Form 4: Director Christina Keller Reports Acquisition of Phantom Stock Units in Independent Bank Corp

Christina Keller, a director of Independent Bank Corp, reported the acquisition of phantom stock units under the company's deferred compensation plan.

Summary

• On February 15, 2024, Christina Keller acquired 159.87 phantom stock units at a price of $25.10.
• On April 1, 2024, Christina Keller acquired 745.12 phantom stock units at a price of $22.82.
• These units were accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non-Employee Directors.
• The units will be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
• Following these transactions, Ms. Keller directly owns 17,625.27 phantom stock units.

Sentiment

Score: 7

Explanation: The document reflects routine insider transactions related to compensation, indicating stable corporate governance and alignment of director interests with shareholders.

Future Outlook

The phantom stock units will be settled in Independent Bank Corporation's common stock upon Christina Keller's retirement as a director.

Industry Context

This filing is a routine disclosure of stock ownership changes by a company insider, which is common in the financial industry.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, as the value of the units is tied to the company's stock performance.

Key Dates