Butterfield MD McWatt reports initial share and RSU stake
Accepted by SEC EDGAR
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Form Type
3
Rhea-AI Filing Summary
Bank of N.T. Butterfield & Son Ltd’s Cayman Managing Director Michael McWatt filed an initial ownership report. He holds 34,544 common shares directly, plus restricted stock units covering 7,079 and 57,526 underlying shares at a $0.0000 exercise price.
The RSUs vest on 12-Feb-2027, 10-Feb-2028 and 9-Feb-2029, subject to continued service, and each unit represents the right to receive one common share upon vesting or settlement.
Insider Trade Summary
Holdings reported, no transactions
Holdings
Insider
McWatt Michael
Role
Managing Director, Cayman
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Holding | Restricted Stock Units | -- | -- | -- |
| Holding | Restricted Stock Units | -- | -- | -- |
| Holding | Bank of N.T. Butterfield & Son Ltd | -- | -- | -- |
Holdings:
Restricted Stock Units — 64,605 contracts (Direct);
Bank of N.T. Butterfield & Son Ltd — 34,544 shares (Direct)
Footnotes (4)
- F1. The restricted stock units vest 12-Feb-2027, 10-Feb-2028, 9-Feb-2029 subject to continued service through each vesting date.
- 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.
- F4. The PSUs will vest on the third anniversary of the Grant Date 12-Feb-2027,10-Feb-2028, 9-Feb-2029
Key Figures
Direct common shares: 34,544 shares
RSU underlying shares (grant 1): 7,079 shares
RSU underlying shares (grant 2): 57,526 shares
+2 more
5 metrics
Direct common shares
34,544 shares
Total common stock directly held following the Form 3
RSU underlying shares (grant 1)
7,079 shares
Underlying shares for one RSU position, exercise price $0.0000
RSU underlying shares (grant 2)
57,526 shares
Underlying shares for second RSU position, exercise price $0.0000
RSU exercise price
$0.0000 per share
Exercise price for the restricted stock units reported
Vesting dates
12-Feb-2027, 10-Feb-2028, 9-Feb-2029
Scheduled vesting for RSU and PSU awards subject to continued service
Key Terms
Restricted Stock Units, PSUs, contingent right
3 terms
Restricted Stock Units financial
"The restricted stock units vest 12-Feb-2027, 10-Feb-2028, 9-Feb-2029 subject to continued service"
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.
PSUs financial
"The PSUs will vest on the third anniversary of the Grant Date 12-Feb-2027,10-Feb-2028, 9-Feb-2029"
PSUs are company shares promised to employees or executives that only become actual stock if the business hits specific performance targets over a set period. For investors, PSUs matter because they link pay to measurable outcomes — similar to a conditional bonus that converts into ownership — which can influence management decisions, dilution of shares, and signals about confidence in future results.
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 does Michael McWatt’s Form 3 filing show for NTB?
The filing shows Managing Director Michael McWatt’s initial ownership in Bank of N.T. Butterfield & Son Ltd, including 34,544 common shares and RSUs over 7,079 and 57,526 underlying shares. It establishes his baseline equity position as an executive.
How many Bank of N.T. Butterfield & Son Ltd RSUs does McWatt hold?
McWatt holds two blocks of restricted stock units tied to Bank of N.T. Butterfield & Son Ltd: 7,079 underlying shares in one grant and 57,526 underlying shares in another. Each unit is a right to receive one common share upon vesting.
When do Michael McWatt’s RSUs in NTB vest?
The RSUs vest on 12-Feb-2027, 10-Feb-2028 and 9-Feb-2029, provided McWatt remains in service through each date. These scheduled vesting milestones determine when units convert into common shares for Bank of N.T. Butterfield & Son Ltd.
Do McWatt’s restricted stock units in NTB have an exercise price?
The restricted stock units have an exercise price of $0.0000 per underlying share. Each RSU represents a contingent right to receive one common share upon vesting or settlement, meaning value depends on the company’s share price at that time.
What happens if McWatt leaves Bank of N.T. Butterfield & Son before RSU vesting?
The RSUs vest only with continued service through each vesting date. If service ends before a vesting date, unvested units can be forfeited or cancelled. This links a portion of McWatt’s potential equity compensation to ongoing employment.
AI-generated analysis. How Rhea-AI works. Not financial advice.
