Jeffrey Tengel compensation by year
INDEPENDENT BANK Summary Compensation Table · all 3 fiscal years held| Component | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Salary | $903,846 | $1,021,923 | $1,097,385 |
| Bonus | $1,620,000 | $0 | $0 |
| Stock awards | $2,008,786 | $851,509 | $1,094,318 |
| Option awards | $0 | $0 | $0 |
| Non-equity incentive | $547,826 | $850,986 | $1,123,669 |
| Pension and deferred compensation | $0 | $0 | $0 |
| All other | $132,767 | $200,204 | $291,590 |
| Total | $5,213,225 | $2,924,622 | $3,606,962 |
Each year as stated in that year's proxy. A dash means the company reported no figure in that column. Source: INDEPENDENT BANK CORP DEF 14A filed March 26, 2026, accession 0000776901-26-000079, and prior-year filings. Open the filing on EDGAR.
How this page was built: the INDEPENDENT BANK CORP filed document, accession 0000776901-26-000079. Every figure is read from that document and cited to the page and table it appears in. Filed March 26, 2026.
Equity holdings
unvested awards at FY2025 year-end| Type | Unvested units | Value at year-end | Exercise price |
|---|---|---|---|
| RSU | 12,900 | $942,732 | — |
| RSU | 12,700 | $928,116 | — |
| RSU | 9,550 | $697,914 | — |
| RSU | 7,385 | $539,696 | — |
| RSU | 6,467 | $472,608 | — |
| RSU | 4,656 | $344,556 | — |
| RSU | 2,517 | $183,942 | — |
Per the Outstanding Equity Awards at Fiscal Year-End table in INDEPENDENT BANK CORP's FY2025 proxy; value at the fiscal year-end close, as the company printed it.
Change-in-control & termination
estimated payments INDEPENDENT BANK discloses, by trigger · FY2025| Trigger | Cash severance | Accelerated equity | Benefits continuation | Total as disclosed |
|---|---|---|---|---|
| Change in control and involuntary termination | $4,379,538 | $4,503,117 | $99,574 | $8,495,833 |
| Involuntary for cause | $0 | $0 | $0 | $0 |
| Involuntary termination without cause | $1,599,150 | $2,279,511 | $25,068 | $3,903,729 |
| Disability | $0 | $2,279,511 | $0 | $2,279,511 |
| Death | $0 | $2,279,511 | $0 | $2,279,511 |
Per the Potential Payments Upon Termination or Change in Control table in INDEPENDENT BANK CORP's FY2025 proxy. Estimates as the company printed them; a dash means it printed no figure.
INDEPENDENT BANK’s named executive officers, FY2025
as the company reported each| Named executive officer | Role | FY2025 total |
|---|---|---|
| Jeffrey Tengel · this page | CEO and President | $3,606,962 |
| Mark Ruggiero | CFO and EVP of Consumer Lending | $1,705,141 |
| Lee Powlus | EVP and Chief Administrative Officer | $1,183,310 |
| Patricia Natale | EVP and General Counsel and Corporate Secretary | $1,132,534 |
| James Rizzo | EVP and Chief Commercial Banking Officer | $1,127,205 |
Board service
INDEPENDENT BANK board · FY2022–FY2025How this board is paid
Company policy: INDEPENDENT BANK pays directors a $65,000 cash retainer and $60,060 in equity. As stated in INDEPENDENT BANK's FY2025 proxy.
The full INDEPENDENT BANK compensation record
free company briefThis page is one person within INDEPENDENT BANK's record. The company brief lists every named executive, each linking to their own page.
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How this record is built
Every figure on this page is one figure from a public SEC filing, printed as the filing states it and cited to the document. Compensation totals are INDEPENDENT BANK's own disclosed totals, not summed by Velarion. Insider transactions are read from Form 4 filings and cover every line filed since the most recent proxy. Nothing is estimated by Velarion; where the company does not disclose a value the cell reads "—", and a section appears only where the company discloses the data. Corrections: records@velarion.ai.
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