[Form 4] Enterprise Bancorp Inc. Insider Trading Activity

Rhea-AI Filing Summary

EON Resources Inc. (EONR) filed a Form 4 disclosing that director Joseph V. Salvucci Sr., through his wholly-owned entity JVS Alpha Property LLC, acquired an indirect interest in 123,951 Class A common shares on 06/30/2025. The weighted-average purchase price was $0.3385 per share (individual trades ranged from $0.3375 to $0.3428). Following the transaction, Salvucci’s indirect holdings increased to 1,629,121 shares.

The transaction is coded “P,” indicating a purchase, and the filing reconfirms Salvucci’s status as a director. Insider buying, particularly by a board member with an existing 1.6 million-share stake, can signal confidence in the issuer’s valuation and future prospects. However, the filing does not provide data on the company’s total shares outstanding, making it difficult to gauge the exact ownership percentage or overall materiality to the float.

Positive

• Director insider purchase of 123,951 shares at $0.3385 suggests confidence at current valuation.
• Beneficial ownership rises to 1,629,121 shares, deepening alignment between board member and shareholders.

Negative

• Transaction size is relatively small in dollar terms, limiting immediate financial impact.
• Footnote wording is ambiguous (references sales despite purchase code), requiring further clarification.

Insights

Securities Analyst

TL;DR – Director adds 124k shares, modest but positive signal.

The Form 4 shows an insider purchase rather than a sale, with Salvucci indirectly adding 123,951 shares at roughly one-third of a dollar. While the dollar value is relatively small, insider accumulation at depressed price levels often precedes favorable corporate developments or reflects perceived undervaluation. His total indirect position now stands at 1.63 million shares, reinforcing long-term alignment with public shareholders. The lack of context on share count tempers the impact assessment, but directionally the filing is positive for sentiment.

Corporate Governance Expert

TL;DR – Additional insider ownership improves governance incentives.

When a sitting director increases exposure, agency-risk diminishes because incremental personal capital is at stake. Although the filing references both a purchase code and weighted-average “sold” language, the reported beneficial ownership rises, corroborating a net acquisition. No 10b5-1 plan is indicated, so the timing appears discretionary. From a governance standpoint this boosts credibility, but investors should verify whether similar insiders are buying to confirm a broader trend.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COLLINS BRIAN MICHAEL

(Last) (First) (Middle)

C/O ENTERPRISE BANCORP, INC.

222 MERRIMACK STREET

(Street)

LOWELL MA 01852

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE BANCORP INC /MA/ [ EBTC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP-Principal Subsidiary

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/01/2025		F		1,237	D	$39.64	13,139.8436(1)	D
Common Stock	07/01/2025		D		13,139.8436	D	(2)	0(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$21.86	07/01/2025		D			793	(3)	03/14/2026	Common Stock	793	(3)	0	D
Option (Right to Buy)	$30.46	07/01/2025		D			364	(3)	03/20/2027	Common Stock	364	(3)	0	D
Option (Right to Buy)	$34.33	07/01/2025		D			344	(3)	03/19/2028	Common Stock	344	(3)	0	D
Option (Right to Buy)	$29.84	07/01/2025		D			475	(3)	03/18/2029	Common Stock	475	(3)	0	D
Option (Right to Buy)	$28.22	07/01/2025		D			491	(3)	03/16/2030	Common Stock	491	(3)	0	D
Option (Right to Buy)	$32.73	07/01/2025		D			345	(3)	03/15/2031	Common Stock	345	(3)	0	D
Option (Right to Buy)	$38.58	07/01/2025		D			391	(3)	03/14/2032	Common Stock	391	(3)	0	D

Explanation of Responses:

1. In accordance with the Merger Agreement, all unvested shares of restricted stock automatically vested in full at the Effective Time (as defined in the Merger Agreement) to the extent not previously forfeited, and was considered outstanding shares of Enterprise common entitled to receive the Merger Consideration (as defined in the Merger Agreement).

2. Pursuant to the Agreement and Plan of Merger, dated as of December 8, 2024 (the "Merger Agreement"), by and among Enterprise Bancorp, Inc. ("Enterprise"), Enterprise Bank and Trust Company, Independent Bank Corp. ("Independent") and Rockland Trust Company, each issued and outstanding share of Enterprise common stock was converted into the right to receive (i) $2.00 in cash and (ii) 0.60 shares of Independent common stock (subject to the payment of cash in lieu of fractional shares).

3. In accordance with the Merger Agreement, each option to purchase Issuer common stock, whether vested or unvested, automatically converted to the right to receive a cash payment equal to (i) the number of shares of Enterprise common stock provided for in such option and (ii) the excess, if any, of the Per Share Cash Equivalent Consideration (as defined in the Merger Agreement) over the exercise price per share of Enterprise common stock provided for in such option, which cash payment was made without interest and was net of all applicable withholding taxes.

	/s/ Joseph R. Lussier attorney-in-fact for for Brian Michael Collins	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many EONR shares did Joseph V. Salvucci Sr. acquire?

He acquired an indirect interest in 123,951 Class A common shares.

What was the purchase price of the EONR insider transaction?

The weighted-average price was $0.3385 per share, with trades between $0.3375 and $0.3428.

What is Salvucci’s total EONR share ownership after the transaction?

He now indirectly owns 1,629,121 Class A common shares through JVS Alpha Property LLC.

What does the transaction code "P" mean in a Form 4?

Code "P" denotes an open-market or private purchase of the issuer’s securities.

When did the EONR insider purchase occur?

The transactions were executed on 06/30/2025.