Document:

Exhibit

Exhibit 10.3

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (the “Agreement”) is made and effective as November 15, 2018 (the “Effective Date”) between Independent Bank Corp. (the “Company”) and (“Director”).
In consideration of the promises, terms, and conditions set forth, the sufficiency of which is acknowledged, the Company and the Director agree as follows:
		
	1.
	If it is determined that the Company’s Deferred Compensation Program (Restated as Amended as of December 1, 2000) for non-employee directors (the “Program”), or any payment or distribution to the Director pursuant to the Program, does not comply with Section 409A of the Internal Revenue Code (the “Code”) and that such noncompliance causes the Director to incur additional taxes under Section 409A and interest and/or penalties (collectively, the “409A Tax”), then the Company shall make any payments to the Director (the “Payments”) that are necessary to provide the Director with the funds to pay the 409A Tax and any reasonable legal and accounting fees incurred by the Director to deal with the 409A Tax as well as any additional taxes, interest, and/or penalties, including additional 409A Tax, attributable to or resulting from the Payments. 

		
	2.
	The intent of the parties is that the Company shall be responsible in full for, and shall indemnify and hold the Director harmless from, the 409A Tax, as well as any additional taxes, interest, and/or penalties, including additional 409A Tax, attributable to or resulting from the Payments.

		
	3.
	The Company shall make any Payments due under Section 4(a) and or due under Section 4(c) within ten (10) business days after the later of the following dates: (1) the date on which the determination of the Payments due thereunder is made by the outside accounting firm that prepares the Company’s tax returns (the “Accounting Firm”) or (2) the date on which the Director remits the 409A Tax to the taxing authority with respect to which the Payments are to be made (or to which they relate). 

		
	4.
	The Company and the Director shall use the following procedure to determine Payments:

		
	(a)
	If the Company issues a corrected Form 1099 to the Director with respect to any payments or distributions to the Director under the Program and if the issuance of such corrected Form 1099 results in the Director being required to file amended income tax returns and pay additional taxes under Section 409A and interest and/or penalties, the Director will provide drafts of the amended tax returns to the Company for review and comment by the Accounting Firm at least 30 days prior to filing such returns and Director will make any reasonable revisions to such amended returns that the Accounting Firm recommends. The Accounting Firm shall determine the amount of any Payment due in connection with such amended returns and shall provide detailed supporting calculations to both the Company and to the Director within thirty (30) business days of receipt of drafts of the amended income tax returns from Director. The Accounting Firm’s determinations shall be final and binding on all parties under this Agreement.

		
	(b)
	The Director shall promptly notify the Company in writing of any pending or threatened audit or assessment by the Internal Revenue Service (whether commenced subsequent or 

prior to Director’s filing of any amended tax returns filed under Section 4(a)) that, if successful, would require Payments. 
		
	(c)
	The Accounting Firm shall determine the amount of any Payments due in connection any audits or assessments under Section 4(b).  The Accounting Firm shall provide detailed supporting calculations to both the Company and to the Director within thirty (30) business days of receipt of notice from the Director of a final determination by Internal Revenue Service that additional 409A Taxes are due and with respect to which no appeal will be taken. 

		
	(d)
	The Company’s obligation to make Payments under this Agreement shall terminate upon Director’s failure to comply with the procedures set forth in this Section 4.  The Company shall pay all fees and expenses of the Accounting Firm.

Signed as a Massachusetts instrument under seal as of the Effective Date:

	
			
	INDEPENDENT BANK CORP.
	 
	DIRECTOR

	 
	 
	 

	Edward H. Seksay 
	 
	Director

	Its duly authorized representativeExhibit

Exhibit 10.21

INDEPENDENT BANK CORP. RESTRICTED STOCK AGREEMENT
FOR NON-EMPLOYEE DIRECTOR

Notification and Acceptance of Restricted Stock Award

The Independent Bank Corp. 2018 Non-Employee Director Stock Plan (the “Plan”) permits the granting of Restricted Stock Awards to directors who are not also employees of Independent Bank Corp. (the “Company”). The Company is pleased to grant you the following Restricted Stock Award in accordance with the Plan:

	
		
	Effective Date of Restricted Stock Agreement:
	[[GRANTDATE]]

	Non-Employee Director Name and Residential Address:
	[[FIRSTNAME]] [[LASTNAME]]
[[RESADDR1]]
 [[RESCITY]], [[RESSTATEORPROV]]  [[RESPOSTALCODE]]

	Number of shares of common stock granted in this Restricted Stock Award:
	[[SHARESGRANTED]] shares of the Company’s common stock.

	Vesting Period and Schedule:
	The shares granted pursuant to this Agreement vest immediately.

This Restricted Stock Award is subject to the terms and conditions of the Restricted Stock Agreement set forth below (the “Agreement”). By clicking “ACCEPT” on the Equity Administration Solution, Inc. software system you both accept this Restricted Stock Award and acknowledge that you have read, understand, and accept the terms and conditions of this Agreement set forth below.  

Restricted Stock Agreement

The Company agrees to issue to the non-employee director named above (the “Non-Employee Director”) the number of shares of the Company’s common stock (collectively, the “Restricted Shares”) set forth above subject to the terms and conditions of the Plan and this Agreement, as follows:

Section 1.    Issuance of Restricted Shares to Non-Employee Director.

(a)Consideration. The Non-Employee Director shall not be required to pay any consideration to the Company for the Restricted Shares.

(b)Issuance of Shares. After receiving a signed original of this Agreement back from the Non-Employee Director, the Company shall act with reasonable speed to either cause to be issued a certificate or certificates for the Restricted Shares, which certificate or certificates shall be registered in the name of the Non-Employee Director (or in the names of the Non-Employee Director and the Non-Employee Director’s spouse as community property or as joint tenants with right of survivorship), or shall direct the Company’s transfer agent to make entries in its records for the Restricted Shares that are equivalent to issuance of a certificate or certificates to the Non-Employee Director. The issuance of the Restricted Shares shall occur at the offices of the Company or at such other place and time as the parties may agree.

(c)Plan and Defined Terms. The issuance of the Restricted Shares pursuant to this Agreement is in all respects subject to the terms, conditions, and definitions of the Plan, which are incorporated by reference. The Non-Employee Director accepts the Restricted Shares subject to all the terms and provisions of the Plan and agrees that all decisions under and interpretations of the Plan by the Board of Directors (the “Board”) (or Compensation Committee, if applicable) shall be final, binding, and conclusive upon the Non-Employee Director and his or her permitted heirs, executors, administrators, successors and assigns. Capitalized defined terms used in this Agreement shall have the meanings assigned to them in the Plan, unless they are otherwise specifically defined in this Agreement.

Section 2.Vesting

The Restricted Shares shall vest immediately on the date of grant. 

Section 3.Miscellaneous Provisions.

(a)No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon the Non-Employee Director any right to continue to serve as a director of the Company or any of its direct or indirect subsidiaries. Nothing in this Agreement or in the Plan shall interfere with or otherwise restrict the rights of the Company or any of its subsidiaries to remove the Non-Employee Director from the Board of the Company or any of its direct or indirect subsidiaries.

(b)Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon (i) personal delivery, (ii) deposit with a nationally recognized overnight courier or (iii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice shall be addressed to the Company at 288 Union Street, Rockland, Massachusetts 02370 or at its then principal executive office address if different, with simultaneous copies to the Chief Executive Officer and General Counsel of the Company, and to the Non-Employee Director at the residential address set forth above or to the residential address that the Non-Employee Director has most recently provided to the Company in writing if different.

(c)Entire Agreement. This Agreement, together with the Plan, constitutes the entire understanding between the parties and supersedes any other agreements, representations, or understandings (whether oral or written and whether express or implied) which relate to the subject matter of this Agreement.

(d)Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts without regard to its choice of law principles.

(e)Severability. If any provision of this Agreement is found unenforceable or illegal, the remainder of this Agreement shall remain in full force and effect.

(f)Amendments; Waivers. This Agreement may only be amended or modified in a writing signed by the Non-Employee Director and the Company. No party 

shall be deemed to waive any rights under this Agreement unless the waiver is in writing and signed by the party waiving rights. A waiver in writing on or more occasions shall not be deemed to be a waiver for any future occasions.

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