Peter Maricondo
About Peter E. Maricondo
Peter E. Maricondo (age 78) is an independent director of Unity Bancorp, Inc. and Unity Bank, serving since 2004; he is a retired financial consultant with prior roles as VP/Corporate Controller at GPU, Inc. and NUI Corporation, and earlier experience as a Certified Public Accountant with an international accounting firm. He holds a Master’s degree in Accounting from Seton Hall University and is designated an “Audit & Risk Committee financial expert” under SEC Regulation S‑K Item 401(h) .
Past Roles
| Organization | Role | Tenure (years) | Committees/Impact |
|---|---|---|---|
| GPU, Inc. | Vice President/Corporate Controller | Not disclosed | Financial leadership; relevant to audit expertise |
| NUI Corporation | Vice President/Corporate Controller | Not disclosed | Financial leadership; relevant to audit expertise |
| International accounting firm | Certified Public Accountant | Not disclosed | Public accounting experience; supports “financial expert” status |
External Roles
| Organization | Role | Notes |
|---|---|---|
| Other public companies (Exchange Act §§12, 15(d)) | None | Company discloses that no director serves on boards of other registered public companies or investment companies |
Board Governance
- Independence: The Board determined all directors (except the CEO) were independent under NASDAQ rules in 2024; Audit & Risk and HR/Comp members meet heightened independence standards .
- Attendance: Board held 12 meetings in 2024; no director attended fewer than 75% of combined Board + committee meetings; all directors attended the 2024 Annual Meeting .
- Board structure: CEO and Chair roles are separated; Chair is a non‑employee director .
| Committee | Role of Maricondo | 2024 Meetings | Notes |
|---|---|---|---|
| Audit & Risk | Chair | 4 | Chair; designated financial expert |
| HR/Compensation | Member | 3 | Independent; no compensation consultants used |
| Corporate Governance & Nominating | Not a member | 2 | Comprised entirely of independent directors |
| Asset Liability Committee (ALCO) | Member | Not disclosed | All directors serve on ALCO |
Fixed Compensation
Director compensation composition and trend:
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fees Earned or Paid in Cash | $30,300 | $23,700 | $17,500 |
| Stock Awards (grant-date fair value) | $65,625 | $54,660 | $65,098 |
| All Other Compensation (annual retainer paid) | $25,000 | $25,000 | $30,000 |
| Total | $120,925 | $103,360 | $112,598 |
- Policy specifics: Non‑executive directors received a $32,000 Board retainer for service in 2024 (paid in 2025); committee chairs received an additional $5,000 retainer; Board Chair received an $8,000 retainer . Meeting fees at the Bank level are $900 per Board meeting and $500–$900 per committee meeting, with an extra $200 per meeting for Board/Committee Chairs .
Performance Compensation
Restricted stock program and option holdings (director equity is time‑vested; no performance-vested PSUs):
| Restricted Stock Grants (as of 2/28/2025) | Original Grant Size (shares) | Grant Date | Vesting Schedule | Unvested Shares (as of 2/28/2025) |
|---|---|---|---|---|
| Director RS grant | 2,500 | 2022-01-02 | 625 shares annually over 4 years starting 2023-01-03 | 625 |
| Director RS grant | 2,000 | 2023-01-03 | 500 shares annually over 4 years starting 2024-01-03 | 1,000 |
| Director RS grant | 2,200 | 2024-01-02 | 550 shares annually over 4 years starting 2025-01-02 | 1,650 |
| Director RS grant | 1,600 | 2025-01-27 | 400 shares annually over 4 years starting 2026-01-27 | 1,600 |
| 2024 Annual Grant Details | Shares | Fair Value | Grant-Date Share Price | Vesting Start |
|---|---|---|---|---|
| RSU for 2023 service (granted in 2024) | 2,200 | $65,098 | $29.59 | 2025-01-02 |
| Options | Count Outstanding | Notes |
|---|---|---|
| Aggregate options outstanding (director) | 20,000 | Per director equity table |
Other Directorships & Interlocks
| Item | Disclosure |
|---|---|
| HR/Compensation Committee interlocks | None; no executive of UNTY served on another entity’s compensation committee where a reciprocal relationship existed |
| Shared directorships with competitors/suppliers/customers | Not disclosed beyond ordinary course banking relationships; see Related Party oversight below |
| Other public boards | None |
Expertise & Qualifications
- Audit & Risk Committee financial expert; seasoned finance and accounting executive (GPU, NUI) and former CPA in public accounting .
- Retired financial consultant; long-standing director tenure since 2004, with concurrent service on Unity Bank board .
Equity Ownership
Beneficial ownership and alignment (as of 2/28/2025):
| Category | Amount |
|---|---|
| Total beneficial ownership (shares) | 66,372 |
| Ownership (% of outstanding) | 0.64% |
| Shares owned in own name | 41,497 |
| Options exercisable (within 60 days) | 20,000 |
| Restricted stock holdings (total) | 4,875 |
| Shares pledged as collateral | None (Company states none of shares in the table are pledged) |
Governance Assessment
- Strengths: Independent Audit & Risk Committee chair with financial expert designation; committee charters in place; auditor pre‑approval policy with tight non‑audit service caps; no director serves on other public company boards (reducing interlock risk); HR/Comp committee reports no interlocks and does not use compensation consultants .
- Alignment: Regular director RS grants with multi‑year, ratable vesting; meaningful personal holdings; no pledging of shares; attendance standards met at Board and committee level in 2024 .
- Compensation optics: All‑other compensation (retainer) increased to $30,000 paid in 2024 for 2023 service; equity grant value increased in 2024; meeting fees and chair premia defined and transparent .
- Related party oversight: Ordinary course director/officer loans permitted under Regulation O; all related party transactions reviewed/approved by Audit & Risk Committee; no unapproved related party transactions in 2024–2023 .
Fixed Compensation
| Component | 2023 Policy | 2024 Policy |
|---|---|---|
| Annual Board retainer (non‑executive director) | $27,000 (paid in 2024) | $32,000 (paid in 2025) |
| Committee chair retainer | $3,000 | $5,000 |
| Board chair retainer | $6,000 | $8,000 |
| Meeting fees (Bank Board) | $900 per meeting | $900 per meeting |
| Committee meeting fees | $500–$900 per meeting | $500–$900 per meeting |
| Chair per‑meeting premium | +$200 per meeting | +$200 per meeting |
Performance Compensation
| Equity Type | Structure | Vesting |
|---|---|---|
| Restricted stock (Director grants) | Time‑based RS; annual grants for prior year service | 4‑year ratable vest (25% per year or fixed share increments per grant) |
No director PSUs or performance‑conditioned equity awards are disclosed; director equity compensation is entirely time‑vested .
Other Notes: Deferred Compensation
| Year | Deferred Compensation (USD) | Interest Received (USD) | Total (USD) |
|---|---|---|---|
| 2023 | $48,700 | $25,544 | $74,244 |
| 2024 | $47,500 | $36,215 | $83,715 |
Related‑Party Exposure
- Ordinary course lending to directors/executives and their associates adheres to standard credit terms and Regulation O; Audit & Risk Committee reviews/approves related party transactions; none unapproved in 2024 or 2023 .