Form 4: Director Michael J. Cok Increases IBCP Phantom Stock

Director Michael J. Cok acquired additional phantom stock units in Independent Bank Corp under the director compensation plan.

Summary

• Director Michael J. Cok acquired 211.57 phantom stock units on February 13, 2026, at a price of $36.28 per unit.
• Director Michael J. Cok acquired 395.60 phantom stock units on April 1, 2026, at a price of $29.97 per unit.
• These acquisitions bring the total beneficial ownership of phantom stock units to 28,019.98 shares.
• The units are held under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non-Employee Directors.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine administrative filing regarding director compensation, which carries a neutral sentiment.

Positives

• Director demonstrates continued alignment with shareholder interests through the accumulation of equity-linked compensation.

Negatives

• None identified.

Risks

• Value of phantom stock units is directly tied to the future market performance of Independent Bank Corp common stock.

Future Outlook

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

Management Comments

• The number of units credited is determined by dividing the accrual amount by 90% of the fair market value of the Issuer's Common Stock on the effective date of the deferral.

Industry Context

StockSavvy.ai notes that director participation in deferred compensation plans via phantom stock is a standard corporate governance practice in the regional banking sector to ensure long-term alignment between board members and shareholders.

Comparison to Industry Standards

• The use of phantom stock plans for non-employee directors is consistent with compensation structures at peer regional financial institutions.
• The settlement of units upon retirement is a standard retention mechanism for board members.

Stakeholder Impact

• Minimal impact on shareholders as these are standard compensation accruals.

Next Steps

• Settlement of phantom stock units into common stock upon the director's retirement.

Key Dates

Keywords

IBCP, Independent Bank Corp, Form 4, Insider Trading, Director Compensation, Phantom Stock