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Independent Bank Executive Compensation (FY25)

INDB · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jeffrey Tengel
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 19, 2026Latest filing (8-K): May 14, 2026
14 filings cited on this page
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308 figures on this page: 298 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on Independent Bank

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Tengel: $2,924,622 → $3,606,962 (23.3% higher)
Say-on-pay support: 91.8% → 94.3% (2.5 points higher)
CEO pay ratio: 39.3:1 → 49.8:1 (26.7% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Independent Bank's chief executive and what were they paid?
Jeffrey Tengel was paid $3,606,962 in total compensation as CEO and President for fiscal 2025. Tengel's total was 23.3% higher than the $2,924,622 reported for fiscal 2024.
What was Independent Bank's say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.3% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Independent Bank's peer group?
The disclosed peer group includes Atlantic Union Bankshares Corporation, Beacon Financial Corporation, Community Financial System, Inc., Customers Bancorp, Inc. and Eastern Bankshares, Inc., among others.
What is Independent Bank's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 49.8:1, against median employee compensation of $72,498.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Oddleifson
CEO
◇—◇—◇—◇◇
Robert Cozzone
Chief Operating Officer
◇—◇—◇—◇◇
Gerard Nadeau
President
◇—◇—◇—◇◇
Mark Ruggiero
CFO and Principal Accounting Officer
◇—◇—◇—◇◇
Barry Jensen
Chief Technology and Operations Officer
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Tengel
CEO and President
◇◇◇—◇—◇◇
Mark Ruggiero
CFO and EVP of Consumer Lending
◇—◇—◇—◇◇
James Rizzo
EVP and Chief Commercial Banking Officer
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Tengel
Chief Executive Officer and President of the Company
◇—◇—◇—◇◇
Gerard Nadeau
President of Rockland Trust
◇—◇—◇—◇◇
Mark Ruggiero
Chief Financial Officer of the Company and of Rockland Trust and Executive Vice President, Consumer Lending of Rockland Trust
◇—◇—◇—◇◇
Dawn Mugford
Former Chief Risk Officer
Departed during or after this year
◇—◇———◇◇
Lee Powlus
Executive Vice President Chief Technology and Operations Officer of Rockland Trust
◇—◇—◇—◇◇
Patricia Natale
Executive Vice President General Counsel and Corporate Secretary of the Company and of Rockland Trust
◇—◇—◇—◇◇
James Rizzo
EVP and Chief Commercial Banking Officer
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Tengel
CEO and President
◇—◇—◇—◇◇
Mark Ruggiero
CFO and EVP of Consumer Lending
◇—◇—◇—◇◇
Lee Powlus
EVP and Chief Administrative Officer
◇—◇—◇—◇◇
Patricia Natale
EVP and General Counsel and Corporate Secretary
◇—◇—◇—◇◇
James Rizzo
EVP and Chief Commercial Banking Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
James RizzoPSU◇◇◇—◇—◇
James RizzoRSU◇——◇——◇
Jeffrey TengelRSU◇——◇——◇
Jeffrey TengelPSU◇◇◇—◇—◇
Lee PowlusRSU◇——◇——◇
Lee PowlusPSU◇◇◇—◇—◇
Mark RuggieroPSU◇◇◇—◇—◇
Mark RuggieroRSU◇——◇——◇
Patricia NatalePSU◇◇◇—◇—◇
Patricia NataleRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
James RizzoRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Mark RuggieroRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Jeffrey TengelRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Lee PowlusRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Patricia NataleRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Jeffrey Tengel
CEO and President · Employment agreement
Severance multiple◇
Severance base◇
Change-in-control multiple◇
Non-compete period◇
Non-solicit period◇
Mark Ruggiero
CFO and EVP of Consumer Lending · Employment agreement
Severance multiple◇
Severance base◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael P. Hogan
Board chair
◇◇————◇
Donna L. Abelli
◇◇————◇
Eileen C. Miskell
◇◇————◇
John J. Morrissey
◇◇————◇
Daniel F. O'Brien
◇◇————◇
Thomas R. Venables
◇◇————◇
Mary L. Lentz
◇◇————◇
James O. Morton
◇◇————◇
Susan Perry O'Day
◇◇————◇
Scott K. Smith
◇◇————◇
Dawn Perry
◇◇————◇
Leif O'Leary
◇◇————◇
Gerard F. Nadeau
◇◇————◇
Joseph C. Lerner
◇◇————◇
Kenneth S. Ansin
◇◇————◇
Aparna Ramesh
◇◇————◇
Jeffrey J. Tengel served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Atlantic Union Bankshares Corporation AUB
  • Beacon Financial Corporation BBT
  • Community Financial System, Inc. CBU
  • Customers Bancorp, Inc. CUBI
  • Eastern Bankshares, Inc. EBC
  • First Financial Bancorp. FFBC
  • Fulton Financial Corporation FULT
  • Northwest Bancshares, Inc. NWBI
  • OceanFirst Financial Corp. OCFC
  • Provident Financial Services, Inc. PFS
  • Sandy Spring Bancorp, Inc. SASR
  • United Bankshares, Inc. UBSI
  • WSFS Financial Corporation WSFS

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 18, 2023=◇◇◇
2021May 19, 2022=◇◇◇
2020May 20, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 17, 2018=◇◇◇
2016May 18, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Tengel (CEO and President), FY2025 total compensation $3,606,962 (base salary $1,097,385) [exec_comp, SEC accession 0000776901-26-000079, filed 2026-03-26]

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What this page does not include

Everything above is a fact Independent Bank disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Independent Bank sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
308 figures on this page: 298 cited to the filing that reported them, 10 calculated from figures it prints.
298 cited to the filing
10 calculated from the filing

Documents cited

  1. 0000776901-26-000107
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0000776901-26-000079
    CEO Pay Ratio · Director Compensation · Director Compensation Table · Grants of Plan-Based Awards · and 4 more sections
  3. 0000776901-25-000153
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0000776901-25-000123
    Summary Compensation Table
  5. 0000776901-24-000109
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0000776901-24-000099
    Summary Compensation Table
  7. 0000776901-23-000134
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0000776901-23-000111
    Summary Compensation Table
  9. 0000776901-22-000099
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0000776901-21-000182
    28,908,401 439,497 21,142 0 (3) Proposal to approve, on an advisory basis, the compensation of our named executive officers.
  11. 0000776901-20-000119
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0000776901-19-000157
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0000776901-18-000132
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0000776901-17-000150
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Independent Bank executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/INDB (accessed 2026).
Short form: data: Velarion

The paid brief for Independent Bank

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
14 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Peers Independent Bank discloses

The companies named in INDB's own disclosed peer group.

Atlantic Union Bankshares CorporationBeacon Financial CorporationCommunity Financial System, Inc.Customers Bancorp, Inc.Eastern Bankshares, Inc.First Financial Bancorp.Fulton Financial CorporationNorthwest Bancshares, Inc.OceanFirst Financial Corp.Provident Financial Services, Inc.Sandy Spring Bancorp, Inc.United Bankshares, Inc.WSFS Financial Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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