Unity Bancorp Enhances Severance Terms for Executive

The latest update is out from Unity Bancorp (UNTY).

Unity Bank has updated its agreement with James Donovan, their Chief Lending Officer, guaranteeing him severance benefits if he’s terminated within a year of a company takeover or a significant acquisition. The severance includes a year’s salary, the previous year’s bonus, and continued health benefits, with provisions for stock option vesting. These payouts are capped to avoid excessive golden parachute payments as per tax regulations.

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