Independent Bank Corp (INDB) director receives 842-share stock grant, holds 13.7K
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
INDEPENDENT BANK CORP director John J. Morrissey received a stock award rather than buying shares on the market. On May 19, 2026, he acquired 842 shares of Common Stock at no cost in a grant classified as a non-derivative award. The shares were issued as restricted stock under the company’s 2018 Non-Employee Director Stock Plan and vested immediately on the grant date. After this award and additional shares accumulated through a dividend reinvestment plan, Morrissey directly holds a total of 13,692.2769 shares of INDB common stock.
Positive
- None.
Negative
- None.
Insights
Director received routine stock compensation, not an open-market trade.
Director John J. Morrissey was granted 842 shares of INDEPENDENT BANK CORP common stock under the 2018 Non-Employee Director Stock Plan. The filing classifies this as a grant or award, with a price per share of $0.0000, indicating compensation rather than a purchase.
The footnotes state the grant is exempt under Rule 16b-3(d) and that the shares vested immediately on the grant date. The filing also notes holdings include 103.1989 shares accumulated via a dividend reinvestment plan, bringing total direct ownership to 13,692.2769 shares. Overall, this looks like standard equity compensation with neutral impact.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
MORRISSEY JOHN J
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 842 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 13,692.277 shares (Direct, null)
Footnotes (1)
- Independent Bank Corp. awarded restricted stock to the Filer per the Independent Bank Corp. 2018 Non-Employee Director Stock Plan in a transaction exempt pursuant to Rule 16b-3(d). Shares immediately vested on the date of grant. Holdings include 103.1989 shares acquired as a result of participation in the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan since the last Form 4 filing (02/09/2026), which transactions are exempt from the reporting requirements of Section 16 of the Securities and Exchange Act of 1934, as amended.
Key Figures
Stock grant size: 842 shares
Grant price: $0.0000 per share
Post-transaction holdings: 13,692.2769 shares
+1 more
4 metrics
Stock grant size
842 shares
Common Stock grant on May 19, 2026
Grant price
$0.0000 per share
Equity compensation, not open-market purchase
Post-transaction holdings
13,692.2769 shares
Common Stock directly owned after grant
Dividend reinvestment shares
103.1989 shares
Acquired via 2014 Dividend Reinvestment and Stock Purchase Plan
Key Terms
restricted stock, Rule 16b-3(d), Dividend Reinvestment and Stock Purchase Plan, Section 16
4 terms
restricted stock financial
"Independent Bank Corp. awarded restricted stock to the Filer per the Independent Bank Corp. 2018 Non-Employee Director Stock Plan"
Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.
Rule 16b-3(d) regulatory
"in a transaction exempt pursuant to Rule 16b-3(d). Shares immediately vested on the date of grant."
Rule 16b-3(d) is a narrow SEC safe-harbor that shields company insiders (officers, directors and large shareholders) from liability for short‑swing profits when their buys or sells of company stock are made under a pre-established, written plan or contract that removes the insider’s ability to time trades. For investors, this matters because it permits predictable, automated insider transactions — like scheduled sales for diversification or payroll withholding — without triggering forced disgorgement, so such planned trades are treated differently from opportunistic insider trading.
Dividend Reinvestment and Stock Purchase Plan financial
"shares acquired as a result of participation in the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan"
A dividend reinvestment and stock purchase plan lets investors automatically use cash dividends to buy additional shares and often make extra share purchases directly from the company, usually at low or no commission. Think of it as an automatic savings plan for stock: dividends and optional contributions are turned into more shares, helping ownership grow through compounding and making regular investing simple and low-cost—key for long-term investors.
Section 16 regulatory
"which transactions are exempt from the reporting requirements of Section 16 of the Securities and Exchange Act of 1934"
Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.
FAQ
What did INDB director John J. Morrissey report in this Form 4?
Director John J. Morrissey reported receiving a grant of 842 shares of INDEPENDENT BANK CORP common stock. The award was classified as a non-derivative stock grant under the company’s 2018 Non-Employee Director Stock Plan and vested immediately on the grant date.
What plan governed the stock grant reported by INDB director Morrissey?
The grant was made under the Independent Bank Corp. 2018 Non-Employee Director Stock Plan. Footnotes specify that the company awarded restricted stock pursuant to this plan, and that the transaction is exempt from certain short-swing profit rules under Rule 16b-3(d).
Did the INDB director stock grant vest immediately?
Yes. The footnotes explain that the restricted stock shares awarded to Morrissey immediately vested on the grant date. This means there was no extended vesting schedule attached to the 842-share award disclosed in the Form 4 for Independent Bank Corp.