Form 4: Director Ronia F. Kruse Acquires Phantom Stock Units in Independent Bank Corp /MI/

Director Ronia F. Kruse reports acquisition of phantom stock units in Independent Bank Corp /MI/ under the Deferred Compensation and Stock Purchase Plan.

Summary

• Ronia F. Kruse, a director of Independent Bank Corp /MI/, reported the acquisition of phantom stock units.
• On May 13, 2024, 171.7 phantom stock units were acquired at a price of $25.91.
• On July 1, 2024, an additional 699.59 phantom stock units were acquired at a price of $24.3.
• These units were accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
• The units are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
• Following these transactions, Ms. Kruse beneficially owns 19,407.55 phantom stock units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices and alignment of interests with shareholders.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.
• The Deferred Compensation and Stock Purchase Plan aligns the interests of non-employee directors with those of shareholders.

Future Outlook

The phantom stock units will be settled in Common Stock upon the director's retirement.

Industry Context

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

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock units, are a common method for compensating directors in the banking industry.
• Many regional banks, such as First Interstate BancSystem and Glacier Bancorp, utilize similar deferred compensation plans to align director incentives with shareholder value.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially encouraging decisions that increase shareholder value.

Key Dates