Cok Michael J 4

What Happened

• Michael J. Cok, a director of Independent Bank Corporation (IBCP), was credited with phantom stock unit awards (derivative acquisitions) under the company's Deferred Compensation and Stock Purchase Plan for Non‑Employee Directors.
• On 2026-05-14 he was credited with 232.76 units at an effective price of $33.71 (value $7,846). On 2026-07-01 he was credited with 365.22 units at $32.46 (value $11,855). Total = 597.98 units, approximately $19,701.
• These are awards/accruals (not open-market purchases or sales) and represent deferred compensation to be settled in common stock upon the director’s retirement.

Key Details

• Transaction dates and prices: 2026-05-14 — 232.76 units @ $33.71 ($7,846); 2026-07-01 — 365.22 units @ $32.46 ($11,855).
• Total units: 597.98 phantom units; total reported value ≈ $19,701.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: Units accrued under the Deferred Compensation and Stock Purchase Plan for Non‑Employee Directors and will be settled in common stock upon the reporting person’s retirement. 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: The Form 4 was filed on 2026-07-02. The May 14 accrual appears to have been reported late (filed weeks after the event); the July 1 accrual was reported the next day.

Context

• Phantom stock units are bookkeeping/derivative awards that convert to actual shares upon a triggering event (here, retirement). They do not represent an immediate purchase or sale of company stock and are a common form of director deferred compensation.
• The dollar amounts involved are modest (~$19.7K total), and such awards are typically routine compensation rather than a direct signal of insider sentiment.