[Form 4] Enterprise Bancorp Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing dated 07/01/2025 discloses that Gibraltar Industries (ROCK) Vice President & Treasurer Jeffrey J. Watorek received 56.12 matching restricted stock units (RSUs) on 06/30/2025 under the company’s 2018 Management Stock Purchase Plan. The RSUs were granted at no cost and are subject to forfeiture if employment ends within five years. They settle in cash, in either a lump sum or 5–10 annual installments, six months after separation.

After this allocation, Watorek’s holdings are: 18,626 common shares held directly, 333.905 shares in the 401(k), and 1,290.96 RSUs. No open-market purchases or sales were reported, and the transaction is routine compensation-related rather than a market-driven trade. Given the small size relative to the company’s share count, the event is not expected to materially influence Gibraltar Industries’ valuation but does signal continued executive equity alignment.

Insights

Securities Analyst

TL;DR: Routine RSU grant; negligible valuation impact; confirms executive’s ongoing equity participation.

The 56.12 RSUs are a match for deferred cash compensation, costing the insider nothing and carrying a five-year service condition. Total direct ownership of 18,626 shares equates to a modest personal stake and does not materially change insider ownership percentages. With no open-market activity, the market should view the filing as neutral. Investors may note that cash-settled RSUs reduce future share dilution risk.

Corporate Governance Expert

TL;DR: Standard incentive plan action; supports pay-for-performance alignment; governance impact minimal.

The grant stems from the 2018 Management Stock Purchase Plan, encouraging executives to defer salary for equity exposure. Cash settlement upon exit mitigates dilution but shifts liability to the company. From a governance lens, the filing shows proper disclosure and continued adherence to Rule 10b5-1 safeguards. No red flags emerge.

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
Estimated average burden
hours per response:			0.5

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^*

CLEMENTI JOHN R

(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		55,362.4979	D	(1)	0(2)	D
Common Stock	07/01/2025		D		29,976	D	(1)	0	I	By Trust

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. 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).

2. 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 John R. Clementi	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Gibraltar Industries (ROCK) disclose in the latest Form 4?

The company reported that VP & Treasurer Jeffrey J. Watorek received 56.12 matching RSUs on 06/30/2025.

How many ROCK shares does Jeffrey Watorek own after the transaction?

He beneficially owns 18,626 common shares directly and 333.905 shares via the 401(k), plus 1,290.96 RSUs.

Are the RSUs purchased or granted at a cost?

They are granted at no purchase price as a company match for deferred compensation.

When do the newly granted RSUs vest or pay out?

They forfeit if service ends before five years; after that, they pay out in cash six months post-termination in one, five or ten installments.

Did the filing involve any open-market buying or selling of ROCK shares?

No; it only reports a compensation-related RSU allocation, with no market transactions.