BROSNAN MICHAEL L. 4
4 · CIT GROUP INC · Filed Jan 5, 2022
Insider Transaction Report
Form 4
BROSNAN MICHAEL L.
Director
Transactions
- Disposition to Issuer
Common Stock
2022-01-03−22,039.571→ 0 total - Disposition to Issuer
Restricted Stock Units
2022-01-03−2,752.114→ 0 total→ Common Stock (2,752.114 underlying)
Footnotes (3)
- [F1]Pursuant to the Agreement and Plan of Merger, dated October 15, 2020, by and among CIT Group Inc. ("CIT"), First Citizens BancShares, Inc. ("BancShares"), First-Citizens Bank & Trust Company, and FC Merger Subsidiary IX, Inc. (as amended from time to time, the "Merger Agreement"), a transaction exempt under Rule 16b-3, each issued and outstanding share of common stock, par value $0.01 per share, of CIT ("CIT Common Stock") was converted into 0.06200 (the "Exchange Ratio") shares of Class A common stock, par value $1.00 per share, of BancShares (the "BancShares Class A Common Stock"). On December 31, 2021 (the business day prior to the merger), the closing price of one share of CIT Common Stock was $51.34.
- [F2]Each CIT RSU had the economic equivalent of one share of CIT Common Stock.
- [F3]For Mr. Brosnan, pursuant to the Merger Agreement, a transaction exempt under Rule 16b-3, the unvested restricted stock units in respect of shares of CIT Common Stock (the " CIT RSUs") (not subject to deferral) automatically vested upon the effective time and were converted into 170 shares of BancShares Class A Common Stock as multiplied by the Exchange Ratio less fractional shares paid in cash.