Tengel Jeffrey J 4

What Happened
Jeffrey J. Tengel, CEO of Independent Bank Corp (INDB), had 4,656 performance shares vest on 2026-03-12 (issued at $0.00). To satisfy tax withholding on the vesting, 2,141 of those shares were transferred back to the company at $74.00 per share for proceeds of $158,439. Net from the transaction Tengel received 2,515 shares (4,656 vested less 2,141 withheld).

Key Details

• Transaction date(s): 2026-03-12; Form 4 filed 2026-03-16 (reporting period 2026-03-12).
• Award/acquisition: 4,656 shares issued at $0.00 (performance stock vesting).
• Disposition/tax withholding: 2,141 shares transferred at $74.00 each = $158,439.
• Net change from these transactions: +2,515 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: F1 = shares issued pursuant to vesting of a performance stock award; F2 = shares disposed to the company to satisfy tax withholding.

Context
This was a routine vesting of performance-based equity with a portion withheld to cover taxes (a common practice). The sale here was not an open-market sale for investment reasons but a tax-withholding disposition tied to the award vesting. Such award vestings increase insider ownership (after withholding), but do not by themselves indicate a change in the CEO’s market outlook.