Form 4: Unity Bancorp Director Wayne Courtright Reports Stock Grant and Option Holdings
SEC Form 4
Director Wayne Courtright reports receiving restricted stock and holding stock options in Unity Bancorp.
Summary
- Wayne Courtright, a director of Unity Bancorp, filed a Form 4 detailing changes in his beneficial ownership.
- On January 27, 2025, Courtright was granted 1,600 restricted shares of Unity Bancorp stock under the 2023 Equity Compensation Plan.
- These shares vest in four annual installments of 400 shares each, starting January 27, 2026, and continuing through January 27, 2029.
- Courtright also holds 16,800 stock options, which are currently exercisable.
- He directly owns 116,796 shares of common stock held across multiple brokerage accounts.
- Additionally, he holds 4,875 shares in an account at Computershare with upcoming vesting dates.
- Following these transactions, Courtright's total beneficial ownership in Unity Bancorp is 138,471 shares.
Sentiment
Score: 5
Explanation: The document is a neutral regulatory filing detailing stock ownership. It doesn't inherently convey positive or negative sentiment.
Industry Context
This filing is a routine disclosure of insider transactions, providing transparency to investors regarding the holdings of company directors. It's common for directors to receive stock options and restricted stock as part of their compensation packages.
Comparison to Industry Standards
- Director compensation packages, including stock options and restricted stock grants, are standard practice in the banking industry.
- The vesting schedules and amounts are generally aligned with industry norms to incentivize long-term performance and retention.
- Comparable companies such as OceanFirst Financial Corp. and Fulton Financial Corporation also utilize equity-based compensation for their directors.
Stakeholder Impact
- The disclosure provides transparency to shareholders regarding director ownership.
- The equity compensation plan aligns director interests with those of shareholders.
Key Dates
| Date | Description |
|---|---|
| 01/27/2025 | Date of transaction: Grant of restricted stock. |
| 01/27/2025 | Date of report. |
| 01/27/2026 | First vesting date for restricted stock (400 shares). |
| 01/27/2027 | Second vesting date for restricted stock (400 shares). |
| 01/27/2028 | Third vesting date for restricted stock (400 shares). |
| 01/27/2029 | Final vesting date for restricted stock (400 shares). |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.