Keller Christina 4
4 · INDEPENDENT BANK CORP /MI/ · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
Independent Bank (IBCP) Director Christina Keller Receives Awards
What Happened
Christina Keller, a director of Independent Bank Corporation (IBCP), received two grants of phantom stock units (derivative awards): 180.13 units on 2026-02-13 at an effective price of $36.28 (value $6,535) and 688.19 units on 2026-04-01 at $29.97 (value $20,625). These are awards/accruals under the company’s deferred compensation plan for non-employee directors and will be settled in common stock when she retires as a director.
Key Details
- Transactions: 2026-02-13 — 180.13 units @ $36.28 (value $6,535); 2026-04-01 — 688.19 units @ $29.97 (value $20,625). Total: 868.32 units; $27,160.
- Transaction type: A (grant/award) of Phantom Stock Units (derivative).
- Settlement: Units are to be settled in common stock upon the reporting person’s retirement (per plan).
- Unit calculation: Number of units is the accrual amount divided by 90% of the fair market value of IBCP common stock on the deferral effective date.
- Shares owned after transaction: Not disclosed in the Form 4 provided.
- Timeliness: The 2026-02-13 grant was reported on the Form 4 filed 2026-04-02 (appears late); the 2026-04-01 grant was reported on 2026-04-02 (appears timely).
Context
These are deferred-compensation phantom stock awards for a non-employee director, not open-market purchases or sales. They do not represent immediate stock transfers — the units convert into common shares only upon retirement per the plan terms. Such awards are routine compensation for board service and should be interpreted as compensation-related, not an open-market endorsement of near-term company prospects.
Insider Transaction Report
- Award
Phantom Stock Units
[F1]2026-02-13$36.28/sh+180.13$6,535→ 23,519.67 total→ Common Stock (180.13 underlying) - Award
Phantom Stock Units
[F2]2026-04-01$29.97/sh+688.19$20,625→ 24,207.86 total→ Common Stock (688.19 underlying)
Footnotes (2)
- [F1]The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
- [F2]The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director. The number of the units credited to a participant's account is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock on the effective date of the deferral.