secwatch.observer — SEC 8-K summary
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Issuer:     UNITY BANCORP INC /NJ/ (UNTY)
CIK:        0000920427
Form:       8-K
Filed at:   2024-08-07T23:59:59+00:00
Accession:  0000920427-24-000068
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/920427/000092042724000068/0000920427-24-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/920427/000092042724000068/unty-20240807x8k.htm
  HTML page:      https://secwatch.observer/filing/0000920427-24-000068

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