[Form 4] Enterprise Bancorp Inc. Insider Trading Activity

Rhea-AI Filing Summary

Triumph Financial, Inc. (NASDAQ: TFIN) has filed a Form 144 indicating a proposed sale of restricted securities under Rule 144.

• Shares to be sold: 3,500 common shares
• Estimated market value: $210,345 (based on recent market price embedded in the filing)
• Broker: Merrill Lynch, One Cowboys Way, Suite 400, Frisco, TX 75034
• Scheduled sale date: 01 July 2025
• Shares outstanding: 23,419,740  → proposed sale equals roughly 0.015% of total shares
• Origin of shares: Stock bonus received on 01 Dec 2016
• Prior 3-month sales: None reported

The form contains no additional details about the filer’s identity, relationship to the issuer, or whether the transaction is part of a Rule 10b5-1 trading plan. The signer affirms possession of no undisclosed material adverse information.

Investment view: The transaction is small relative to Triumph Financial’s share count and therefore not expected to have a material impact on trading liquidity or corporate fundamentals. Nevertheless, any insider-related selling can be perceived as a mild negative signal, particularly if followed by larger or more frequent dispositions.

Positive

• Small transaction size: 3,500 shares equal only ~0.015% of the company’s outstanding stock, making market impact minimal

Negative

• Potential insider sale: Even a modest disposition can signal lower management confidence or personal liquidity needs, viewed as a slight negative by some investors

Insights

Securities Analyst

TL;DR: Minor Form 144 filing—3,500 shares (<0.02%)—largely immaterial, but flags modest insider liquidity event.

The notice covers a proposed Rule 144 sale of 3,500 Triumph Financial common shares worth about $210k. With 23.4 million shares outstanding, the transaction represents a negligible 0.015% stake and should not pressure the stock mechanically. Shares were awarded via a 2016 stock-bonus, suggesting routine diversification rather than a valuation call. No prior 3-month sales are disclosed, reducing concerns about a broader disposal program.

Because the document lacks the seller’s name and relationship, investors cannot directly assess alignment of interests or insider sentiment. Still, Rule 144 filings generally involve affiliates or insiders, so the sale may carry a mild negative signaling effect. Overall impact on valuation or liquidity is expected to be de minimis; I classify the event as neutral to slightly negative.

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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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^*

LYNCH DAVID

(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		2,299	D	$39.64	6,826(1)	D
Common Stock	07/01/2025		D		6,826	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

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).

	/s/ Joseph R. Lussier as attorney-in-fact for David Lynch	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 Triumph Financial (TFIN) shares are being sold under this Form 144?

The notice covers 3,500 common shares.

What is the estimated market value of the proposed TFIN share sale?

The filing lists an aggregate value of $210,345 for the 3,500 shares.

When is the scheduled sale date for the Triumph Financial shares?

The filer intends to sell on July 1, 2025.

What percentage of Triumph Financial’s shares outstanding does 3,500 shares represent?

Approximately 0.015% of the 23,419,740 shares outstanding.

Were there any other Triumph Financial insider sales in the past three months?

No. The filing states "Nothing to report" for prior 3-month sales.