Independent Bank (INDB) director reports 5,000-share sale in August 2025

Rhea-AI Filing Summary

Independent Bank Corp (INDB) director Gerard F. Nadeau reported the sale of common stock in two transactions on August 12-13, 2025. He sold 3,500 shares on 08/12/2025 at a weighted average price of about $66.00 and 1,500 shares on 08/13/2025 at a weighted average price of about $67.51. Following these sales, the filing shows Mr. Nadeau directly beneficially owned 25,395 shares. The filing also discloses indirect holdings in shares held for his daughter (265.0723 shares) and son (267.4088 shares), including small amounts received via the company’s dividend reinvestment plan since the last Form 4. The Form 4 was signed by a power of attorney on 08/14/2025.

Positive

• Transparent disclosure of weighted-average sale prices and offer to provide per-trade breakdowns
• Compliance with reporting rules, including footnotes on dividend reinvestment shares and power-of-attorney signature

Negative

• Insider selling totaling 5,000 shares (3,500 on 08/12/2025 and 1,500 on 08/13/2025) which reduces the director's direct stake
• No indication of 10b5-1 plan or other pre-arranged plan in the filing, limiting clarity on whether sales were pre-scheduled

Insights

Financial Analyst

TL;DR: Director sale of 5,000 INDB shares is disclosed; looks like routine insider liquidity, not linked to company results in this filing.

The filing documents the director’s sale of a total of 5,000 shares across two days at weighted average prices of approximately $66.00 and $67.51. The disclosure is granular, noting price ranges and offering to provide per-trade breakdowns. Post-sale direct holdings are shown as 25,395 shares, with additional indirect holdings for family members. From a quantitative perspective, the transactions are modest and the filing contains no information tying the sales to material corporate events or changes in INDB financial performance.

Corporate Governance Expert

TL;DR: Form 4 properly reports director sales and family holdings; documentation and footnotes enhance transparency.

The statement includes required disclosures: transaction codes, weighted average prices, and explanatory footnotes about price ranges and dividend reinvestment shares held for family members. The signature via power of attorney is noted. The filing does not indicate any 10b5-1 plan election box checked, nor does it assert the sales were pursuant to such a plan, limiting inference about pre-arranged trading. Disclosure quality appears compliant and transparent.

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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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^*

Nadeau Gerard F

(Last) (First) (Middle)

C/O INDEPENDENT BANK CORP.

288 UNION STREET

(Street)

ROCKLAND MA 02370

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INDEPENDENT BANK CORP [ INDB ]

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)
08/12/2025

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	08/12/2025		S		3,500	D	$66.0002(1)	26,895	D
Common Stock	08/13/2025		S		1,500	D	$67.5145(2)	25,395	D
Common Stock								265.0723	I	by Daughter(3)
Common Stock								267.4088	I	by Son(4)

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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.00 through $66.01 per share, inclusive. The Filer undertakes to provide Independent Bank Corp., any security holder of Independent Bank Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $67.50 through $67.58 per share, inclusive. The Filer undertakes to provide Independent Bank Corp., any security holder of Independent Bank Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4.

3. Shares held in Filer's name f/b/o daughter. Holdings include 2.4283 shares received pursuant to the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan since the last Form 4 filing (07/03/2025). Such transactions are exempt from the reporting requirements of Section 16 of the Securities and Exchange Act of 1934, as amended. The filing of this statement should not be construed as an admission that the Filer is, for purposes of Section 16 of the Exchange Act, the beneficial owner of such securities.

4. Shares held in Filer's name f/b/o son. Holdings include 2.4497 shares received pursuant to the Independent Bank Corp. 2014 Dividend Reinvestment and Stock Purchase Plan since the last Form 4 filing (07/03/2025). Such transactions are exempt from the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended. The filing of this statement should not be construed as an admission that the Filer is, for purposes of Section 16 of the Exchange Act, the beneficial owner of such securities.

Remarks:

	/s/ Maureen A. Gaffney, Power of Attorney for Gerard F. Nadeau	08/14/2025
	** 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 insider transactions did Gerard F. Nadeau report for INDB?

The filing reports sales of 3,500 shares on 08/12/2025 at a weighted average price of about $66.00 and 1,500 shares on 08/13/2025 at about $67.5145.

How many INDB shares does Mr. Nadeau directly own after the reported transactions?

Following the reported sales, the Form 4 shows Mr. Nadeau directly beneficially owned 25,395 shares.

Are there any indirect holdings reported for Mr. Nadeau on this Form 4?

Yes. The filing discloses shares held in Mr. Nadeau's name for his daughter (265.0723 shares) and son (267.4088 shares), including shares from the dividend reinvestment plan since the last Form 4.

Does the Form 4 state the sales were made under a 10b5-1 trading plan?

No. The filing does not check the box indicating transactions were made pursuant to a 10b5-1(c) plan.

Who signed the Form 4 for Gerard F. Nadeau and when?

The Form 4 was signed by Maureen A. Gaffney, Power of Attorney for Gerard F. Nadeau on 08/14/2025.