Form 4: Unity Bancorp Director Maricondo Receives Equity Grant
Insider Transaction Report
Unity Bancorp Director Peter E. Maricondo received a grant of 1,200 restricted shares, increasing his total beneficial ownership to 67,213 shares.
Summary
- Director Peter E. Maricondo of Unity Bancorp Inc. (UNTY) was granted 1,200 restricted shares on January 27, 2026, from the 2023 Equity Compensation Plan.
- These 1,200 restricted shares will vest over four years, with 300 shares vesting annually on January 27, starting in 2027 and concluding in 2030.
- Maricondo beneficially owns an additional 4,000 restricted shares held at Computershare with upcoming vesting dates.
- He also holds 44,813 shares of common stock, comprising 42,684 shares at Shareworks and 2,129 shares in a brokerage account.
- Maricondo possesses 18,400 stock options, all of which are currently exercisable.
- His total beneficial ownership in Unity Bancorp Inc. is 67,213 shares.
Sentiment
Score: 6
Explanation: The filing reports a routine equity grant to a director, which is a positive for aligning management interests with shareholders but does not indicate significant operational or financial news for the company.
Positives
- The grant of 1,200 restricted shares to Director Peter E. Maricondo aligns his interests further with shareholders.
- Maricondo's significant beneficial ownership, totaling 67,213 shares, demonstrates a strong vested interest in the company's performance.
Future Outlook
The 1,200 restricted shares granted to Director Maricondo are scheduled to vest in equal annual installments of 300 shares over the next four years, commencing January 27, 2027.
Industry Context
The grant of restricted stock to a director is a standard practice in the banking industry for executive and director compensation, aiming to align leadership's long-term interests with those of shareholders.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Equity Compensation Plan Utilization | The grant of 1,200 restricted shares was made under the company's 2023 Equity Compensation Plan, indicating ongoing use of approved incentive programs. | 01/27/2026 | Reinforces the company's strategy to use equity-based compensation to incentivize and retain key personnel, aligning their performance with shareholder value. |
Stakeholder Impact
- Shareholders: The grant of restricted stock to a director typically enhances alignment between management and shareholder interests, as the director's compensation becomes more tied to the company's stock performance.
Next Steps
- Vesting of 300 restricted shares on January 27, 2027.
- Vesting of 300 restricted shares on January 27, 2028.
- Vesting of 300 restricted shares on January 27, 2029.
- Vesting of 300 restricted shares on January 27, 2030.
Key Dates
| Date | Description |
|---|---|
| 01/27/2026 | Date of restricted stock grant to Director Peter E. Maricondo. |
| 01/27/2027 | First vesting date for 300 restricted shares from the 1,200 share grant. |
| 01/27/2028 | Second vesting date for 300 restricted shares from the 1,200 share grant. |
| 01/27/2029 | Third vesting date for 300 restricted shares from the 1,200 share grant. |
| 01/27/2030 | Fourth and final vesting date for 300 restricted shares from the 1,200 share grant. |
Keywords
Unity Bancorp, UNTY, Form 4, Insider Transaction, Restricted Stock, Equity Compensation, Director Compensation, Stock Options
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