Budden Joan A 4

What Happened

• Joan A. Budden, a director of Independent Bank Corporation (IBCP), was granted 270.47 units classified as a grant/award (derivative) on February 13, 2026. The filing values the award at $36.28 per unit for a total of $9,813.
• This award is a derivative/phantom stock accrual under the company's deferred compensation plan for non-employee directors and is scheduled to be settled in the issuer’s common stock when the reporting person retires as a director — not an immediate open-market purchase.

Key Details

• Transaction date: 2026-02-13; Grant type: A (Award/Acquisition).
• Units granted: 270.47; Per-unit value: $36.28; Total value shown: $9,813 (derivative).
• Footnote F1: Includes 15.5243 shares acquired through the dividend reinvestment program (DRIP) during the first quarter.
• Footnote F2: Phantom Stock Units accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non-Employee Directors; to be settled in common stock upon retirement as a director.
• Shares/units owned after transaction: Not disclosed in the filing.
• Filing date: 2026-04-02 — this Form 4 was filed late relative to the Feb 13 transaction (timeliness: L).

Context

• This was an award of deferred/phantom stock units (a form of compensation), not a cash purchase or sale; such awards are common for non-employee directors and do not indicate an immediate change in market position.
• Because the units are settled in common stock only upon retirement, the grant increases future potential common-stock pay-out but does not represent current share ownership or an open-market investment.