Kruse Ronia F 4

What Happened Ronia Kruse, a non-employee director of Independent Bank Corporation (IBCP), received two grants of Phantom Stock Units under the company's deferred compensation plan. On 2026-02-13 she was credited with 183.34 units (derivative) valued at $36.28 each (total $6,652). On 2026-04-01 she was credited with 137.64 units valued at $29.97 each (total $4,125). Combined, the awards represent roughly $10,777 of deferred compensation to be settled in common stock upon her retirement as a director.

Key Details

• Transaction dates and values:
  • 2026-02-13: 183.34 Phantom Stock Units @ $36.28 = $6,652 (derivative award)
  • 2026-04-01: 137.64 Phantom Stock Units @ $29.97 = $4,125 (derivative award)
• Type: Awards of Phantom Stock Units (code A); not open‑market purchases or sales.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: Units were 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. 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 (per F1/F2).
• Filing timeliness: Form 4 filed 2026-04-02. The 2026-02-13 accrual appears to have been reported late (reported on 2026-04-02); the 2026-04-01 accrual was reported promptly.

Context These are deferred-compensation awards (phantom stock units) for a non-employee director, not purchases or exercises that signal immediate buying activity. The units convert to actual shares only when settled at the director’s retirement, so they do not represent immediate open-market ownership changes or liquidity events. Late reporting reduces near-term transparency but does not change the nature of the awards.