Daniel Sharabba
About Daniel Sharabba
Senior Vice President and Chief Retail Officer at Unity Bancorp (UNTY); age 36; officer since 2023. Prior roles include VP, Regional Manager at Citizens Bank (Mar 2021–Jun 2023) and VP, Private Client Branch Manager at JPMorgan Chase (Jun 2016–Mar 2021) . During 2024, Unity delivered strong performance with TSR +49.84%, diluted EPS up 5.7% (from $3.84 to $4.06), net interest margin +10 bps (4.06% → 4.16%), loans +4.1% and deposits +9.2%, indicating a favorable backdrop for retail growth initiatives . Mr. Sharabba’s employment commenced June 12, 2023 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Citizens Bank | Vice President, Regional Manager | Mar 2021–Jun 2023 | Led regional retail management and branch operations |
| JPMorgan Chase | Vice President, Private Client Branch Manager | Jun 2016–Mar 2021 | Managed affluent client branch; frontline sales/operations leadership |
External Roles
- Not disclosed in company filings reviewed.
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $117,190 | $275,000 |
| All Other Compensation ($) | $9,428 | $29,414 |
| Total Compensation ($) | $168,910 | $409,844 |
Notes:
- 2024 base salary increased 22.22% vs 2023 ($225,000 → $275,000) reflecting scope expansion and market alignment .
Performance Compensation
| Component | Metric/Terms | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive (Discretionary) | CEO discretion based on Company and individual performance | N/A | N/A | $45,000 for 2024 | Cash |
| Quarterly ROA Bonus | Company-wide tiered ROA program | Tiered schedule below | N/A | Included within 2024 bonus total; Bonus column shows $46,250 for 2024 (discretionary + ROA) | Cash |
| RSU Grant (2024) | Restricted Stock | N/A | 2,000 shares | Grant-date FV $59,180 | Vests 500 shares annually over 4 yrs starting 1/2/2025 |
| RSU Grant (2023) | Restricted Stock at hire | N/A | 1,000 shares | N/A | Vests 250 shares annually over 4 yrs starting 6/12/2024 |
| RSU Grant (2025) | Restricted Stock | N/A | 1,750 shares | N/A | Vests ~437/438 shares annually over 4 yrs starting 1/27/2026 |
Quarterly ROA Bonus Schedule (company-wide):
| Minimum ROA | Maximum ROA | Cash Payout |
|---|---|---|
| 1.50% | 1.60% | $250 |
| 1.61% | 1.65% | $300 |
| 1.66% | 1.75% | $400 |
| 1.76% | N/A | $500 |
Compensation design notes:
- CEO/CFO formal plan uses PPNR ROAA/ROAE vs peers; other NEOs (incl. Sharabba) are compensated via CEO discretion plus ROA bonus; equity awards approved by Compensation Committee and vest over four years .
- Company maintains pay-for-performance design, clawback policy, double-trigger CIC benefits (for agreements in place), no tax gross-ups, and prohibits option repricing .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 4,459 shares; 0.04% of common stock (as of Feb 28, 2025) |
| Vested vs Unvested | 2024: 250 shares vested; value realized $6,590 |
| Unvested RSUs Outstanding | 4,000 shares: 750 remaining from 2023 grant; 1,500 remaining from 2024 grant; 1,750 new 2025 grant |
| Options | None disclosed for Sharabba |
| Pledging | None of the restricted shares disclosed are pledged as collateral |
| Ownership Guidelines | Company emphasizes significant equity holdings but no specific multiple disclosed |
| Deferred Compensation | Named participant in Deferred Compensation Plan (plan exhibits list includes Daniel Sharabba) |
Employment Terms
- Start Date: June 12, 2023; role: SVP and Chief Retail Officer .
- Contract/CIC: No individual employment or CIC agreement specifically enumerated for Sharabba in exhibits; CIC agreements exist for several other SVPs (Geraci, Kim, Bove, Donovan, Davies), and equity awards vest over four years under the 2023 Equity Compensation Plan .
- Policies: Company-wide clawback (Compensation Recoupment Policy), Insider Trading Policy, double-trigger CIC principle in practice for applicable agreements, pay in arrears; no excise tax gross-ups .
- Non-compete/Non-solicit: Specific provisions disclosed for CEO; no such terms disclosed for Sharabba .
Track Record, Value Creation, Execution Risk
- 2024 performance context: TSR +49.84% and EPS growth +5.7% with NIM expansion and deposit growth, providing constructive tailwinds for retail banking execution under Sharabba’s remit .
- Insider status: Became a Regulation O officer on Sept 21, 2023; initial restricted stock holding documented (Form 3) .
- No legal proceedings, hedging/pledging red flags, or related-party transactions disclosed for Sharabba in reviewed filings.
Compensation Structure Analysis
- Mix shift: 2024 increase in base salary to $275,000 (+22.22% vs 2023) while maintaining at-risk equity and discretionary bonus exposure; RSUs represent multi-year retention and alignment .
- Equity cadence: Grants in 2023 (hire), 2024, and 2025, all four-year ratable vesting; no option repricing and no shortened vesting periods .
- Incentive mechanics: For Sharabba, incentives are discretionary plus ROA program; formal quantitative peer-based targets apply to CEO/CFO, not other NEOs .
Investment Implications
- Alignment and retention: 4,000 unvested RSUs with scheduled vesting through 2029 create strong retention incentives and sustained alignment; no pledging mitigates governance risk .
- Selling pressure: Expect periodic sales potential around annual vesting dates (e.g., ~Jan 2 and Jan 27 annually, plus June 12 for the 2023 grant), though no Form 4 activity was identified in documents reviewed; monitor future Section 16 filings for sell-through behavior .
- Pay-for-performance signal: Discretionary bonus and ROA-linked cash indicate linkage to profitability and asset efficiency; equity awards continue to be a meaningful portion of total compensation .
- Contract risk: No disclosed individual CIC agreement for Sharabba reduces guaranteed severance exposure; company-wide policies (clawback, no gross-ups) are shareholder-friendly .