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

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

Summary

• On May 13, 2024, Stephen L. Gulis Jr., a director of Independent Bank Corp /MI/, acquired 553.41 phantom stock units.
• These units were accrued under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors.
• The phantom stock units will be settled in the Issuer's Common Stock upon the reporting person's retirement as a director.
• Following the transaction, Gulis directly owns 60,299.08 phantom stock units.
• The price of the phantom stock units was $25.91.

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. The use of a deferred compensation plan is a positive sign of aligning 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 non-employee directors.

Future Outlook

The phantom stock units will be settled in the Issuer's Common Stock upon the reporting person'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 non-employee directors. These plans align the interests of directors with the long-term performance of the company, encouraging them to make decisions that benefit shareholders.

Comparison to Industry Standards

• Many financial institutions use deferred compensation plans, including phantom stock units, as part of their director compensation packages.
• These plans are designed to align director compensation with long-term shareholder value.
• The specific terms and conditions of these plans can vary widely among companies.

Related Party Transactions

• The acquisition of phantom stock units under the Independent Bank Corporation Deferred Compensation and Stock Purchase Plan for Non Employee Directors constitutes a related party transaction.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially leading to decisions that benefit the company's long-term performance.

Key Dates