Ervin Patrick J 4

What Happened

• Patrick J. Ervin, Executive Vice President of Independent Bank Corp (IBCP), converted performance-based awards on April 6, 2026. A total of 4,274 shares were issued on the conversion of performance rights (PSUs).
• To satisfy tax withholding, 1,790 of those shares were surrendered/sold at $33.78 per share, generating about $60,466. The net shares delivered to Ervin after withholding were 2,503 shares.
• This was not an open-market purchase but the settlement of contingent performance awards with routine tax withholding.

Key Details

• Transaction date: 2026-04-06 (filed 2026-04-07 — timely).
• Conversion (code M): 4,274 shares acquired (gross) upon PSU settlement.
• Tax withholding/payment (code F): 1,790 shares disposed at $33.78 each; proceeds ~$60,466.
• Net shares retained: 2,503 shares (reported as the remaining shares delivered).
• Footnote: Each Performance Right (PSU) may convert into up to two common shares depending on total shareholder return versus a peer group.
• Filing timeliness: Period of report 2026-04-06, filed next day — not late.

Context

• This was a PSU conversion (award settlement), not a market-driven buy or directional sell. The sale/surrender of 1,790 shares was to cover tax obligations (a common, routine occurrence on award vesting).
• PSUs are contingent on performance vs. peers; receiving shares on conversion reflects vesting/measurement results rather than an executive cash purchase.