NTB (Bank of N.T. Butterfield) COO Michael Neff Receives Stock Award

What Happened

• Michael W. Neff, Chief Operating Officer of Bank of N.T. Butterfield & Son Ltd (NTB), received two derivative equity awards on 2026-08-26 totaling 439 restricted stock units (RSUs/PSUs): 49 units and 390 units. These were awards (no cash paid and no per-share price applicable).

Key Details

• Transaction date: 2026-08-26; Form 4 filed 2026-08-27 (timely — filed the next business day).
• Award amount: 49 RSU/PSU + 390 RSU/PSU = 439 total units; price listed as N/A for awards.
• Shares owned after transaction: not specified in the filing.
• Footnotes / vesting:
  • F1: Each restricted stock unit represents a contingent right to receive one share upon vesting/settlement.
  • F2: Many of the RSUs vest on specific dates in Feb 2027, Feb 2028 and Feb 2029 (e.g., 9‑Feb‑2027, 10‑Feb‑2027, 12‑Feb‑2027, 9‑Feb‑2028, 10‑Feb‑2028, 9‑Feb‑2029) subject to continued service.
  • F4: The performance-based units (PSUs) vest on multi‑year anniversaries (noted as third anniversaries of grant dates such as 12‑Feb‑2027 and 10‑Feb‑2028).
  • F3: These units do not expire; they either vest/settle or are forfeited prior to vesting.
• Transaction code: A = Award/Grant (derivative equity award).

Context

• This was a compensation award, not an open‑market purchase or sale — common for executive pay and not a direct buy/sell signal about immediate market views.
• As derivative awards, the units convert into common shares only if/when they vest per the schedules above (subject to continued service and any performance conditions).