James White
About James White
James White, age 61, is Executive Vice President and Chief Administrative Officer (CAO) of Needham Bank, overseeing technology, operations, and innovation (including digital, cybersecurity/fraud, customer care centers, data, and facilities) . He joined Needham Bank in February 2018 as SVP, Director of Retail Banking and was promoted to EVP & CAO in July 2020 . Company performance post-IPO provides context for his tenure: share price +43.3%, Operating EPS +78.3%, Operating ROAA +28.3%, NIM +7.5% YTD, assets +16.7%, deposits +14.8% (IPO to Q3’25) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Needham Bank | SVP, Director of Retail Banking | Feb 2018–Jul 2020 | Role focused on retail banking; foundation for later operations/technology oversight |
| Needham Bank | EVP & Chief Administrative Officer | Jul 2020–Present | Oversees technology, operations, innovation, digital, cybersecurity/fraud, customer care centers, data, facilities |
External Roles
No external board or industry roles for James White were disclosed in the 2024 or 2025 proxy statements .
Fixed Compensation
| Item | 2024/2025 Disclosure | Notes |
|---|---|---|
| Base salary ($) | Not disclosed (James White is not a named executive officer) | NEOs in 2025: Campanelli, Rinaldi, Lapointe; White not in SCT |
| Target bonus (%) | Not disclosed | Bonus policy exists but individual targets for White not disclosed |
| Actual bonus ($) | Not disclosed | — |
| Personal benefit allowance | Not disclosed | CEO/COO allowances disclosed; no White disclosure |
| Deferred compensation | Not disclosed | Plan exists; individual elections not disclosed |
| Perquisites | Not disclosed | — |
Performance Compensation
Short-Term Bonus Policy (Management Employees)
| Element | Policy Detail | Applicability |
|---|---|---|
| Governance | CEO and COO recommend bonuses for management; Comp Committee sets CEO/COO bonuses | Applies firm-wide; individual specifics for White not disclosed |
| Basis | Targeted % of base salary; primary driver is individual performance; discretion retained | White’s targets/amounts not disclosed |
| Metrics | Individual/role performance; no fixed weighting disclosed | Not disclosed for White |
Long-Term Incentive Plan (LTIP)
| Feature | Detail | Vesting/Acceleration |
|---|---|---|
| Award basis | Annual awards post-year-end based on employee performance; earnings credited based on tangible book value appreciation | Typical cliff vest after 3 years; payouts within 75 days of vesting |
| Early vesting | Death/disability, involuntary separation, change in control (LTIP-defined); retirement at 65 with ≥10 years service | As specified in participant grant agreements |
| Individual specifics | Metrics, targets, amounts, vesting schedules are participant-specific and not disclosed for White | Not disclosed for White |
2025 Equity Incentive Plan Features (Approved April 23, 2025)
| Plan Feature | Design |
|---|---|
| Minimum vesting | ≥1 year; up to 5% of awards may be <1 year; accelerated vesting for death, disability, or involuntary termination without cause/resignation for good reason upon change in control |
| Performance goals | May be established by Compensation Committee |
| Repricing | Prohibited; no cash buyouts of underwater options without shareholder approval |
| Dividends | No dividends on restricted stock or dividend equivalents on RSUs until vesting; none on options |
| CIC features | Double-trigger vesting upon CIC plus qualifying termination unless awards are assumed; explicit CIC definition provided |
| Hedging/pledging/clawback | Awards subject to clawback; insider trading restrictions; hedging/pledging policy applies |
Equity Ownership & Alignment
| Item | Status/Policy | Evidence |
|---|---|---|
| Total beneficial ownership (shares) | Not disclosed for James White in principal holders tables | 2025 table lists directors/NEOs; White not listed |
| Ownership % of outstanding | Not disclosed for James White | — |
| Vested vs unvested shares | Not disclosed | — |
| Options (exercisable/unexercisable) | Not disclosed; company did not grant stock options to executive officers in 2024 | |
| Hedging | Prohibited for directors/executives (options, derivatives, hedging/monetization) | |
| Pledging | Generally prohibited; Board may approve third‑party loan pledges case‑by‑case; no exceptions approved to date | |
| Clawback | Mandatory recoupment of erroneously awarded incentive-based comp upon accounting restatement per SEC/Nasdaq rules | |
| Ownership guidelines | NEOs must hold shares: CEO 5x salary, other NEOs 3x salary; 5-year compliance horizon; 1-year holding period for 50% of vested shares until compliant | White is not disclosed as a NEO in SCT |
| Section 16 compliance | Late filers disclosed (Jackson, Ayoub, Lapointe, Evangelista); James White not listed among late filers for 2024 |
Employment Terms
| Provision | James White Disclosure | Company/Plan Context |
|---|---|---|
| Employment agreement term | Not disclosed | CEO/COO employment agreements detailed; no reference to White |
| Severance (non‑CIC) | Not disclosed | CEO/COO severance multiples disclosed; not applicable to White absent disclosure |
| Change‑in‑control | Not disclosed for White | Equity Plan requires double-trigger vesting; CIC definition enumerated |
| Accelerated vesting | Not disclosed for White | Equity Plan: acceleration for death/disability; double-trigger CIC unless awards assumed |
| Non‑compete / non‑solicit | Not disclosed | — |
| Clawback / recoupment | Company-wide policy applies to executive officers | |
| Hedging/pledging restrictions | Company-wide policy applies to executive officers; no pledge exceptions approved | |
| Insider trading policy | Formal policy filed as Exhibit 19 to 10‑K | |
| Tax gross‑ups | Not disclosed for White | — |
Performance Context (Company-level, post‑IPO)
| Metric | Period/Definition | Result |
|---|---|---|
| Share Price | IPO to Q3’25 | +43.3% |
| Operating EPS | IPO to Q3’25 | +78.3% |
| Operating ROAA | IPO to Q3’25 | +28.3% |
| Net Interest Margin (NIM) | YTD vs IPO | +7.5% |
| Asset Growth | IPO to Q3’25 | +16.7% |
| Deposit Growth | IPO to Q3’25 | +14.8% |
Investment Implications
- Alignment signals are strong at the policy level: anti‑hedging/pledging, mandatory clawback, and double‑trigger CIC vesting under the 2025 Equity Plan reduce agency risk and opportunistic trading/pledging—no pledge exceptions have been approved to date .
- Pay‑for‑performance transparency is limited for White: he is not a named executive officer in the SCT, so base salary, bonus targets/actuals, and grant specifics are not disclosed; LTIP mechanics are performance‑linked with 3‑year cliff vesting and TBV‑based earnings, which fosters retention but without participant‑level detail it’s hard to calibrate sensitivity to operating metrics .
- Retention risk appears moderate given firm‑wide long‑term incentives and double‑trigger CIC protections; however, absence of disclosed individual severance/change‑in‑control terms for White means potential exit economics are unclear—monitor future proxy detail or Form 8‑K Item 5.02 filings for any updates .
- Execution impact: as EVP & CAO overseeing technology/operations/cyber, White’s role is critical to efficiency and risk control; company operating metrics post‑IPO (EPS, ROAA, NIM gains) underscore effective execution environment, though attribution to an individual executive is not disclosed .