Bank of N.T. Butterfield & Son Ltd Initial Statement of Beneficial Ownership
Accepted by SEC EDGAR
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Sentiment and the balance of points
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Form Type
3
Rhea-AI Filing Summary
Bank of N.T. Butterfield & Son Ltd director Stephen E. Cummings reported initial holdings of 5,149 restricted stock units (RSUs). Each RSU represents a contingent right to receive one common share upon vesting.
The RSUs have a stated exercise price of $0.00 and do not expire; they either vest and settle or are forfeited or cancelled before vesting. According to the disclosure, the RSUs vest 30 days after the grant date over two years, subject to continued service through each vesting period.
Insider Trade Summary
Holdings reported, no transactions
Holdings
Insider
CUMMINGS STEPHEN E
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Holding | Restricted Stock Units | -- | -- | -- |
Holdings:
Restricted Stock Units — 5,149 contracts (Direct)
Footnotes (3)
- F1. The restricted stock units vest 30 days after the grant date over two years, subject to continued service through each vesting period.
- F2. These restricted stock units do not expire; they either vest and settle or are forfeited/cancelled prior to the applicable vesting date.
- F3. Each restricted stock unit represents a contingent right to receive one share of Common Stock upon vesting/settlement.
Key Figures
RSUs held: 5,149 units
Exercise price: $0.00 per unit
Underlying shares: 5,149 shares
+1 more
4 metrics
RSUs held
5,149 units
Restricted stock units underlying common shares, direct holding
Exercise price
$0.00 per unit
Stated conversion or exercise price for the RSUs
Underlying shares
5,149 shares
Common shares underlying reported restricted stock units
Vesting schedule
Over two years
RSUs vest starting 30 days after grant date, over two years
Key Terms
Restricted Stock Units, vest, forfeited/cancelled, contingent right
4 terms
Restricted Stock Units financial
"The restricted stock units vest 30 days after the grant date over two years"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
vest financial
"The restricted stock units vest 30 days after the grant date over two years"
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
forfeited/cancelled financial
"they either vest and settle or are forfeited/cancelled prior to the applicable vesting date"
contingent right financial
"Each restricted stock unit represents a contingent right to receive one share of Common Stock"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did NTB director Stephen E. Cummings report in this Form 3?
Stephen E. Cummings reported holding 5,149 restricted stock units (RSUs) in Bank of N.T. Butterfield & Son Ltd. These RSUs give him a contingent right to receive an equal number of common shares when they vest and settle, if service conditions are met.
How many RSUs does NTB director Stephen E. Cummings hold?
Stephen E. Cummings holds 5,149 restricted stock units tied to Bank of N.T. Butterfield & Son Ltd common stock. Each unit can convert into one share upon vesting and settlement, provided the applicable service-based vesting requirements are satisfied.
How do Stephen E. Cummings’ NTB restricted stock units vest?
The NTB restricted stock units held by Stephen E. Cummings vest starting 30 days after the grant date and continue to vest over two years. Vesting requires his continued service through each vesting period, or the unvested units may be forfeited or cancelled.
Do the NTB restricted stock units reported by Stephen E. Cummings expire?
The restricted stock units reported by Stephen E. Cummings do not have an expiration date. They will either vest and settle into common shares or be forfeited or cancelled if vesting conditions, including continued service, are not met before their scheduled vesting dates.
What does each NTB restricted stock unit held by Stephen E. Cummings represent?
Each restricted stock unit held by Stephen E. Cummings represents a contingent right to receive one share of NTB common stock. The RSUs convert into shares only upon vesting and settlement, subject to the service-based vesting schedule described in the disclosure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
