Kevin Henkin
About Kevin Henkin
Kevin Henkin, age 55, is Executive Vice President and Chief Credit Officer (CCO) of Needham Bank, a role he has held since April 2018, with primary responsibility for the credit risk management framework across lending operations . He brings 30+ years of banking experience, including three years running a bank consulting firm performing external loan reviews, stress testing, and due diligence . Company performance context during his tenure (FY 2023–FY 2024) is shown below; specific TSR and EBITDA for the period were not disclosed in company documents.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | $11.90M* | $11.53M* |
| Net Income ($USD) | $9.83M* | $42.15M* |
| *Values retrieved from S&P Global. |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Needham Bank | EVP & Chief Credit Officer | Apr 2018–present | Leads credit risk management framework over lending; integral to loan review and credit oversight through cycles . |
| Bank consulting firm (unnamed) | Principal/Consultant | 3 years (dates not disclosed) | Conducted external loan reviews, stress testing, and due diligence for financial institutions . |
| Various financial institutions (unnamed) | Senior credit/risk roles | Not disclosed | Built broad credit risk expertise prior to Needham Bank . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No external directorships or industry committee roles were disclosed for Henkin in company filings . |
Fixed Compensation
No Henkin-specific base salary, target bonus %, or actual bonus paid were disclosed in the DEF 14A. Management employees’ bonuses are determined under an informal policy using targeted % of base salary, with discretion by the CEO/COO and Compensation Committee, primarily driven by individual performance .
| Element | 2024 Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed | Executive-specific salary disclosed only for certain NEOs (CEO/COO), not CCO . |
| Target Bonus % | Not disclosed | Bonuses for management employees set via targeted % of base salary under informal policy . |
| Actual Bonus Paid | Not disclosed | Discretionary determinations based on individual performance . |
| Perquisites | Not disclosed | Perquisite details shown for some NEOs; no Henkin-specific disclosure . |
Performance Compensation
Needham sponsors a Long-Term Incentive Plan (LTIP) for a select group of management/highly compensated employees, including named executive officers; awards are granted post-year-end and vest typically over three years, with payout equal to original award plus appreciation of Needham Bank’s tangible book value. Awards may accelerate on change in control, death/disability, or involuntary separation; participants may defer awards per plan rules . Beginning in 2025, a formula-based short-term incentive plan will be used to tie short-term incentives to Company performance (executives determined by the Compensation Committee) .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| LTIP (Tangible Book Value appreciation credit) | Not disclosed | Not disclosed | Not disclosed | Paid within 75 days of vest; deferral permitted | Typically 3-year; accelerates on certain events . |
| 2025 Short-term incentive (formula-based) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Annual plan; design implemented beginning 2025 . |
Note: No Henkin-specific targets, actuals, or payouts were disclosed.
Equity Ownership & Alignment
Director/exec anti-hedging policy prohibits options/derivative hedging, monetization, and similar transactions on Company stock; insider trading policy generally prohibits pledging and margin accounts. Board may approve pledge exceptions for non‑margin loans only where borrower can clearly repay without resorting to pledged securities; no such exceptions were approved . Management stock ownership guidelines effective January 2025 require CEO at 5x base salary and other NEOs at 3x base salary, with a one-year holding period for 50% of vested shares until thresholds met; unvested time-based restricted shares count toward guidelines, performance-based awards/options do not until shares are issued . Henkin’s beneficial ownership and compliance status were not disclosed in the principal holders tables for 2024/2025 .
| Alignment Factor | Disclosure | Detail |
|---|---|---|
| Beneficial ownership (shares) | Not disclosed | Henkin not shown in principal holders tables; percent of outstanding not available . |
| Pledging | Prohibited (no exceptions approved) | Anti-pledging policy; Board has not approved pledge exceptions . |
| Hedging | Prohibited | Anti-hedging policy for directors/executives . |
| Ownership guidelines | 3x base salary for non-CEO NEOs | One-year holding period for 50% of vested shares until met . |
| Compliance status | Not disclosed | No Henkin-specific compliance disclosure . |
Employment Terms
No Henkin employment agreement or severance terms were disclosed. Change-in-control provisions exist within the 2025 Equity Incentive Plan, under which outstanding awards become fully vested if the successor does not assume the awards; “Change in Control” defined to include specified ownership, board, merger, asset sale, or tender offer events . Separate employment agreements and change‑in‑control severance terms were disclosed for CEO/COO (e.g., 1.5x salary + target bonus on double‑trigger CIC, COBRA reimbursement up to 18 months, and 280G cutback for tax efficiency) but not for Henkin .
| Term | Disclosure | Detail |
|---|---|---|
| Start date / Tenure | Disclosed | EVP & CCO since April 2018 . |
| Employment agreement | Not disclosed | CEO/COO agreements detailed; none for Henkin . |
| Severance | Not disclosed | CIC severance terms shown for certain execs; Henkin terms not disclosed . |
| Change-of-control (equity) | Plan-level | Awards vest if not assumed by successor; CIC defined in plan . |
| Non-compete / Non-solicit | Not disclosed | No Henkin-specific restrictive covenant disclosures. |
| Clawback | Company policy | Complies with SEC Rule 10D‑1 and Nasdaq 5608; recoup erroneously awarded incentive comp on restatement . |
Performance & Track Record
- Role and execution: Henkin has led credit risk management as EVP & CCO since 2018 and is cited as part of a senior team with merger integration experience; his background includes acquired credit assessments, external loan review, and stress testing .
- Company performance context: FY 2024 net income increased versus FY 2023; revenue stable. Specific attribution to Henkin not disclosed; TSR/segment performance metrics were not provided in filings for this analysis window (see About section table).*
*Revenue and net income values retrieved from S&P Global.
Vesting Schedules and Insider Selling Pressure
- LTIP vesting typically occurs over three years, with payouts including tangible book value appreciation; awards may accelerate on CIC, death/disability, or involuntary separation, and participants may defer . This cadence can create periodic vesting-related liquidity events, but there were no Henkin-specific award sizes or upcoming vesting dates disclosed.
- Options: The Company did not grant options to executive officers during 2024 . As of March 2025, the 2025 Equity Plan was approved with best-practice features; initial awards to non-employee directors will self‑execute post‑approval, but no Henkin-specific grants were disclosed .
- Insider trading: Section 16(a) delinquent filers for 2024 did not include Henkin; late filings were noted for other individuals, with subsequent Form 4s filed . No Henkin Form 4 activity was disclosed in the reviewed documents.
Compensation Structure Analysis
- Shift toward formula-based short-term incentives beginning 2025 aligns management pay more tightly with performance and risk controls .
- LTIP uses tangible book value appreciation credit, which emphasizes balance sheet quality and long-term value creation rather than purely price-based metrics; vesting and acceleration terms are defined, reducing ambiguity .
- Clawback policy aligned with SEC/Nasdaq standards mitigates restatement risk and promotes pay discipline .
- Lack of CCO-specific disclosure creates opacity on Henkin’s cash/equity mix, targets, and realized pay—limiting pay‑for‑performance assessment relative to NEOs .
Investment Implications
- Alignment and risk: Anti-hedging/anti-pledging policies, ownership guidelines, and clawback provisions signal good governance and alignment; absence of pledge exceptions reduces forced‑sale risk in stress scenarios .
- Retention/transition: Tenure since 2018 and role in credit oversight suggest continuity; however, undisclosed severance/CIC terms for Henkin make retention economics opaque compared to CEO/COO .
- Selling pressure: No options in 2024 and no disclosed Henkin equity grants under the 2025 plan imply limited near‑term option‑related selling pressure; LTIP’s 3‑year vest cycle may create periodic cash payouts, but award specifics and dates are not disclosed .
- Execution risk: Henkin’s background in credit review and stress testing is constructive for integration and portfolio credit discipline; performance attribution to CCO is inherently indirect, and lack of individual performance metrics (e.g., criticized/classified asset trends tied to incentives) limits predictive pay‑signals .
All claims sourced to company filings unless noted; financial values marked with an asterisk were retrieved from S&P Global. Citations: .