RAHN JOEL F 4

What Happened
Joel F. Rahn, Executive Vice President of Independent Bank Corp (IBCP), exercised or converted performance-based awards (PSUs) on April 6, 2026 that resulted in 4,150 shares being issued. To cover withholding/tax obligations, 1,270 shares were surrendered at $33.78/share for proceeds/value reported as $42,901. A separate line reports 2,431 shares as disposed at $0.00, which reflects non‑cash settlement activity tied to the conversion.

Key Details

• Transaction date: April 6, 2026; Form 4 filed April 7, 2026 (no indication of a late filing).
• Primary activity: Exercise/conversion of performance rights (derivative code M) creating 4,150 shares.
• Tax withholding: 1,270 shares surrendered (code F) at $33.78 for $42,901.
• Additional line: 2,431 shares reported disposed at $0.00 (reported as a derivative-related disposition).
• Footnote F1: Each Performance Right (PSU) may convert into up to two shares based on total shareholder return vs peers.
• Footnote F2: Includes 458.49 shares acquired through the dividend reinvestment program (DRIP) during 2025.
• Shares owned after the transaction: not specified on the form.

Context
This was an exercise/conversion of performance-based awards (not an open-market purchase or voluntary sale). The withholding of shares to satisfy tax obligations is routine and produces no cash proceeds to the insider beyond the net settlement. For retail investors, exercises and withholding are administrative; they show insiders receiving equity but do not necessarily indicate a bullish or bearish trade.