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 14, 2025, Stephen L. Gulis Jr., a director of Independent Bank Corp /MI/, acquired 446.79 phantom stock units.
• The acquisition was made 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.
• The price of the phantom stock units was $35.57.
• Following the transaction, Gulis directly owns 61,571.35 phantom stock units.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and ongoing relationship between the director and the company. It's a neutral event with a slightly positive undertone due to the alignment of interests.

Positives

• The acquisition of phantom stock units aligns the director's interests with the long-term performance of the company.
• The deferred compensation plan is a common way to attract and retain qualified non-employee directors.

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

Deferred compensation plans, including phantom stock units, are a common practice in the banking industry to incentivize and retain board members.

Stakeholder Impact

• The acquisition of phantom stock units by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.

Key Dates

Keywords

phantom stock units, director, Independent Bank Corp, deferred compensation, beneficial ownership, Form 4, IBCP