Raj Patel
About Raj Patel
Raj Patel (age 70) is an independent director of Unity Bancorp, Inc. (UNTY), serving since 2007, with his current board term expiring at the 2027 annual meeting. He is CEO of Millennium Hotel Group (hospitality) and CEO of 2602 Deerfield LLC (real estate), bringing operating and real estate expertise to the Board. In 2024, the Board met 12 times, and no director attended fewer than 75% of combined Board and committee meetings; the company requires directors to attend annual shareholder meetings, and all directors participated in 2024 . The Board determined all directors other than the CEO are independent under NASDAQ standards; Raj is independent .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Millennium Hotel Group | CEO | Past five years (ongoing) | Hospitality operations experience |
| 2602 Deerfield LLC | CEO | Past five years (ongoing) | Real estate leadership and oversight |
External Roles
- Other public company boards: None; the proxy states no director serves on boards of other publicly registered companies or registered investment companies .
Board Governance
- Committee memberships (2024): HR/Compensation Committee member , Asset Liability Committee (ALCO) member , Executive Loan Committee member (per director matrix) .
- Committee chairs: HR/Compensation chaired by Dr. Mark S. Brody; Audit & Risk chaired by Peter E. Maricondo; Corporate Governance & Nominating chaired by Dr. Mary E. Gross .
- Independence: Independent (NASDAQ); HR/Compensation and Audit & Risk committees meet heightened independence standards .
- Attendance: Board met 12 times in 2024; no director <75% attendance; all directors attended the 2024 annual meeting .
Fixed Compensation
- Director fee structure (Bank Board service, 2024): Non‑executive directors received a $32,000 retainer (paid in 2025); committee chairs received an additional $5,000; Chairman of the Board received $8,000; meeting fees were $900 per Bank Board meeting and $500–$900 per committee meeting, with an extra $200 per meeting for committee chairs and the Board chair .
- Annual equity grant: On January 2, 2024, non‑employee directors were granted restricted stock for service in 2023 (fair value $29.59/share), vesting 25% annually over four years starting January 2, 2025 .
| Component (2024) | Amount |
|---|---|
| Fees Earned/Paid in Cash ($) | 18,900 |
| Stock Awards ($) | 65,098 |
| All Other Compensation ($) | 27,000 (retainer paid in 2024 for 2023 service) |
| Total ($) | 110,998 |
Performance Compensation
- Performance metrics: None disclosed for director compensation (equity is time‑vested restricted stock; no PSUs or performance targets). The company highlights clawback policy and double‑trigger CIC for executives; these do not apply to directors’ pay structure .
| Restricted Stock Vesting Schedule (Director cohort holding 4,750 RS) | Grant Date | Original Grant | Remaining Unvested | Vesting |
|---|---|---|---|---|
| Grant 1 | Jan 3, 2022 | 2,000 shares | 500 shares | 500 shares per year over 4 years commencing Jan 3, 2023 |
| Grant 2 | Jan 3, 2023 | 2,000 shares | 1,000 shares | 500 shares per year over 4 years commencing Jan 3, 2024 |
| Grant 3 | Jan 2, 2024 | 2,200 shares | 1,650 shares | 550 shares per year over 4 years commencing Jan 2, 2025 |
| Grant 4 | Jan 27, 2025 | 1,600 shares | 1,600 shares | 400 shares per year over 4 years commencing Jan 27, 2026 |
Other Directorships & Interlocks
- Compensation committee interlocks: None; no executive officer of UNTY served on another company’s compensation committee where that company’s executive served on UNTY’s HR/Compensation Committee .
Expertise & Qualifications
- Industry and functional expertise: Hospitality operations and real estate leadership (CEO roles cited above), contributing to credit, lending, and ALCO oversight contexts .
- Audit/Compensation governance: HR/Compensation Committee independence and no external compensation consultant used; the committee recommends board and CEO/CFO pay and operates under a written charter .
Equity Ownership
| Metric | Value |
|---|---|
| Total beneficial ownership (shares) | 66,322 |
| Ownership (% of shares outstanding) | 0.64% |
| Directly held (own name) | 53,372 |
| Options (immediately exercisable) | 8,200 |
| Restricted stock (unvested total) | 4,750 |
| Shares pledged as collateral | None |
- Aggregate director holdings snapshot: At 12/31/24, Raj Patel had 2,200 shares of restricted stock awarded in 2024; aggregate restricted stock outstanding shown in the director holdings table, and 8,200 options outstanding . As of 2/28/25, his cohort’s detailed vesting schedule totals 4,750 unvested RS as above .
Insider Trades
| Filing Date | Transaction Date | Type | Securities Transacted | Security | Post-Transaction Restricted Shares | SEC Link |
|---|---|---|---|---|---|---|
| 2025-01-28 | 2025-01-27 | A (Award) | 1,600 | Restricted Stock | 4,750 | https://www.sec.gov/Archives/edgar/data/920427/000156218025000569/0001562180-25-000569-index.htm |
| 2024-01-04 | 2024-01-02 | A (Award) | 2,200 | Restricted Stock | 4,950 | https://www.sec.gov/Archives/edgar/data/920427/000156218024000165/0001562180-24-000165-index.htm |
| [Read via insider-trades skill output] |
Governance Assessment
- Independence and attendance: Independent director with documented attendance above minimum thresholds; strengthened governance through participation in HR/Compensation, ALCO, and Executive Loan committees .
- Compensation alignment: Mix of modest cash fees with annual restricted stock grants that vest over four years, supporting long-term alignment; no performance-based equity or option repricing; clawback policy exists at company level (executive plans) .
- Ownership “skin-in-the-game”: Holds 66,322 shares beneficially, including 8,200 exercisable options and 4,750 unvested restricted shares; no pledged shares—a positive alignment indicator .
- Potential conflicts/related-party exposure: Company discloses directors may engage in ordinary-course banking transactions, including loans under Regulation O, subject to Board approval and Audit & Risk Committee review; no related-party transactions outside ordinary course were reported in 2024–2023 .
- Committee process quality: HR/Compensation Committee comprised entirely of independent directors; no external compensation consultant used; no interlocks; compensation decisions overseen by the committee under charter—supportive of governance rigor .
- Control concentration context: Two directors (David D. Dallas and Robert H. Dallas, II) collectively beneficially own ~35.5% of shares (17.82% and 17.71%), are brothers, and hold leadership roles; while not Raj-specific, this concentration can influence board dynamics and shareholder control considerations .
Other Notes (Shareholder Votes & Engagement)
- 2025 Annual Meeting: Three nominees elected; audit firm ratified; meeting held April 24, 2025 . Directors are expected to attend annual meetings; all directors participated in 2024 .