Butterfield (NYSE: NTB) CFO awarded 3,533 restricted stock units
Rhea-AI Filing Summary
Schrum Michael reported acquisition or exercise transactions in this Form 4 filing.
Bank of N.T. Butterfield & Son Ltd Chief Financial Officer Michael Schrum received two equity awards in the form of restricted stock units. He was granted 1,378 units under an ELTIP plan and 2,155 units under an EDIP plan, each representing a contingent right to receive one ordinary share upon vesting.
The awards were granted at no cash cost and increase his direct equity-based exposure to the company. The restricted stock units do not expire; they will either vest and settle in shares or be forfeited or cancelled before their scheduled vesting dates, which span future years and are subject to continued service.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Schrum Michael
Role
Chief Financial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Stock Units - EDIP | 2,155 | $0.00 | $0.00 |
| Grant/Award | Restricted Stock Units - ELTIP | 1,378 | $0.00 | $0.00 |
Holdings After Transaction:
Restricted Stock Units - EDIP — 244,821 shares (Direct);
Restricted Stock Units - ELTIP — 156,613 shares (Direct)
Footnotes (4)
- F1. Each restricted stock unit represents a contingent right to receive one share of common stock upon vesting/settlement.
- F2. The PSUs will vest on the third anniversary of the Grant Date 12-Feb-2027, 10-Feb-2028, 9-Feb-2029
- F3. These restricted stock units do not expire; they either vest and settle or are forfeited/cancelled prior to the applicable vesting date.
- F4. The restricted stock units vest 9-Aug-2027, 12-Feb-2027, 10-Feb-2028, 9-Feb-2030 subject to continued service through each vesting date.
Key Figures
ELTIP RSU grant: 1,378 units
EDIP RSU grant: 2,155 units
Total RSU awards: 3,533 units
+3 more
6 metrics
ELTIP RSU grant
1,378 units
Restricted Stock Units - ELTIP granted to CFO on May 27, 2026
EDIP RSU grant
2,155 units
Restricted Stock Units - EDIP granted to CFO on May 27, 2026
Total RSU awards
3,533 units
Combined ELTIP and EDIP restricted stock unit grants
Holdings after ELTIP grant
156,613 units
Total derivative holdings reported following ELTIP RSU grant
Holdings after EDIP grant
244,821 units
Total derivative holdings reported following EDIP RSU grant
RSU conversion ratio
1 share per unit
Each restricted stock unit represents one ordinary share upon vesting
Key Terms
Restricted Stock Units, PSUs, vest, forfeited/cancelled
4 terms
Restricted Stock Units financial
"Each restricted stock unit represents a contingent right to receive one share of common stock"
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"
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.
vest financial
"The restricted stock units vest 9-Aug-2027, 12-Feb-2027, 10-Feb-2028, 9-Feb-2030"
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"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did NTB CFO Michael Schrum report on this Form 4?
Michael Schrum reported receiving restricted stock unit awards as compensation. He was granted two blocks of RSUs on the same date under different company plans, increasing his equity-based exposure without an open-market purchase or sale.
How many restricted stock units did NTB grant to its CFO Michael Schrum?
Michael Schrum received 1,378 restricted stock units under an ELTIP plan and 2,155 restricted stock units under an EDIP plan. In total, the Form 4 shows grants covering 3,533 underlying ordinary shares, all acquired as equity awards.
What does each restricted stock unit represent for Bank of N.T. Butterfield & Son Ltd?
Each restricted stock unit represents a contingent right to receive one ordinary share of common stock. The units convert into shares only upon vesting and settlement; if vesting conditions are not met, they can be forfeited or cancelled instead.
When do the restricted stock units reported by NTB’s CFO vest?
The filing states that restricted stock units vest on specified future dates and are subject to continued service through each vesting date. If service conditions are not satisfied before vesting, the units can be forfeited or cancelled instead of settling in shares.
Do the restricted stock units granted to NTB’s CFO have an expiration date?
The restricted stock units do not have a traditional expiration date. According to the disclosure, they either vest and settle into ordinary shares on their scheduled vesting dates or are forfeited or cancelled before those dates if vesting conditions are not met.