Form 4: Director Michael J. Cok Acquires Additional Phantom Stock Units in Independent Bank Corp /MI/

Director Michael J. Cok reports acquisition of phantom stock units in Independent Bank Corp /MI/ through deferred compensation plan.

Summary

• Director Michael J. Cok acquired additional phantom stock units in Independent Bank Corp /MI/ on February 15, 2024, and April 1, 2024.
• The units were accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
• These units will be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
• On February 15, 2024, 217.55 phantom stock units were acquired at a price of $25.1.
• On April 1, 2024, 410.55 phantom stock units were acquired at a price of $22.82.
• Following these transactions, Cok's direct ownership includes 23,379.95 phantom stock units.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation, indicating stability and alignment of interests. It is neither overwhelmingly positive nor negative.

Positives

• The acquisition of phantom stock units demonstrates the director's continued investment and alignment with the company's long-term performance.

Future Outlook

The phantom stock units will be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.

Comparison to Industry Standards

• Executive compensation packages often include deferred stock units to align management interests with shareholder value, a common practice among publicly traded banks and financial institutions.
• Companies like JP Morgan Chase and Bank of America also utilize similar deferred compensation plans for their executives.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially encouraging decisions that benefit the company's long-term performance.

Key Dates