George Boyan
About George Boyan
George Boyan, 43, is Executive Vice President and Chief Financial Officer of Unity Bancorp, Inc. and Unity Bank, serving as an officer since 2021. Previously, he was First Senior Vice President, Treasurer & Controller at Bank Leumi USA (since January 2014) and President of Leumi Investment Services (since October 2018) . In 2024, Unity delivered 49.84% total shareholder return, diluted EPS increased 5.7% to $4.06, net interest margin expanded 10 bps to 4.16%, with loans up $88.6M (+4.1%) and deposits up $176.2M (+9.2%)—supporting pay-for-performance outcomes under which Boyan’s annual incentive paid 122.5% of target .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bank Leumi USA | First SVP, Treasurer & Controller | 2014–prior to joining Unity in 2021 | Not disclosed |
| Leumi Investment Services | President | Since Oct 2018 (prior to Unity) | Not disclosed |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed | — | — |
Fixed Compensation
| Metric ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | 360,000 | 390,000 | 450,000 |
| Bonus (discretionary) | 1,000 | 1,000 | 1,250 |
| All Other Compensation | 68,920 | 92,831 | 126,777 |
| Total Compensation | 973,280 | 934,171 | 1,185,212 |
Performance Compensation
Annual Incentive Design and Outcomes (2024)
| Component | Weighting | Target | Actual Performance | Payout Factor | Payout ($) | Vesting |
|---|---|---|---|---|---|---|
| Corporate: PPNR ROAA vs Peers | 25% of total award (50% corporate aggregate) | 100% | 242.72% | 150% (cap) | Included in aggregate | Cash (N/A) |
| Corporate: PPNR ROAE vs Peers | 25% of total award (50% corporate aggregate) | 100% | 223.66% | 150% (cap) | Included in aggregate | Cash (N/A) |
| Individual Objectives | 50% of total award | Committee/CEO assessment | Strong performance per CEO & Committee | Discretionary | Included in aggregate | Cash (N/A) |
| CFO Target Incentive Opportunity | — | 50% of base salary | — | — | — | — |
| CFO Actual Annual Incentive (2024) | — | 225,000 | — | 122.5% of target | 275,625 | Cash (N/A) |
Equity Awards and Vesting
| Grant Date | Shares Granted | Grant Value ($) | Vesting Start | Vesting Increment | Notes |
|---|---|---|---|---|---|
| Mar 8, 2024 | 12,000 | 331,560 | Mar 8, 2025 | 3,000/year over 4 years | Restricted stock under 2023 plan |
| May 5, 2023 | 8,250 (remaining unvested as of 2/28/25) | — | May 5, 2024 | 2,750/year over 4 years | — |
| Mar 16, 2022 | 6,000 (remaining unvested as of 2/28/25) | — | Mar 16, 2023 | 3,000/year over 4 years | — |
| Apr 5, 2021 | 2,500 (remaining unvested as of 2/28/25) | — | Apr 5, 2022 | 2,500/year over 4 years | — |
Upcoming vesting cadence (insider supply watch): 2,500 on Apr 5, 2025; 3,000 on Mar 16, 2025; 2,750 on May 5, 2025; 3,000 on Mar 8, 2025 .
Stock vested/value realized in 2024: 8,250 shares; $227,435 .
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Beneficially owned shares | 47,782 (0.46% of class) |
| Shares outstanding (record date) | 10,057,597 |
| Direct shares (own name) | 17,642 |
| DRIP shares (unrestricted) | 1,391 |
| Restricted stock (unvested total) | 28,750 |
| Options (exercisable/unexercisable) | None |
| Pledged shares | None pledged |
Stock ownership program: Company emphasizes significant equity interest through restricted stock; clawback policy in place; no option repricing; double-trigger CIC benefits; no excise tax gross-ups .
Employment Terms
| Provision | Terms |
|---|---|
| Agreement Type | Retention Agreement (CFO) |
| Termination without Cause / Good Cause | Cash severance equal to 12 months base salary; 12 months health, medical, life insurance; lump sum within 30 days |
| Change-in-Control (CIC) | 2x annual base salary plus cash bonus; lump sum within 30 days; 24 months health/medical/life insurance |
| Significant Acquisition | Same as CIC; accelerated vesting of all unvested stock upon termination within 18 months |
| Double-trigger CIC policy | Company-wide practice; benefits paid only upon termination following CIC |
| Clawback | Incentive compensation clawback upon financial restatement |
Potential payouts (as of 12/31/2024):
| Scenario | Cash Compensation ($) | Health Benefits ($) | Accelerated RS Vesting ($) | Total ($) |
|---|---|---|---|---|
| Termination without cause | 450,000 | 9,384 | — | 459,384 |
| Termination following CIC | 1,451,250 | 18,767 | 1,253,788 | 2,723,805 |
Investment Implications
- Pay-for-performance alignment is strong: corporate metrics (PPNR ROAA/ROAE vs peers) capped at 150% and drove an above-target cash bonus (122.5% of target), while equity grants with four-year ratable vesting keep a meaningful at-risk component tied to future performance .
- Insider supply watch: multiple vest tranches scheduled in 2025 (total 11,250 shares across four grants), following 8,250 shares that vested in 2024 ($227,435 value realized); monitor Form 4s for potential selling pressure around vest dates .
- Retention risk appears contained given 2x CIC cash plus accelerated vesting and extended benefits; governance mitigants include clawback, double-trigger CIC, and no tax gross-ups/repricing, reducing misalignment/red-flag risk .
- Skin-in-the-game: 47,782 shares beneficially owned (0.46% of shares), with 28,750 unvested restricted shares and no pledging, indicating ongoing equity alignment while options risk is absent .