RIZZO JAMES T. 4

What Happened
James T. Rizzo, Chief Commercial Banking Officer of Independent Bank Corp. (INDB), received 738 shares on 2026-03-12 upon vesting of a performance stock award (issued at $0.00). To satisfy the related tax withholding, 199 of those shares were surrendered to the company at an effective value of $74.00 per share, generating $14,726 in withholding. Net new shares retained by Rizzo from this vesting were 539 shares (738 granted minus 199 withheld).

Key Details

• Transaction date: 2026-03-12 (reported on Form 4 filed 2026-03-16). Filing appears timely.
• Award: 738 shares granted/issued pursuant to vesting of a performance stock award (code A; footnote F1).
• Withholding: 199 shares disposed to Independent Bank to satisfy tax withholding at $74.00/share = $14,726 (code F; footnote F2).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes: F1 = shares issued on vesting of performance award; F2 = shares surrendered to company to cover tax withholding.

Context
This was not a market sale or open-market purchase by the insider but a routine vesting of equity compensation with a portion withheld for taxes (common “sell-to-cover” or surrender for withholding). Such withholding transactions are administrative and do not necessarily indicate a change in the insider’s market view.