Form 4: Independent Bank Corp. Director Gerard Nadeau Reports Share Adjustments Following Subsidiary Presidency Retirement

Independent Bank Corp. Director Gerard F. Nadeau reported the disposition of 6,882 shares of common stock on June 27, 2025, following his retirement as President of Rockland Trust Company, while retaining his director role.

Summary

• Gerard F. Nadeau, a Director of Independent Bank Corp. (INDB), retired as President of Rockland Trust Company, a wholly-owned subsidiary, effective June 27, 2025.
• Nadeau continues to serve as a Director of Independent Bank Corp.
• On June 27, 2025, Nadeau disposed of 6,508 shares of common stock due to the terms of his various award agreements, which resulted in both vesting and forfeiture upon his retirement.
• Additionally, on the same date, he disposed of 374 shares of common stock at a price of $63.6375 per share to satisfy a tax withholding obligation.
• Following these transactions, Nadeau directly beneficially owns 29,457 shares of common stock.
• He also indirectly beneficially owns 262.644 shares through his daughter and 264.959 shares through his son, which include shares received via the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan since March 20, 2025.

Sentiment

Score: 5

Explanation: Neutral. This is a factual report of an insider's share transactions and role change, which are expected events related to executive retirement. It does not inherently indicate positive or negative company performance or future prospects.

Positives

• Gerard F. Nadeau retains his position as a Director of Independent Bank Corp., indicating continued board-level experience and oversight.

Negatives

• Disposition of 6,508 shares of common stock due to forfeiture/vesting terms associated with retirement.
• Disposition of 374 shares of common stock at $63.6375 per share to cover tax withholding obligations, reducing direct shareholding.

Future Outlook

No explicit future outlook or guidance is provided in this Form 4 filing, as it primarily reports past insider transactions.

Management Comments

• Filer retired as President of Rockland Trust Company, wholly-owned subsidiary of Independent Bank Corp. (the 'Company'), effective June 27, 2025, but retained his position as a Director of the Company.
• Due to terms of the Filer's various award agreements, shares of the Company were both vested and forfeited at the time of his retirement.
• Disposition of shares by the Filer to Independent Bank Corp. to satisfy a tax withholding obligation.

Industry Context

This Form 4 filing is a routine disclosure of an insider's equity transactions, specifically related to an executive's retirement from a subsidiary role within a financial institution. Such events are common in the banking sector as executives transition roles or retire, leading to adjustments in their equity holdings.

Comparison to Industry Standards

• The share dispositions due to retirement and tax withholding are standard occurrences for executives transitioning roles or retiring from public companies in the financial industry.
• This filing adheres to the typical reporting requirements for insider transactions under Section 16 of the Securities Exchange Act of 1934.

Management Changes

Related Party Transactions

• Indirect beneficial ownership of 262.644 shares held for daughter and 264.959 shares held for son, which include shares received through the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan.

Stakeholder Impact

• Shareholders: This report details a change in an insider's ownership, which is a normal course of business event related to executive retirement and not indicative of new strategic shifts.
• Employees: Gerard F. Nadeau's retirement from the subsidiary presidency may lead to a new appointment in that role, potentially impacting the leadership structure of Rockland Trust Company.

Key Dates

Keywords

Independent Bank Corp., INDB, Gerard F. Nadeau, Form 4, SEC filing, insider transaction, share disposition, retirement, Rockland Trust Company, director, beneficial ownership, tax withholding