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UNITY BANCORP INC /NJ/ FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 18, 2014, Unity Bancorp, Inc. ("Unity"), entered into Retention Agreements with Alan J. Bedner, Janice Bolomey, and John J. Kauchak. The terms of the three agreements are substantially similar. Each provides for a severance payment (i) in the event the executive is terminated without "cause" (as defined in the agreement), (ii) in the event the executive resigns for "good cause" (as defined in the agreement), (iii) upon a change in control or significant acquisition (as each term is defined in the agreement) in the event the executive's employment is terminated (by the company or the executive) within 18 months. In the event of a termination without cause or a resignation for good reason, the executive will receive 12 months worth of their base salary. In the event of a change in control or a significant acquisition, the executive will be entitled a payment equal to 24 months of the executive's base salary plus the executive's cash bonus for the past fiscal year. Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 10.1 Retention Agreement with Alan J. Bedner. Exhibit 10.2 Retention Agreement with Janice Bolomey. Exhibit 10.3 Retention Agreement with John J. Kauchak. -------------------------------------------------------------------------------- |