Form 4: Unity Bancorp CEO James A. Hughes Reports Stock Transaction

James A. Hughes, President and CEO of Unity Bancorp, reports the withholding of 809 restricted shares to cover tax liability and updates beneficial ownership.

Summary

• On August 31, 2024, James A. Hughes, the President and CEO of Unity Bancorp, reported a transaction involving restricted stock.
• 809 shares of restricted stock were withheld at a price of $33.93 per share to cover tax liabilities related to the vesting of 2,000 restricted shares.
• Following the transaction, Hughes directly owns 45,824 restricted shares, 148,670 common shares, and has rights to buy 111,000 shares through stock options.
• His total beneficial ownership is 305,494 shares.
• The reported holdings include shares held in various accounts such as Computershare, Shareworks, street name, and a 401K plan.

Sentiment

Score: 5

Explanation: This is a neutral regulatory filing, reflecting standard insider trading activity. It doesn't inherently indicate positive or negative sentiment about the company's prospects.

Industry Context

This filing is a routine disclosure required by the SEC for corporate insiders, providing transparency into their stock transactions and ownership positions in the company.

Comparison to Industry Standards

• Form 4 filings are standard practice for executives at publicly traded companies like Unity Bancorp, similar to filings made by executives at comparible companies such as Bank of America or JP Morgan Chase.
• The level of detail provided in this filing is consistent with SEC requirements and industry norms for insider transaction reporting.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it involves the withholding of shares for tax purposes, which is a common practice.
• The filing provides transparency to stakeholders regarding the executive's stock ownership.

Key Dates