SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
__________________________________
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
March
19, 2009
Date of
Report (Date of earliest event reported)
__________________________________
UNITY
BANCORP, INC.
(Exact
Name of Registrant as Specified in its Charter)
New
Jersey
(State or
Other Jurisdiction of Incorporation)
1-12431
(Commission
File Number)
22-3282551
(IRS Employer
Identification No.)
64 Old
Highway 22
Clinton, NJ
08809
(Address
of Principal Executive Office)
(908)
730-7630
(Registrant's
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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| o |
Soliciting
material pursuant to Rule 14a12 under the Exchange Act (17 CFR
240.14a-12)
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| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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(e) On
March 19, 2009, Unity Bancorp, Inc. (“Unity”), entered into Waiver Agreements
with each of James A. Hughes, Alan J. Bedner, Michael F. Downes and John J.
Kauchak, waiving certain provisions of Unity’s employment agreement with Mr.
Hughes and its retention agreements with the other executives. In
December 2008, Unity participated in the U.S. Treasury’s Capital Purchase
Program (“CPP”) and received an investment of $20.6 million. The employment and
retention agreements complied with all of the terms of the CPP then in effect.
However, the terms of the CPP were revised by the American Reinvestment and
Recovery Act of 2009, adopted on February 17, 2009 (the “ARRA”). The ARRA
prohibits the payment of severance to the senior executive officers of an
institution participating in the CPP. In order to comply with this restriction,
each of Messrs. Hughes, Bedner, Downes and Kauchak have waived their respective
rights to severance under their respective agreements.
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Item
9.01
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Financial
Statements and Exhibits
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(d)
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Exhibits
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Exhibit
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Description
of Exhibit
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| 10.1 | Waiver Agreement executed by James A. Hughes | |
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10.2
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Form
of Waiver Agreement related to Retention Agreements with each of Alan J.
Bedner, Michael F. Downes and John J.
Kauchak
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned hereunto
duly authorized.
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UNITY
BANCORP, INC.
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Date: March
19, 2009
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By:
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/s/ |
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| Alan
J. Bedner, Jr.
EVP
and Chief Financial Officer
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