Vincent Geraci
About Vincent Geraci
Vincent Geraci is First Senior Vice President and Director of Mortgage Lending at Unity Bancorp and Unity Bank; he has served as an executive officer since 2010 and is 58 years old . Company performance in 2024 included diluted EPS growth of 5.7% (from $3.84 to $4.06), net interest margin expansion by 10 bps (4.06% → 4.16%), and a 49.84% increase in total shareholder return, indicating strong alignment of incentives to value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Unity Bank / Unity Bancorp | Director of Mortgage Lending; First Senior Vice President | Officer since 2010; joined the bank in 2010 | Responsible for mortgage lending leadership; additional impact not disclosed in filings |
Fixed Compensation
Multi-year compensation (as disclosed for Named Executive Officers):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 425,000 | 450,000 | 470,000 |
| Bonus ($) | 315,589 | 114,576 | 1,250 |
| Stock Awards ($) | 82,380 | — | 118,360 |
| Non-Equity Incentive Plan Comp ($) | — | — | — |
| Primary Compensation Total ($) | 822,969 | 564,576 | 589,610 |
| All Other Compensation ($) | 33,362 | 34,612 | 36,159 |
| Grand Total Compensation ($) | 856,331 | 599,188 | 625,769 |
Notes:
- “All Other Compensation” includes auto usage, country club membership, employer 401(k) match, employer-paid medical, dental, life, and disability insurance .
Performance Compensation
Annual Incentives
| Executive | 2024 Target Annual Incentive Award | 2024 Actual Annual Incentive Award | 2024 Actual as % of Target |
|---|---|---|---|
| Vincent Geraci | Not applicable (discretionary program; not in formula plan) | $0 | — |
- Unity operates a quarterly Return on Assets (ROA) bonus program for employees (including NEOs other than the CEO), with tiered payouts as shown below :
| Minimum ROA | Maximum ROA | Payout ($) |
|---|---|---|
| 1.50% | 1.60% | 250 |
| 1.61% | 1.65% | 300 |
| 1.66% | 1.75% | 400 |
| 1.76% | N/A | 500 |
Equity Awards (Grants and Vesting)
Restricted stock grants (Unity’s equity awards vest ratably over four years; executives receive voting and dividends) :
| Executive | Restricted Stock # Shares (2024) | Grant Value ($) | Vesting |
|---|---|---|---|
| Vincent Geraci | 4,000 | 118,360 | 1,000 shares annually; first vest 1/2/2025 |
Detailed vesting schedule and remaining unvested as of February 28, 2025 :
| Grant Date | Shares Granted | Vesting Start | Annual Vesting Increment | Remaining Unvested as of 2/28/2025 |
|---|---|---|---|---|
| 12/10/2021 | 3,250 | 12/10/2022 | 812 or 813 shares/year | 812 |
| 12/09/2022 | 3,000 | 12/09/2023 | 750 shares/year | 1,500 |
| 01/02/2024 | 4,000 | 01/02/2025 | 1,000 shares/year | 3,000 |
| 01/27/2025 | 3,000 | 01/27/2026 | 750 shares/year | 3,000 |
Option exercises and stock vesting realized values in 2024:
| Name | Options Acquired on Exercise (#) | Value Realized on Exercise ($) | Stock Awards Acquired on Vesting (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| Vincent Geraci | 2,500 | 28,736 | 1,938 | 88,296 |
Governance and design features:
- Clawback: Unity has adopted a clawback policy requiring return of incentive compensation in the event of a financial restatement .
- Double-trigger cash CIC benefits; no excise tax gross-ups; no stock option repricing; vesting periods imposed on awards .
Equity Ownership & Alignment
Beneficial ownership as of February 28, 2025:
| Holder | Shares Beneficially Owned | Percent of Class |
|---|---|---|
| Vincent Geraci | 8,312 | 0.08% |
Ownership composition and pledging:
- The table specifies Mr. Geraci holds 8,312 shares of restricted stock in his own name (as detailed in the grant notes) .
- None of the shares disclosed are pledged as security for any extension of credit (company-wide disclosure) .
Insider trading activity (reported by third-party sources):
| Date | Transaction | Shares | Price ($) | Value ($) | Source |
|---|---|---|---|---|---|
| 02/06/2025 | Sale | 1,811 | 50.82 | 92,035 |
Employment Terms
Change-in-control (CIC) and significant acquisition economics:
- CIC Agreement (dated Dec 7, 2023): If employment terminates within 12 months following a CIC, lump-sum payment equals 12 months base salary plus the prior fiscal year’s cash bonus; 12 months continuation of hospital/health/medical/life insurance; unvested stock awards/stock options accelerate and fully vest upon the CIC .
- Significant Acquisition: Defined for executives with specific thresholds; for Mr. Geraci’s agreement, a “Significant Acquisition” includes Unity issuing voting securities equal to ≥35% of outstanding pre-transaction shares (Unity survives). If employment terminates within 9 months of such an acquisition, payment equals 9 months base salary plus 9/12 of prior year’s cash bonus; benefits continuation for 9 months; unvested awards accelerate upon termination .
- Section 280G Cutback: Aggregate CIC-conditioned compensation is reduced to $1.00 less than 2.99× Base Amount if otherwise exceeding that threshold; executive may choose which benefits are reduced .
- Governance features: Company discloses double-trigger CIC for cash benefits, and no excise tax gross-ups .
Potential payments if a triggering event occurred on December 31, 2024:
| Payments and Benefits | Vincent Geraci |
|---|---|
| Cash Compensation – CIC ($) | 470,000 |
| Health Benefits ($) | 12,909 |
| Accelerated Vesting of Restricted Stock ($) | 275,266 |
| Total ($) | 758,175 |
Performance & Track Record
Company performance context (FY 2024):
- Diluted EPS increased from $3.84 to $4.06 (+5.7%) .
- Net interest margin expanded by 10 bps to 4.16% .
- Net interest income rose $3.6M (+3.8%) to $98.6M; gross loans +$88.6M (+4.1%); deposits +$176.2M (+9.2%) .
- Total Shareholder Return for FY 2024: +49.84% (Unity outperformed bank indices) .
Compensation Structure Notes
- Mr. Geraci is not a participant in the formula-based Executive Bonus Program (CEO/CFO only); he receives discretionary bonuses and participates in the quarterly ROA program .
- Restricted stock awards vest ratably over four years and include dividend/voting rights, supporting long-term alignment .
- Clawback policy applies to incentive compensation; double-trigger cash CIC; no option repricing; no excise tax gross-ups .
Investment Implications
- Alignment: High proportion of multi-year restricted stock with clear vesting cadence (8,312 unvested RSUs as of 2/28/2025) aligns incentives with long-term performance and retention through future vest dates . No pledging mitigates governance risk .
- Retention/CIC Economics: CIC cash severance is limited to 12 months salary plus prior year bonus (and 9 months for a significant acquisition), with standard benefit continuation and accelerated vesting—balanced retention incentives without excessive parachute risk; 280G cutback and no tax gross-ups are shareholder-friendly .
- Near-term selling pressure: Documented share sale on 2/6/2025 suggests occasional liquidity events around vesting; overall ownership is modest (0.08%), reducing risk of concentrated insider selling impacting float .
- Performance linkage: Company-level metrics (EPS, NIM, TSR) were strong in 2024; equity-heavy compensation and quarterly ROA program tie payouts to financial outcomes, supporting pay-for-performance signaling to investors .