Unity Bancorp enters new change-in-control agreement with Chief Lending Officer Donovan

UNITY BANCORP INC /NJ/

Agreement dated Aug 5, 2024 supersedes prior May 2023 CIC agreement for James Donovan, First SVP and Chief Lending Officer.
Severance: 12 months base salary plus prior year cash bonus/commission if terminated within 12 months of a change in control.
Also triggered by a significant acquisition where Unity issues ≥35% voting shares; similar severance and benefit continuation for 12 months.
Unvested stock options and awards accelerate vesting upon change in control or termination after significant acquisition.
Payments subject to 280G cap (2.99x base amount); executive must sign release to receive benefits.

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