Cok Michael J has filed a report detailing recent transactions involving phantom stock units, which are part of his compensation as a director at Independent Bank Corp. This filing, dated October 2, 2026, is crucial as it highlights the ongoing compensation strategies that align director interests with shareholder value.
Independent Bank Corp, based in Grand Rapids, Michigan, operates in the state commercial banks sector. The company is identified by its Central Index Key (CIK) number 0000039311. The recent filing is part of a series of Form 4 submissions, with the latest transactions occurring on August 14 and October 1, 2026.
According to the filing, Cok Michael J reported two transactions involving phantom stock units. The first transaction on August 14 involved the acquisition of 208.17 units at a price of $38.49 per share, bringing his total holdings to 28,826.13 shares following this transaction. The second transaction, reported on October 1, involved the acquisition of 373.83 units at a price of $31.72 per share, increasing his total holdings to 29,199.96 shares.
"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."
This update may affect shareholders and other directors within Independent Bank Corp, as it illustrates the company's approach to compensation and retention of its board members. Such strategies are increasingly common in the state commercial banks sector, where aligning executive compensation with performance is vital for long-term success.
The filing does not say what happens next, but it indicates that Cok Michael J continues to engage in compensation arrangements that reflect his commitment to the bank's future performance.