SEC Contract Filing

Filing Date: 2019-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>exhibit103-formofindem.htm
<DESCRIPTION>FORM OF INDEMNIFICATION AGREEMENT BETWEEN INDB AND CERTAIN DIRECTORS
<TEXT>
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 <title>Exhibit</title>
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<div><a name="s5a47ddb2bf02457d990aeaac1eff4bcf"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.3</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">INDEMNIFICATION AGREEMENT</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Indemnification Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is made and effective as November 15, 2018 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) between Independent Bank Corp. (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Director</font><font style="font-family:inherit;font-size:12pt;">&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the promises, terms, and conditions set forth, the sufficiency of which is acknowledged, the Company and the Director agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">If it is determined that the Company&#8217;s Deferred Compensation Program (Restated as Amended as of December 1, 2000) for non-employee directors (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Program</font><font style="font-family:inherit;font-size:12pt;">&#8221;), or any payment or distribution to the Director pursuant to the Program, does not comply with Section&#160;409A of the Internal Revenue Code (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Code</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and that such noncompliance causes the Director to incur additional taxes under Section 409A and interest and/or penalties (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">409A Tax</font><font style="font-family:inherit;font-size:12pt;">&#8221;), then the Company shall make any payments to the Director (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Payments</font><font style="font-family:inherit;font-size:12pt;">&#8221;) that are necessary to provide the Director with the funds to pay the 409A Tax and any reasonable </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">legal</font><font style="font-family:inherit;font-size:12pt;">&#32;and </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">accounting</font><font style="font-family:inherit;font-size:12pt;">&#32;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. </font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td