---
schema_version: "secwatch.filing_event.v1"
accession: "0000920427-24-000068"
form_type: "8-K"
ticker: "UNTY"
cik: "0000920427"
company_name: "UNITY BANCORP INC /NJ/"
filed_at: "2024-08-07T23:59:59+00:00"
generated_at: "2026-05-31T12:03:00.848126+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000920427-24-000068
- form_type: 8-K
- ticker: UNTY
- cik: 0000920427
- company_name: UNITY BANCORP INC /NJ/
- filed_at: 2024-08-07T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/920427/000092042724000068/0000920427-24-000068-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/920427/000092042724000068/unty-20240807x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000920427-24-000068
- JSON: https://secwatch.observer/filing/0000920427-24-000068.json
- Plain text: https://secwatch.observer/filing/0000920427-24-000068.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.