Powlus Lee C 4

What Happened

• Lee C. Powlus, Chief Administrative Officer of Independent Bank Corp. (INDB), was granted 2,350 time-vesting restricted shares on 2026-02-19 (acquired at $0.00 per share).
• To satisfy tax withholding on the award, Powlus surrendered 238 shares on 2026-02-20 (disposed at $82.40 each, $19,611) and 168 shares on 2026-02-22 (disposed at $82.40 each, $13,843). Total shares surrendered: 406 for about $33,454.
• After the withholdings, Powlus holds 1,944 shares from this award (2,350 − 406). The award’s approximate market value at $82.40/share was about $193,640 before withholding.

Key Details

• Transaction codes: A = Award/Grant (2,350 shares on 2026-02-19); F = Tax withholding (238 shares on 2026-02-20; 168 shares on 2026-02-22).
• Prices: award recorded at $0.00 (grant); withholding shares valued at $82.40 each.
• Shares owned after transactions: 1,944 shares from this award.
• Footnotes: F1 = Time Vesting Restricted Stock awarded; F2 = Disposition to Independent Bank to satisfy tax withholding.
• Filing timeliness: Form 4 filed 2026-02-23; filing is within required business-day reporting window (timely).

Context

• This was a stock award (not an open-market purchase). The subsequent disposals were a cashless-type tax-withholding method (surrendering shares to the company), which is routine and does not necessarily signal the insider’s view on the stock.
• For retail investors: awards increase insider ownership (a potentially positive signal), while withholding-related disposals are administrative and commonly required when restricted stock vests.