Keller Christina 4

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.