Bank of N.T. Butterfield CFO Michael Schrum Receives RSU Award

What Happened

• Michael Schrum, Chief Financial Officer of Bank of N.T. Butterfield & Son Ltd (NTB), was granted 73,208 restricted stock units (RSUs) on August 9, 2026. The filing shows the grant (transaction code A) and a related derivative entry (code M), but no cash price or immediate sale was reported.
• The RSUs represent a contingent right to receive one share per unit upon future vesting; they are awards (compensation), not open-market purchases or sales.

Key Details

• Transaction date: 2026-08-09; Form 4 filed: 2026-08-11 (timely filing within required window).
• Shares/units granted: 73,208 RSUs. No per-share price or dollar value is reported (N/A).
• Vesting schedule (footnote): units vest on 12-Feb-2027, 10-Aug-2027, 9-Aug-2027, 10-Feb-2028, 9-Feb-2029, and 9-Feb-2030, subject to continued service.
• RSU terms (footnotes): each RSU converts to one share upon vesting; RSUs do not expire but are forfeited if conditions aren’t met.
• Shares owned after the transaction: not specified in this filing.
• No indications of 10b5-1 plan, tax-withholding sale, or that shares were sold immediately.

Context

• RSU grants are compensation and typically reflect retention/reward, not an immediate market signal. Because these units vest over several future dates, they do not represent current ownership of common shares until each tranche vests and is settled. The derivative entry in the filing relates to the award mechanics and does not imply a cashless exercise or sale of shares.