[Form 4] Enterprise Bancorp Inc. Insider Trading Activity

Rhea-AI Filing Summary

Nova LifeStyle, Inc. (Nasdaq: NVFY) filed a Form 8-K reporting a board change effective 23 June 2025. Director Ms. Min (Mindy) Su resigned from the Board of Directors but will continue to serve as Corporate Secretary. The company states that her resignation was not prompted by any disagreement with management, the Board, or operations.

To maintain board continuity, the Board simultaneously appointed Chief Executive Officer Mr. Xiaohua Lu, age 46, as a director. Mr. Lu became CEO on 21 April 2025 and brings two decades of leadership and financial-advisory experience, including roles at Drem Consulting Pte Ltd, Promiseland Financial Advisory Pte Ltd, Wiselink Global Pte Ltd, and Blackamber Investment Limited. He holds a bachelor’s degree in Vehicle Engineering and Commercial Business English from Jilin University (2001).

No other material events, compensation changes, or financial data were disclosed in this filing. While the immediate appointment limits operational disruption, investors should monitor board independence metrics because the CEO now occupies a seat that was previously held by a non-executive director.

Positive

• No disagreement disclosed: The departing director states her resignation is not due to conflict, suggesting business stability.
• Immediate replacement: Board gap filled on the same day, minimizing governance disruption.
• CEO’s extensive experience: Mr. Lu adds 20 years of management and financial expertise to the board.
• Institutional knowledge retained: Ms. Su continues as Corporate Secretary, preserving continuity.

Negative

• Reduced board independence: Replacing a non-executive director with the CEO concentrates power and may affect governance ratings.
• No disclosure on committee assignments: Unclear whether key board committees will remain independent.
• Lack of strategic detail: Filing offers no insight into how leadership change aligns with long-term strategy.

Insights

Corporate Governance Expert

TL;DR: CEO joins board as director; outgoing director remains secretary; neutral governance impact, but independence slightly reduced.

The resignation of Ms. Su and appointment of Mr. Lu are routine succession actions. The company explicitly states there is no disagreement, mitigating concern of underlying disputes. However, replacing a non-executive director with the sitting CEO reduces independent oversight, potentially raising ISS and proxy-advisor questions about board composition ratios. From a governance standpoint the move is neutral to mildly negative; it consolidates decision-making but ensures continuity and deep operating insight at board level. No compensation changes or strategic shifts were announced, so immediate financial impact appears limited.

Portfolio Manager

TL;DR: Leadership continuity secured; no operational disruption; insignificant near-term valuation impact.

NOVA’s 8-K is largely administrative. Investors gain clarity that Ms. Su’s exit is amicable and she remains corporate secretary, retaining institutional knowledge. The CEO’s board seat tightens alignment between management and governance, which can expedite strategy execution. Yet the trade-off is decreased board independence, a factor some institutional holders track. With no earnings, guidance, or transaction data, I view the filing as non-impactful to cash-flow forecasts or risk premiums. Monitor the next proxy statement for updated board independence ratios.

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^*

REID CAROL L

(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		2,210.4061(1)(2)	D	(3)	0(4)	D
Common Stock	07/01/2025		D		32,155	D	(3)	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. Includes 17.2136 shares acquired through dividend reinvestment on 9/3/2024.

2. Includes 14.2262 shares acquired through dividend reinvestment plan 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 Carol L. Reid	07/01/2025
	** Signature of Reporting Person	Date
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FAQ

Why did Director Min Su resign from Nova LifeStyle (NVFY)?

The company states that Ms. Su’s resignation was not due to any disagreement with management, directors, or operations.

Who is replacing Min Su on Nova LifeStyle’s board?

Mr. Xiaohua Lu, the current Chief Executive Officer, has been appointed as a new director effective 23 June 2025.

Does the board change affect Nova LifeStyle’s governance independence?

Yes. The CEO now holds a board seat, reducing the number of independent directors, which investors may monitor.

What is Mr. Xiaohua Lu’s professional background?

He held leadership roles at Drem Consulting, Promiseland Financial Advisory, Wiselink Global, and Blackamber Investment, with 20 years’ experience.

When was the Form 8-K filed and effective?

The 8-K reports an event on 23 June 2025 and was signed on 25 June 2025.