Form 4: Director Stephen Gulis Jr. Acquires IBCP Phantom Stock

Director Stephen L. Gulis Jr. acquired 487.02 phantom stock units in Independent Bank Corp as part of a deferred compensation plan.

Summary

• Director Stephen L. Gulis Jr. acquired 487.02 phantom stock units on February 13, 2026.
• The units were acquired at a price of $36.28 per unit.
• Following this transaction, the director holds a total of 63,590.42 phantom stock units.
• These 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 is neutral for the stock price.

Positives

• Demonstrates director alignment with shareholder interests through continued participation in the company's deferred compensation and stock purchase plan.

Risks

• Phantom stock units are subject to the future performance of the issuer's common stock.
• Settlement of these units is deferred until the director's retirement, limiting immediate liquidity.

Future Outlook

The phantom stock units will be settled in the issuer's common stock upon the director's retirement.

Management Comments

• The Phantom Stock Units were accrued for under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors and are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.

Industry Context

StockSavvy.ai notes that director participation in deferred compensation plans is a standard corporate governance practice in the regional banking sector, signaling long-term commitment to the institution.

Comparison to Industry Standards

• The use of phantom stock plans for non-employee directors is consistent with compensation structures at peer regional banks such as Mercantile Bank Corporation or Chemical Financial (historical).
• The acquisition price of $36.28 aligns with standard market valuation practices for equity-linked compensation.

Stakeholder Impact

• Minimal impact on shareholders as this is a standard compensation-related transaction.

Next Steps

• The units will remain held until the director's retirement.

Key Dates

Keywords

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