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

Director Stephen L. Gulis Jr. acquired 438.41 phantom stock units of Independent Bank Corp on August 15, 2024, under the company's deferred compensation plan.

Summary

• On August 15, 2024, Stephen L. Gulis Jr., a director of Independent Bank Corp, acquired 438.41 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 $33.01.
• Following the transaction, Gulis directly owns 60,737.49 phantom stock units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition of phantom stock units by a director is generally a positive sign, indicating confidence in the company's future. The transaction itself is routine and expected.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.
• The deferred compensation plan aligns the interests of non-employee directors with those of long-term shareholders.

Future Outlook

The phantom stock units will be settled in Independent Bank Corp's Common Stock upon the reporting person's retirement as a director.

Industry Context

Deferred compensation plans are a common way for companies to incentivize and retain non-employee directors, aligning their interests with the long-term success of the company.

Comparison to Industry Standards

• Many financial institutions use deferred compensation plans, including phantom stock units, to attract and retain qualified board members.
• These plans are often benchmarked against industry peers to ensure competitiveness and alignment with best practices in corporate governance.

Stakeholder Impact

• The acquisition of phantom stock units by a director aligns their interests with those of shareholders, potentially leading to better corporate governance and decision-making.

Key Dates