Nathan Walker
About Nathan Walker
Nathan E. Walker is Chief Executive Officer of North Shore Trust and Savings and Executive Vice President of NSTS Bancorp, Inc., roles he has held since July 2022; he has served as President of the Bank since December 2020 and joined the organization in 1996 after progressing through COO and Senior VP of Retail Banking roles from 2010–2022 . He is 46 years old (as of March 24, 2025) and holds a BS in Finance (UW–Parkside), an MBA (Cardinal Stritch University), and an advanced degree from the Graduate School of Banking at UW–Madison . Public filings do not disclose TSR, revenue growth, or EBITDA growth metrics tied specifically to Walker’s tenure; the Company uses discretionary cash bonuses and time-based equity awards rather than performance share units .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| North Shore Trust and Savings | Chief Executive Officer | Jul 2022–present | Transitioned CEO role from long‑tenured predecessor; continues strategic oversight of community thrift operations . |
| North Shore Trust and Savings | President | Dec 2020–present | Leads core banking franchise; responsible for lending and deposit strategy . |
| North Shore Trust and Savings | Chief Operating Officer | 2010–2022 | Ran day‑to‑day operations; process optimization and retail execution . |
| North Shore Trust and Savings | SVP Retail Banking | 2010–2022 | Led retail growth and customer experience . |
| NSTS Bancorp, Inc. | Executive Vice President | Jul 2022–present | Holding company executive oversight . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Siena Catholic Schools of Racine (WI) | Board of Directors | Current |
Fixed Compensation
Multi-year cash compensation trend (USD):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Salary | $137,957 | $170,000 | $178,269 | $191,760 | $198,509 |
| Bonus (discretionary) | $13,192 | $14,000 | $23,000 | $27,500 | $24,595 |
| All Other Compensation | $24,712 | $25,760 | $12,076 | $31,815 | $34,378 |
| Total | $175,861 | $209,760 | $213,346 | $871,829 (incl. equity) | $257,482 |
All Other Compensation breakdown (most recent details):
- 2023: 401(k) match $13,386; ESOP $20,992; perquisites $0; total $34,378 .
- 2022: 401(k) match $12,076; total $12,076 .
Performance Compensation
Equity awards granted under the 2023 Equity Incentive Plan are time-based (20% per year over five years starting on the first anniversary of grant) and accelerate on death, disability, or change in control; the Company did not grant additional executive stock options in 2024 .
| Incentive Type | Grant Date | Terms | Outstanding at 12/31/2024 | Current Value/Price | Vesting |
|---|---|---|---|---|---|
| Restricted Stock (RSAs) | 06/15/2023 | Time-based; dividends subject to vesting; voting rights on unvested shares | 27,200 unvested shares | $320,960 market value at $11.80 close | 20% per year 2024–2028; accelerates on CoC, death, disability |
| Stock Options | 06/15/2023 | Strike $9.36; 10-year term; standard methods of exercise | 17,000 exercisable / 68,000 unexercisable | Expire 06/15/2033 | 20% per year 2024–2028; accelerates on CoC, death, disability |
| 2023 Grant Fair Value | 06/15/2023 | RSAs: $318,240; Options: $302,515 |
Vesting cadence and insider-sale windows:
- First vesting anniversary on June 15, 2024; subsequent anniversaries each June 15 through 2028 per 20% schedule (time-based) .
Equity Ownership & Alignment
| Ownership Item | Detail |
|---|---|
| Beneficial ownership (03/24/2025) | 62,023 shares; 1.2% of outstanding . |
| ESOP allocated (vested) | 5,723 shares included in beneficial ownership . |
| Shares for children | 2,500 shares held for benefit of Mr. Walker’s children . |
| Unvested restricted stock | 27,200 shares (voting but not dispositive power; excluded from beneficial ownership table) . |
| Unvested options | 68,000 options (excluded from beneficial ownership table) . |
| Hedging/Pledging | Hedging prohibited by Insider Trading Policy; pledging not disclosed . |
| Clawback | Company adopted SEC/Nasdaq-compliant clawback policy for erroneously awarded incentive-based compensation . |
| Ownership guidelines | Not disclosed in proxy . |
Potential option intrinsic value reference:
- Using the Company’s disclosed 09/30/2025 closing price of $11.54 and Nathan’s 2023 option strike of $9.36, options were in-the-money at that date; individual intrinsic value depends on vested counts and exercise decisions (price reference $11.54; strike $9.36) .
Employment Terms
| Term | Provision |
|---|---|
| Agreement date & term | Employment agreement entered March 2024; initial 3-year term with automatic one-year extensions to maintain a rolling 3-year term unless nonrenewal notice given ≥90 days before anniversary . |
| Base salary & bonus | Salary may be increased (not decreased) at Board discretion; eligible for annual bonus and participation in short-/long-term incentive plans and perquisites (e.g., club dues, auto allowance or cell phone reimbursement) at Board discretion . |
| Severance (no cause/good reason) | Salary continuation equal to remaining base salary through end of then-current term; continuation of medical/dental/health coverage at active-employee premium and coverage level for 18 months; requires general release . |
| Good reason | Includes material pay reduction; material adverse change in responsibilities/titles/powers/duties; relocation >25 miles; or company breach . |
| Change in control severance | 2.5× (base salary + average annual bonus over prior 3 years) in lump sum if qualifying termination within 24 months of CoC; requires general release; 1-year non-solicitation post-termination . |
| Death | Accrued benefits paid to estate/beneficiary . |
| Non-compete | Not disclosed; non-solicitation covenant applies post-termination per agreement . |
| Prior CoC agreement | Earlier CoC agreement (Jan 2022) superseded by March 2024 employment agreement . |
Investment Implications
- Alignment: Walker holds 1.2% beneficial ownership plus significant unvested equity (27,200 RSAs, 68,000 options), creating multi-year alignment through 2028 with vesting tied to continued service, and anti-hedging plus clawback policies reduce misalignment risks .
- Retention risk: Rolling 3-year employment term with salary-continuation severance and accelerated equity vesting on death/disability/CoC supports retention; the 2.5× CoC multiple could create event-driven incentives if strategic alternatives materialize .
- Insider selling pressure: Annual June 15 vesting dates for 2023 grants (RSAs/options) are potential Form 4 activity windows; options were in-the-money at $11.54 as of 09/30/2025 vs $9.36 strike, which may incrementally increase exercise/sale likelihood subject to blackout periods and personal tax planning .
- Pay-for-performance signals: Discretionary cash bonuses (no disclosed quantitative targets) and time-based equity awards imply limited explicit pay-for-performance linkage; investors should look to overall bank financial performance and board Compensation Committee judgments rather than formulaic metrics .
- Governance and red flags: No related‑party transactions >$120,000; loans to insiders were on market terms and compliant; Section 16 filings were timely; pledging not disclosed; policies prohibit hedging and include a clawback, lowering governance risk .