Ruggiero Mark J 4

What Happened
Mark J. Ruggiero, CFO and EVP Consumer Lending of Independent Bank Corp. (INDB), disposed of a total of 392 shares across three transactions to satisfy tax withholding obligations. The disposals were: 247 shares on 2026-02-16 at $82.91 ($20,478), 94 shares on 2026-02-17 at $83.89 ($7,886), and 51 shares on 2026-02-18 at $83.30 ($4,248). Combined value of the shares surrendered was $32,612. These were dispositions to the company to cover taxes (i.e., a sell-to-cover), not open-market sales driven by investment decisions.

Key Details

• Transaction dates and prices:
  • 2026-02-16 — 247 shares @ $82.91 = $20,478
  • 2026-02-17 — 94 shares @ $83.89 = $7,886
  • 2026-02-18 — 51 shares @ $83.30 = $4,248
• Total shares disposed: 392; total value: $32,612.
• Footnote F1: shares were transferred back to Independent Bank to satisfy a tax withholding obligation (sell-to-cover).
• Footnote F2: holdings reported include 124.7592 shares acquired via the company’s 2014 Dividend Reinvestment and Stock Purchase Plan since the last Form 4 (3/20/2025); DRIP purchases are exempt from Section 16 reporting.
• Shares owned after these transactions are not specified in the information provided.
• Filing: Report filed 2026-02-19 covering transactions 2/16–2/18. The 2/16 transaction was reported three days later and may have exceeded the typical 2-business-day Form 4 deadline.

Context
These dispositions are tax-withholding transactions (commonly seen after option exercises or vesting events) and generally reflect routine administrative sell-to-cover activity rather than a directional bet on the company. For retail investors, purchases are often interpreted as stronger signals than these kinds of routine withholding dispositions.