediate ownership of shares until the conditions are satisfied and shares are issued.
• Because this is a compensation award (not a purchase), it should be viewed as part of pay and retention practices rather than a direct insider buy/sell signal.