[Form 4] Enterprise Bancorp Inc. Insider Trading Activity

Rhea-AI Filing Summary

Bankwell Financial Group, Inc. (BWFG) – Form 144 filing discloses a proposed sale of restricted shares under SEC Rule 144.

• Securities to be sold: 389 common shares
• Approximate market value: $14,231.84 (based on filing data)
• Percentage of shares outstanding: roughly 0.005% of the 7,873,387 shares outstanding
• Broker: Georgeson Securities Corporation, Edison, NJ
• Planned sale date: 01 July 2025 on NASDAQ
• Acquisition source: Restricted-stock vesting from Bankwell Financial Group on 01 July 2025, involving 834 shares received for services rendered

No prior sales were reported during the past three months. The filer certifies awareness of no undisclosed material adverse information. Given the small size of the transaction relative to total shares outstanding and lack of additional context (e.g., officer/director identity, recurring sales), this notice is typically viewed as an administrative disclosure rather than a catalyst for material valuation change.

Insights

Financial Analyst

TL;DR: Very small insider sale (389 shares, <0.01% float); likely immaterial to valuation or sentiment.

The Form 144 indicates intent to sell 389 BWFG common shares worth about $14k. Against a market cap that presumably exceeds $200 million, the sale is negligible. No pattern of prior sales appears, and the shares stem from recent restricted-stock vesting, suggesting portfolio diversification rather than a bearish signal. Absent earnings or strategic news, the filing should not influence price discovery.

Corporate Governance Expert

TL;DR: Routine Rule 144 notice; complies with disclosure rules, minimal governance implications.

Rule 144 requires insiders to file when selling restricted or control securities. The filer certifies no undisclosed adverse information, and no aggregation issues arose under Rule 144(e). With no additional sales in the past quarter and an extremely small stake relative to float, the notice reflects standard compliance. Governance risk remains unchanged.

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

OMB Number:			3235-0287
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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^*

ANSIN KEN S

(Last) (First) (Middle)

C/O ENTERPRISE BANCORP

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		D		6,930.2497(1)(2)	D	(3)	0(4)	D
Common Stock	07/01/2025		D		151,491	D	(3)	0	I	By Trust
Common Stock	07/01/2025		D		720,802	D	(3)	0	I	By Trust for Ronald M Ansin Family Members
Common Stock	07/01/2025		D		177,898	D	(3)	0	I	By Trust for Ronald M Ansin Grandchildren
Common Stock	07/01/2025		D		6,848	D	(3)	0	I	By Trust for Son G. Ansin
Common Stock	07/01/2025		D		10,051	D	(3)	0	I	By Trust for Son K. Ansin
Common Stock	07/01/2025		D		2,345	D	(3)	0	I	By Wife

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

Explanation of Responses:

1. Includes 53.9697 shares acquired through dividend reinvestment on 9/3/2024.

2. Includes 44.6035 shares acquired through dividend reinvestment on 12/2/2024.

3. 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).

4. 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).

	/s/ Joseph R. Lussier as attorney-in-fact for Ken S. Ansin	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).
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FAQ

How many Bankwell Financial Group (BWFG) shares are being sold under this Form 144?

The filing covers 389 common shares to be sold.

What is the market value of the BWFG shares to be sold?

The aggregate market value disclosed is approximately $14,231.84.

When is the planned sale date for the BWFG shares?

The filer intends to sell on 01 July 2025.

What percentage of Bankwell Financial Group’s outstanding shares does this sale represent?

About 0.005% of the 7,873,387 shares outstanding.

Why was a Form 144 filed?

Form 144 is required when insiders propose to sell restricted or control securities under SEC Rule 144.

Who is the broker handling the transaction?

Georgeson Securities Corporation, Edison, NJ is listed as the broker.