Form 4: Director Stephen L. Gulis Jr. Acquires Phantom Stock Units in Independent Bank Corp /MI/

Stephen L. Gulis Jr., a director of Independent Bank Corp /MI/, acquired phantom stock units under the company's deferred compensation plan.

Summary

• On February 15, 2024, Stephen L. Gulis Jr., a director of Independent Bank Corp /MI/, acquired 565.86 phantom stock units.
• The acquisition was made under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
• These units are to be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
• The price of the phantom stock units was $25.1.
• Following the transaction, Gulis directly owns 59,745.67 phantom stock units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and alignment of interests. There are no indications of negative events or concerns.

Positives

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

Future Outlook

The phantom stock units will be settled in Independent Bank Corp /MI/ common stock upon Gulis'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.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates