Item 1.01 Entry Into A Material Definitive Agreement
Executive Compensation: Restricted Stock Awards
On May 21, 2009 Independent Bank Corp. (the "Company") made restricted stock
awards of the Company's Common Stock pursuant to the Independent Bank Corp. 2005
Employee Stock Option Plan (the "2005 Plan") to Executive Officers of the
Company and/or its wholly-owned bank subsidiary Rockland Trust Company
("Rockland Trust"), as follows:
# Shares Restricted Stock
Executive Officer Position Award
Christopher Oddleifson President and Chief
Executive Officer of the
Company and of Rockland
Trust 33,000
Raymond G. Fuerschbach Senior Vice President, Human
Resources, of Rockland Trust 7,000
Edward F. Jankowski Chief Technology and
Operations Officer of
Rockland Trust 7,000
Jane L. Lundquist Executive Vice President of
Rockland Trust 13,000
Gerard F. Nadeau Executive Vice President of
Rockland Trust 13,000
Edward H. Seksay General Counsel of the
Company and of Rockland
Trust 7,000
Denis K. Sheahan Chief Financial Officer of
the Company and of Rockland
Trust 13,000
|
The 2005 Plan is incorporated by reference to the Company's Definitive Proxy
Statement for the 2005 Annual Meeting of Stockholders which was filed with the
Securities Exchange Commission on March 11, 2005.
The restricted stock awards vest over a five-year period, with twenty percent
(20%) vesting in equal annual increments over the five year period from the date
of grant (i.e., one-fifth vesting on each of May 21, 2010, May 21, 2011, May 21,
2012, May 21, 2013, and May 21, 2014).
The form of Restricted Stock Agreement used for Mr. Oddleifson is attached as
Exhibit 99.1.
The form of Restricted Stock Agreement used for all of the other Executive
Officers is attached as Exhibit 99.2.
Table of Contents
Item 8.01 Other Events
On May 27, 2009 the Company paid $2,200,000 to the United States Department
of the Treasury (the "Treasury") to repurchase the Warrant to buy 481,664 Shares
of the Company's common stock at a strike price of $24.34 per share that the
Company had issued to the Treasury on January 9, 2009.
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