Tengel Jeffrey J 4

What Happened Jeffrey J. Tengel, CEO of Independent Bank Corp. (INDB), was awarded 8,400 time-vesting restricted stock units (RSUs) on 2026-02-19 (acquired at $0.00). To satisfy tax withholding related to that award, Tengel surrendered a total of 1,731 shares back to the company in two transactions: 859 shares on 2026-02-20 for $82.40/share ($70,779) and 872 shares on 2026-02-22 for $82.40/share ($71,851). These disposals were to the company to cover tax obligations rather than open-market sales.

Key Details

• Award date: 2026-02-19 — 8,400 Time-Vesting Restricted Stock units (acquisition reported at $0.00). (Footnote F1)
• Tax withholding sales: 2026-02-20 — 859 shares at $82.40 ($70,779); 2026-02-22 — 872 shares at $82.40 ($71,851). (Footnote F2)
• Total shares surrendered for taxes: 1,731; total proceeds reported: $142,630.
• Shares owned after the transactions: Not specified in the provided filing details.
• Filing timeliness: Form 4 filed 2026-02-23 — appears to be filed promptly after the reported transactions.

Context

• This was an RSU award (an acquisition/award) followed by share surrender to satisfy withholding — a routine administrative action that does not necessarily signal a decision to sell shares on the open market.
• For retail investors, RSU grants are common executive compensation; the withheld shares simply cover taxes and reduce the net shares delivered to the insider.