Paul Evangelista

About Paul Evangelista

Paul Evangelista, age 61, serves as Executive Vice President at Needham Bank (NB Bancorp) and was Executive Vice President – Director of the Specialized Banking Center since April 2022, with primary responsibility for cannabis and money service businesses; later referenced as EVP & Director of Specialized Banking and subsequently EVP & Director of Consumer Payments across investor materials . He consulted to Eastern Bank from Dec 2021–Mar 2022 following the sale of Century Bank (where he had been Executive Vice President since Dec 1999) to Eastern Bank in Nov 2021 . During NB Bancorp’s recent performance period, the company reported Operating Net Income of $45.5m in 2024 vs $34.3m in 2023 and GAAP Net Income of $42.1m vs $9.8m, alongside Net Interest Income growth of 22.4% YoY, providing a constructive backdrop for pay-for-performance frameworks . Management highlighted a post-IPO share price increase of +43.3% by Q3’25, further informing alignment analysis .

Past Roles

External Roles

• None disclosed in NB Bancorp’s 2025 proxy or current SEC filings for Evangelista .

Fixed Compensation

• Base salary, target bonus %, and actual bonus paid: Not disclosed for Evangelista; NB Bancorp’s 2025 proxy provides NEO compensation (CEO, COO, CFO) only .
• Perquisites: Personal benefit allowances disclosed for certain NEOs (e.g., $34,000 CEO; $24,000 COO) but not for Evangelista .
• Pension/Deferred programs: Bank-level plans (401(k), ESOP, Nonqualified Deferred Compensation) are described broadly; participant specifics for Evangelista are not disclosed .

Performance Compensation

• Short-term incentives: Beginning in 2025, NB Bancorp is implementing a formula-based short-term incentive plan for CEO and other executives as determined, tying payouts to Company performance while avoiding outsized risk-taking .
• Long-term incentives (pre-Equity Plan): Needham Bank’s LTIP awards vest typically after 3 years with appreciation credited to tangible book value; early vesting on change in control, death, disability, or certain separations. Individual award data for Evangelista is not disclosed .
• Equity Incentives (2025 Equity Plan pending stockholder approval):
  • Minimum one-year vesting for awards; double-trigger vesting upon change in control (plus termination for “good reason” or if awards are not assumed), with performance awards settling at greater of target or actual through most recent quarter .
  • Plan share pool sized at 14% of shares sold/contributed in conversion (RSUs/RS: 4% limit; options: 10% limit; fungible 3:1 reduction of options if full-value awards exceed 4%) .
  • Employee grants will be determined post-approval; no Evangelista-specific grants disclosed .
• Anti-hedging/pledging policy: Executives/directors prohibited from hedging and generally from pledging; Board has not approved any exceptions .
• Clawback policy: Complies with Exchange Act Section 10D, SEC Rule 10D-1, Nasdaq 5608 to recoup erroneously awarded incentive-based compensation after restatements .

Company Performance Context (FY 2023 → FY 2024)

Equity Ownership & Alignment

• Beneficial Ownership: Not itemized for Evangelista in the beneficial ownership table; NEOs and directors are listed separately .
• Section 16(a) filings: Evangelista had one late Form 4 filing for a transaction; subsequently filed .
• Ownership guidelines: Effective Jan 2025, management stock ownership guidelines require 5x salary for CEO and 3x for other NEOs; guidelines target “most senior executives (including NEOs)” but individual applicability/compliance for Evangelista is not disclosed .
• Hedging/Pledging: Prohibited; no pledging exceptions approved .

Employment Terms

• Current role start date: April 2022 (Executive Vice President – Director Specialized Banking Center) .
• Contract terms: Employment agreements detailed for CEO/COO (term length, severance multiples, non-compete/non-solicit), and a change-in-control agreement for CFO; no Evangelista-specific agreement disclosed .
• Bonus policy: Discretionary, structured process tied to individual and company results; evolving toward formula-based STIP beginning 2025 .
• Clawback/Insider Trading: Company-wide clawback and insider trading policies in force .

Investment Implications

• Compensation alignment: While Evangelista’s individual pay mix is not disclosed, enterprise policies (clawback, anti-hedging/pledging, STIP implementation, and forthcoming equity plan with double-trigger) support alignment and risk controls typical of bank governance .
• Retention risk: Absence of disclosed employment agreement/severance terms for Evangelista suggests standard executive employment at-will; forthcoming equity plan could introduce retention hooks via time-based and performance-based vesting, but award specifics are pending .
• Insider selling pressure: With equity plan adoption, potential future vesting events may occur; however, minimum one-year vesting, dividend deferral until vest, and double-trigger change-of-control mechanics moderate near-term sell pressure signals .
• Execution/track record: Evangelista’s long tenure in specialized banking (Century Bank) and mandate at Needham Bank (cannabis/money services; later consumer payments) aligns with NB Bancorp’s growth profile and operating improvements in 2024; management disclosed post-IPO share price appreciation by Q3’25, offering constructive context for performance-linked incentives .
• Ownership alignment and pledging risk: Individual holdings/pledges are not disclosed; enterprise policies prohibit hedging/pledging and require stock ownership for senior executives, which are positive alignment features pending individual compliance data .

Data gaps remain for Evangelista’s specific compensation, ownership levels, vesting schedules, and employment contract terms; continued monitoring of proxies, 8-K 5.02s, and Form 4 filings is warranted for updated disclosures .