On November 15, 2011, Independent Bank Corporation (the “Company”) entered into a Tax Benefits Preservation Plan (the “Preservation Plan”) with its stock transfer agent, American Stock Transfer & Trust Company. The Company’s Board of Directors adopted the Preservation Plan in an effort to protect the value to the Company’s shareholders of the ability to use deferred tax assets such as net operating loss carry forwards to reduce potential future federal income tax obligations. Under federal tax rules, this value could be lost in the event the Company experienced an “ownership change,” as defined in Section 382 of the Internal Revenue Code. The Preservation Plan attempted to protect this value by reducing the likelihood that the Company would experience such an ownership change by discouraging any person who was not already a 5% shareholder from becoming a 5% shareholder (with certain limited exceptions). On October 25, 2016, the Board of Directors took affirmative action to not renew the Preservation Plan, which expires on November 15, 2016, as the purpose of the Preservation Plan is no longer considered necessary. As a result, as of the close of business on November 15, 2016, the Preservation Plan will expire.

About INDEPENDENT BANK CORPORATION (IBCP)