Document:

exv10w16

 

Exhibit 10.16

INDEPENDENT BANK CORP. STOCK OPTION AGREEMENT

FOR NON-EMPLOYEE DIRECTOR

Notification and Acceptance of Stock Option

     The Independent Bank Corp. 2006 Non-Employee Director Stock Plan (the “Plan”) permits the
granting of Stock Options to directors who are not also employees of Independent Bank Corp. (the
“Company”). The Company is pleased to grant you the following Stock Option in accordance with the
Plan:

	 	 	 
	Effective Date of Stock Option
Agreement

	 	April 18, 2006
	 
	 	 
	Non-Employee Director Name and
Residential Address:

	 	«Name___Address»
	 
	 	 
	Number of shares of common stock that
may be purchased under this Stock
Option:

	 	5,000 shares of the Company’s common stock,
unless adjusted in accordance with the Option
Agreement.
	 
	 	 
	Type of Stock Option

	 	Non-Qualified Stock Option
	 
	 	 
	Purchase Price

	 	$32.23 per share
	 
	 	 
	Term

	 	Seven years from date of grant, unless earlier
terminated in accordance with this Option
Agreement.
	 
	 	 
	Vesting Schedule

	 	One-third of the Options are immediately
vested and fully exercisable, one-third of the
Options shall be vested and fully exercisable
on January 2, 2007 and one-third of the
Options shall be vested and fully exercisable
on January 2, 2008, unless earlier accelerated
in accordance with this Option Agreement.

This Stock Option is subject to the terms and conditions of the Stock Option Agreement set forth
below (the “Agreement”). By signing you both accept this Stock Option and acknowledge that you
have read, understand, and accept the terms and conditions of the Agreement set forth below.

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

	 	 	 	 	 
	INDEPENDENT BANK CORP.

	 	NON-EMPLOYEE DIRECTOR	 	 
	 
	 	 	 	 
	 

Christopher Oddleifson

	 	 

«Name»
	 	 
	President and Chief Executive Officer	 	 

 

 

Stock Option Agreement

     The Company agrees to grant to the non-employee director named above (the “Non-Employee
Director”) the right and option (the “Option”) to purchase all or any part of the number of shares
of its common stock, $.01 par value (hereinafter called the “Common Stock”) for the price and
during the period set forth above, subject to the terms and conditions of the Plan and this
Agreement, as follows:

     Section 1. Investment Purpose. The Non-Employee Director agrees and
acknowledges that this Option has been acquired for the purpose of investment and not with a view
to or for sale in connection with any distribution thereof.

     Section 2. Payment of Purchase Price.

          (a) Method of Payment. Payment of the purchase price for shares purchased upon
exercise of this Option shall be made (i) by delivery to the Company of cash or check to the order
of the Company in an amount equal to the purchase price of shares, (ii) by delivery to the Company
of shares of Common Stock already owned by the Non-Employee Director having a fair market value as
of the date of exercise equal to the aggregate purchase price of the shares as to which this Option
shall be exercised, or (iii) any combination of such methods of payment.

          (b) Valuation of Shares Tendered in Payment of Purchase Price. For purposes hereof,
the fair market value of any shares of Common Stock which may be delivered to the Company in
exercise of this Option shall be determined in accordance with the terms of the Plan.

          (c) Delivery of Shares Tendered in Payment of Purchase Price. If the Non-Employee
Director exercises this Option by delivery of shares of Common Stock, the certificate or
certificates representing the shares of Common Stock to be delivered shall be duly executed for
transfer in blank by the Non-Employee Director or shall be accompanied by a stock power duly
executed in blank suitable for purposes of transferring such shares to the Company. Fractional
shares of Common Stock or a written authorization which would result in the issuance of fractional
shares of Common Stock will not be accepted in payment of the purchase price of shares acquired
upon exercise of this Option.

          (d) Restrictions on Use of Common Stock. Notwithstanding anything to the contrary
contained in this Agreement, no shares of Common Stock may be tendered in payment of the purchase
price of shares purchased upon exercise of this Option if the shares so tendered were acquired
within six months prior to the date of such tender (for purposes hereof, shares of Common Stock
shall be deemed to have been held by an Non-Employee Director for six months if such shares were
issued to such Non-Employee Director upon exercise of an Option granted to the Non-Employee
Director by the Company and the period from the date of the grant of the Option pursuant to which
such shares were acquired until the delivery date of such shares of Common Stock pursuant hereto is
at least six months).

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     Section 3. Non-transferability. Notwithstanding anything contained in the
Plan to the contrary, the Option shall not be transferable otherwise than (i) pursuant to a
qualified domestic relations order (as such term is defined in Rule 16b-3), (ii) by will or the laws of
intestacy or (iii) to any member of the Non-Employee Director’s Family (as such term is defined in
the Plan), and the Option may be exercised, during the lifetime of the Non-Employee Director, only
by him/her. More particularly (but without limiting the generality of the foregoing), the Option
may not be assigned, transferred (except as provided above), pledged, or hypothecated in any way,
shall not be assignable by operation of law and shall not be subject to execution, attachment, or
similar process. Any attempted assignment, transfer, pledge, hypothecation, or other disposition
of the Option contrary to the provisions hereof, and the levy of any execution, attachment or
similar process upon the Option shall be null and void and without effect.

     Section 4. Termination of Non-Employee Director Status.

          (a) General. If the Non-Employee Director ceases to be a director of the Company or
Rockland Trust Company (“Rockland”) for any reason other than removal from the Board for cause, any
outstanding Option shall be exercisable by the Non-Employee Director (whether or not exercisable by
the Non-Employee Director immediately prior to ceasing to be a director of the Company or Rockland)
at any time prior to the expiration date of the Option or within three years after the date the
Non-Employee Director ceases to be a director of the Company or Rockland, whichever is the shorter
period. Following the death or permanent and total disability (as such term is defined in Section
22(e)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) or any successor thereto) of
the Non-Employee Director during service as a director of the Company or Rockland, any outstanding
Option held by the Non-Employee Director at the time of death or permanent and total disability
(whether or not exercisable by the Non-Employee Director immediately prior to death or permanent
and total disability) shall be exercisable by the person entitled to do so under the Non-Employee
Director’s will or, if the Non-Employee Director shall fail to make testamentary disposition of the
Option, shall die intestate or shall become permanently and totally disabled, by the Non-Employee
Director’s legal representative at any time prior to the expiration date of the Option or within
three years after the Non-Employee Director’s death or permanent and total disability, whichever is
the shorter period.

          (b) Removal for Cause. If during the Non-Employee Director’s term of office as a
director of the Company or Rockland the Non-Employee Director is removed from the Board for cause,
any outstanding Option held by the Non-Employee Director which is not exercisable by the
Non-Employee Director immediately prior to such removal shall terminate as of the date of such
removal, and any outstanding Option held by the Non-Employee Director which is exercisable by the
Non-Employee Director immediately prior to such removal shall be exercisable at any time prior to
the expiration date of the Option or within three months after the date of such removal, whichever
is the shorter period. If the Non-Employee Director dies or becomes permanently and totally
disabled, during the period when any outstanding Options remain exercisable after ceasing to be
director of the Company due to a removal for cause, any outstanding Option shall be exercisable by
the person entitled to do so under the will of the Non-Employee Director or, if the Non-Employee
Director shall fail to make testamentary disposition

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of the Option, shall die intestate or shall
become permanently and totally disabled, by the Non-Employee Director’s legal representative at any
time prior to the expiration date of the Option or
within one year after the Non-Employee Director’s date of death or permanent and total disability,
whichever is the shorter period.

     Section 5. Change of Control.

          (a) In the event of a “Change of Control” or a liquidation of the Company, Options shall
immediately vest and shall become fully exercisable and shall remain exercisable for a period of
three (3) months after such Change of Control.

          (b) A “Change of Control” shall be deemed to have occurred if (i) any “person” (as such term
is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended) is or becomes the
beneficial owner, directly or indirectly, of either (x) a majority of the outstanding Common Stock
or the common stock of Rockland, or (y) securities of either the Company or Rockland representing a
majority of the combined voting power of the then outstanding voting securities of either the
Company or Rockland, respectively; or (ii) the Company or Rockland consolidates or merges with any
other person or sells all or substantially all of its assets to a person not at such time owning a
majority of the outstanding Common Stock or (iii) individuals who currently constitute the Board
cease for any reason to constitute a majority of the Board, unless the election of each new
director was nominated or approved by the shareholders of the Company at their regularly scheduled
annual meeting or was approved by at least two thirds of the directors of the Board currently in
office.

     Section 6. Adjustments. If, through or as a result of any merger,
consolidation, sale of all or substantially all of the assets of the Company, reorganization,
recapitalization, reclassification, stock dividend, stock split, reverse stock split or other
similar transaction, (i) the outstanding shares of Common Stock are increased, decreased or
exchanged for a different number or kind of shares or other securities of the Company, or (ii)
additional shares or new or different shares or other securities of the Company or other non-cash
assets are distributed with respect to such shares of Common Stock or other securities, an
appropriate and proportionate adjustment may be made in (x) the maximum number and kind of shares
reserved for issuance under the Plan, (y) the number and kind of shares or other securities subject
to any then outstanding Options under the Plan, and (z) the price for each share subject to any
then outstanding Options under the Plan, without changing the aggregate purchase price as to which
such Options remain exercisable. Any adjustments or substitutions under this Section 6 shall be
made by the Board, whose determination as to such adjustments or substitutions, if any, shall be
final, binding and conclusive. No fractional shares will be issued under the Plan on account of
any such adjustments or substitutions.

     Section 7. Method of Exercising Option. Subject to the terms and conditions
of this Agreement, the Option may be exercised by written notice to the Company, at 288 Union
Street, Rockland, Massachusetts 02370. Such notice shall state the election to exercise the Option
and the number of shares in respect to which it is being exercised, and shall be signed by the
person or persons so exercising the Option. At that time, this Agreement shall be turned in to the

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Company for action by the Company to reduce the number of shares to which it applies. Such notice
shall either: (a) be accompanied by payment of the full purchase price of such shares, in which
event the Company shall deliver a certificate or certificates representing such shares as
soon as practicable after the notice shall be received or (b) fix a date (which shall be a business
day not less than five nor more than ten business days from the date such notice shall be received
by the Company) for the payment of the full purchase price of such shares against delivery of a
certificate or certificates representing such shares. Payment of such purchase price shall, in
either case, be made in the manner provided above. The certificate or certificates for the shares
as to which Option shall have been so exercised shall be registered in the name of the person or
persons so exercising the Option, (or, if the Option shall be exercised by the Non-Employee
Director and if the Non-Employee Director and another person jointly, with the right of
survivorship) and shall be delivered as provided above to or upon the written order of the person
or persons exercising the Option. In the event the Option shall be exercised, pursuant to this
Agreement, by any person or persons other than the Non-Employee Director, such notice shall be
accompanied by appropriate proof of the right of such person or persons to exercise the Option.

     Section 8. General. The Company shall at all times during the term of the
Option reserve and keep available such number of shares of Common Stock as will be sufficient to
satisfy the requirements of this Agreement, shall pay all original issue taxes with respect to the
issue of shares pursuant hereto and all other fees and expenses necessarily incurred by the Company
in connection therewith, and will from time to time use its best efforts to comply with all laws
and regulations which, in the opinion of counsel for the Company, shall be applicable thereof.

     Section 9. Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts.

5exv10w17

 

Exhibit 10.17

INDEPENDENT BANK CORP. RESTRICTED STOCK AGREEMENT

FOR NON-EMPLOYEE DIRECTOR

Notification and Acceptance of Restricted Stock Award

     The Independent Bank Corp. 2006 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:

	 	April 18, 2006
	 
	 	 
	Non-Employee Director Name and Residential
Address:

	 	«Name___Address»
	 
	 	 
	Number of shares of common stock granted in
this Restricted Stock Award:

	 	400 shares of the Company’s common
stock.
	 
	 	 
	Vesting Period and Schedule:

	 	The shares granted pursuant to this
Agreement will vest in five years on
April 18, 2011, or such earlier date
upon which you cease to be a
Director
of the Company or Rockland Trust
Company for any reason other than
removal from the Board for cause.

This Restricted Stock Award is subject to the terms and conditions of the Restricted Stock
Agreement set forth below (the “Agreement”). By signing you both accept this Restricted Stock
Award and acknowledge that you have read, understand, and accept the terms and conditions of the
Agreement set forth below.

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

	 	 	 	 	 
	INDEPENDENT BANK CORP.

	 	NON-EMPLOYEE DIRECTOR	 	 
	 
	 	 	 	 
	 

Christopher Oddleifson

	 	 

«Name»
	 	 
	President and Chief Executive Officer

Its duly authorized representative	 	 

 

 

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 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 Company shall cause the Restricted Shares to be deposited in escrow in
accordance with this Agreement. The issuance of the Restricted Shares shall occur at the offices
of the Company or at such other place and time as the parties hereto 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, all of
which are hereby incorporated herein 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 (or a Committee of the Board of
Directors, 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 herein shall have the meanings assigned to them in the Plan, unless such terms
are otherwise specifically defined in this Agreement.

Section 2. Vesting Period and Acceleration

          (a) Vesting Period. The Restricted Shares shall vest at the end of the following
period: the lesser of (i) the fifth anniversary of the date on which the Restricted Shares were
granted or (ii) the date on which the Non-Employee Director ceases to be a director of the Company
or Rockland Trust Company (“Rockland”) for any reason other than removal from the Board for cause
(the “Vesting Period”)

          (b) Accelerated Vesting. If during the Vesting Period the Non-Employee Director
ceases to be a director of the Company or Rockland for any reason other than removal from the Board
for cause, the Restricted Shares shall immediately and fully vest in the Non-Employee Director or
his/her heirs.

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          (c) Accelerated Vesting In The Event of A Change In Control. The Restricted Shares
shall immediately and fully vest in the event of a “Change of Control” or a liquidation of the
Company during the Vesting Period. A “Change of Control” shall be deemed to have occurred if (i)
any “person” (as such term is defined in Section 13(d) of the Securities Exchange Act of 1934, as
amended) is or becomes the beneficial owner, directly or indirectly, of either (x) a majority of
the outstanding common stock of the Company or Rockland, or (y) securities of either the Company or
Rockland representing a majority of the combined voting power of the then outstanding voting
securities of either the Company or Rockland, respectively; or (ii) the Company or Rockland
consolidates or merges with any other person or sells all or substantially all of its assets to a
person not at such time owning a majority of the outstanding voting stock of the Company or (iii)
individuals who currently constitute the Board cease for any reason to constitute a majority of the
Board, unless the election of each new director was nominated or approved by the shareholders of
the Company at their regularly scheduled annual meeting or was approved by at least two thirds of
the directors of the Board currently in office.

          (d) Termination of Vesting Upon Removal from the Board for Cause. If the Non-Employee
Director is removed from the Board for cause during the Vesting Period, the Company may exercise
its Repurchase Right (as such term is defined below) during the ninety (90) day period following
the date on which the Non-Employee Director was removed from the Board for cause with respect to
any Restricted Shares that have not yet vested.

     Section 3. No Transfer or Assignment of Restricted Shares. The Non-Employee
Director shall not, without the prior written consent of the Company (which may be withheld in the
Company’s sole and absolute discretion), sell, dispose of, assign, encumber, pledge, gift or
otherwise transfer any of the Restricted Shares prior to vesting, other than (a) pursuant to a
qualified domestic relations order (as defined in SEC Rule 16b-3), (b) by will or the laws of
intestacy or (c) to any member of the Non-Employee Director’s Family (as such term is defined in
the Plan).

     Section 4. Repurchase Right.

          (a) Scope of Repurchase Right. All of the Restricted Shares shall, prior to the time
when they have vested, be subject to repurchase by the Company pursuant to this Agreement (the
“Repurchase Right”).

          (b) Removal from the Board for Cause as Condition Precedent To Exercise of Repurchase
Right. The Company may exercise its Repurchase Right with respect to any Restricted Shares
that have not yet vested only during the 90-day period following the date on which the Non-Employee
Director was removed from the Board for cause.

          (c) Lapse of Repurchase Right. The Repurchase Right shall exist only with respect to
the unvested Restricted Shares and shall lapse in accordance with the vesting schedule.

3

 

          (d) Repurchase Price. If the Non-Employee Director is removed from the Board for cause,
the Company may repurchase from the Non-Employee Director any of the unvested Restricted Shares for
the aggregate price of One Dollar ($1.00) (the “Repurchase Price”).

          (e) Exercise of Repurchase Right. The Company may exercise its Repurchase Right only
by timely written notice to the Non-Employee Director. The notice shall set forth the date on
which the repurchase is to be effected, which shall not be more than thirty (30) days after the
date of the notice. The certificate(s) representing the Restricted Shares to be repurchased shall,
prior to the close of business on the date specified for the repurchase, be delivered to the
Company properly endorsed for transfer free and clear of any encumbrances, restrictions, liens or
security interests thereon, except for the restrictions set forth in this Agreement and under
applicable securities laws. The Company shall, concurrently with the receipt of such
certificate(s), pay to the Non-Employee Director the Repurchase Price. Payment shall be made in
cash or cash equivalents or by canceling indebtedness of the Non-Employee Director to the Company.
The Repurchase Right shall terminate with respect to any Restricted Shares for which it has not
been timely exercised.

          (f) Escrow. Upon issuance, the certificate(s) for the Restricted Shares shall be
deposited by the Non-Employee Director with the Company, the Company’s stock transfer agent, and/or
the Company’s other agent, together with a stock power endorsed in blank to be held in escrow in
accordance with the provisions of this Agreement for the Vesting Period. Alternatively, if actual
certificates for the Restricted Shares are not issued the Company shall direct its stock transfer
agent to make entries in its records for the Restricted Shares to reflect that they are being held
in escrow for the Vesting Period All regular cash dividends on Restricted Shares shall be paid
directly to the Non-Employee Director and shall not be held in escrow during the Vesting Period.
Unvested Restricted Shares, however, may not be enrolled in the Company’s Automatic Dividend
Reinvestment and Common Stock Purchase Plan. The Non-Employee Director may exercise all voting
rights on the Restricted Shares while they are held in escrow during the Vesting Period. The
Restricted Shares shall be (i) surrendered to the Company for repurchase and cancellation upon the
Company’s timely exercise of its Repurchase Right or (ii) released to the Non-Employee Director
once the Vesting Period has lapsed and they are no longer Restricted Shares.

     Section 5. 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

4

 

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 President 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 hereto with regard to the subject matter hereof, and supersedes
any other agreements, representations, or understandings (whether oral or written and whether
express or implied) which relate to the subject matter hereof.

          (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) Termination of Rights as Stockholder. If the Company makes available, at the time
and place and in the amount and form provided in this Agreement, the consideration for the
Restricted Shares to be repurchased, then after such time the Non-Employee Director shall no longer
have any rights as a holder of such Restricted Shares (other than the right to receive payment of
such consideration in accordance with this Agreement). Any such Restricted Shares shall be deemed
to have been purchased in accordance with the applicable provisions of this Agreement, whether or
not the actual certificate(s) for the Restricted Shares have been delivered.

          (f) Remedies. The Non-Employee Director agrees that the Company will be irreparably
damaged if this Agreement is not specifically enforced. Upon a breach or threatened breach of the
terms, covenants, or conditions of this Agreement by the Non-Employee Director, the Company shall,
in addition to all other remedies available, be entitled to a temporary or permanent injunction or
other equitable relief against the Non-Employee Director, without showing any actual damage, and/or
a decree for specific enforcement in accordance with the provisions hereof.

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

          (h) 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
hereunder 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.

          (i) Counterparts. This Agreement may be executed in counterparts, including
counterparts by telecopier, each of which shall be deemed an original, but all of which when taken
together shall constitute one and the same instrument.

5

 

          (j) Section 83(b) Tax Election. The acquisition of the Restricted Shares may have
adverse tax consequences for the Non-Employee Director that may be avoided or mitigated by the
Non-Employee Director’s filing of an election under Section 83(b) of the Code. Under Section 83 of
the Code, the fair market value of the Restricted Shares on the date that any Forfeiture
Restrictions applicable to the Restricted Shares lapse will be reportable as ordinary income of the
Non-Employee Director. The term “Forfeiture Restrictions” means, for purposes of this Agreement,
either the lapse of the Vesting Period and the Company’s exercise of its Repurchase Right. The
Non-Employee Director may elect under Section 83(b) of the Code to be taxed as of the Effective
Date, rather than when and as such Restricted Shares cease to be subject to Forfeiture
Restrictions. A Section 83(b) election must be filed with the Internal Revenue Service within
thirty (30) days after the Effective Date.

     The form for making a Section 83(b) election is attached hereto. The Non-Employee Director
understands that a failure to make a Section 83(b) election within the thirty (30) day period will
result in the recognition of ordinary income when the Forfeiture Restrictions lapse.

     The Non-Employee Director should consult with his or her tax advisor to determine the tax
consequences of acquiring the Restricted Shares and the potential advantages and potential
disadvantages of filing the Section 83(b) election. The Non-Employee Director acknowledges that it
is his or her sole responsibility, and not that of the Company or any of its subsidiaries, to file
a timely election under Section 83(b).

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SECTION 83(b) ELECTION

     This statement is being made under Section 83(b) of the Internal Revenue Code of 1986, as
amended, pursuant to Treasury Regulations Section 1.83-2.

	(1)	 	The taxpayer is:
	 
	 	 	Name:

Address:

Taxpayer Ident. No.:

	 
	(2)	 	The property with respect to which the election is being made is                     shares
of the common stock of Independent Bank Corp.
	 
	(3)	 	The property was transferred to the taxpayer on                      .
	 
	(4)	 	The taxable year for which the election is being made is the calendar year                     .
	 
	(5)	 	The property is subject to a repurchase right pursuant to which the issuer has the right to
acquire the property if for any reason taxpayer’s service with the issuer terminates. The
issuer’s repurchase right will lapse over a five year period.
	 
	(6)	 	The fair market value at the time of transfer (determined without regard to any restriction
other than a restriction which by its terms will never lapse) is $                      per share.
	 
	(7)	 	The amount paid for the property is $0 per share.
	 
	(8)	 	A copy of this statement was furnished to Independent Bank Corp. for whom taxpayer rendered
the services underlying the transfer of property.
	 
	(9)	 	This statement is executed on                      .

	 	 	 	 	 
	 

Spouse (if any)

	 	 

Taxpayer
	 	 

This election must be filed with the Internal Revenue Service Center with which taxpayer files his
or her Federal income tax returns and must be made within 30 days after the date of the purchase.
This filing should be made by registered or certified mail, return receipt requested. Non-Employee
Director must furnish a copy of the completed form to the Company. The Non-Employee Director must
retain two copies of the completed form for filing with his or her Federal and state tax returns
for the current tax year and an additional copy for his or her records.

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