Keller Christina 4

What Happened

• Christina Keller, a director of Independent Bank Corporation (IBCP), was granted phantom stock units (derivative awards) on two dates: 201.09 units at $33.71 each on 2026-05-14 (value $6,779) and 635.34 units at $32.46 each on 2026-07-01 (value $20,623), totaling 836.43 units worth about $27,402. These are awards under the company's deferred compensation plan for non‑employee directors, not open‑market purchases or sales.

Key Details

• Transaction dates and prices:
  • 2026-05-14: 201.09 phantom units @ $33.71 = $6,779 (award)
  • 2026-07-01: 635.34 phantom units @ $32.46 = $20,623 (award)
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes: Awards are Phantom Stock Units accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non‑Employee Directors and will be settled in common stock upon the reporting person's retirement as a director. The number of units credited is determined by dividing the accrual amount by 90% of the fair market value of the common stock on the effective deferral date.
• Filing timeliness: Form 4 was filed on 2026-07-02. The 2026-05-14 grant appears to have been reported late (reported on 7/2); the 2026-07-01 grant was reported the next day (timely).

Context

• These are derivative/compensation awards (phantom stock) that typically convert to actual shares only upon settlement (here, at director retirement). Such awards reflect company compensation practices and are not the same as the insider buying shares in the open market.