Independent Bank (IBCP) CEO William Kessel Exercises Performance Rights

What Happened

• William B. Kessel, President & CEO and a director of Independent Bank Corp (IBCP), reported conversion/exercise of performance-based derivative awards on April 6, 2026. The filing shows 10,981 shares acquired on exercise/conversion (derivative M).
• To cover tax obligations, 4,788 shares were surrendered/withheld (reported as a disposition at $33.78 per share for $161,739). The filing also reports a separate derivative disposition of 6,431 shares at $0 per share.

Key Details

• Transaction dates: April 6, 2026.
• Reported entries:
  • 10,981 shares acquired via exercise/conversion (derivative code M), price N/A.
  • 4,788 shares disposed to pay tax liability (code F) at $33.78 → $161,739.
  • 6,431 shares disposed (derivative code M) at $0 (reported as derivative disposition).
• Footnote: Each Performance Right (PSU) can convert into up to two shares based on total shareholder return versus a peer group (see F1).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• No late filing indication in the provided record.

Context

• These entries reflect conversion/settlement of performance-based awards and routine tax-withholding via share surrender, not an open-market sale or purchase signal.
• For retail investors, conversions and tax-withholding disposals are common when performance awards vest and do not necessarily indicate the insider is buying or actively selling shares as a market view.