4//SEC Filing
Solk Steve 4
Accession 0001127602-22-001018
CIK 0001171825other
Filed
Jan 4, 7:00 PM ET
Accepted
Jan 5, 6:51 PM ET
Size
10.8 KB
Accession
0001127602-22-001018
Insider Transaction Report
Form 4
Solk Steve
President, Business Capital
Transactions
- Disposition to Issuer
Common Stock
2022-01-03−8,905.601→ 0 total - Award
Common Stock
2022-01-03+8,905.601→ 8,905.601 total - Disposition to Issuer
Common Stock
2022-01-03−15,594.055→ 29,785.638 total - Disposition to Issuer
Common Stock
2022-01-03−29,785.638→ 0 total
Footnotes (5)
- [F1]For Mr. Solk, pursuant to the Merger Agreement, performance share unit awards in respect of shares of CIT Common Stock (the "CIT PSUs") were converted into 553 restricted stock units in respect of shares of BancShares Class A Common Stock, equal to the number of shares subject to the CIT PSUs determined based on target level performance as of immediately prior to the effective time multiplied by the Exchange Ratio, with the result rounded up to the nearest whole share.
- [F2]Each CIT PSU had the economic equivalent of one share of CIT Common Stock.
- [F3]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.
- [F4]For Mr. Solk, pursuant to the Merger Agreement, the unvested restricted stock units in respect of shares of CIT Common Stock (the "CIT RSUs") were converted into 1,849 restricted stock units in respect of shares of BancShares Class A Common Stock, equal to the number of shares subject to the CIT RSUs as of immediately prior to the effective time multiplied by the Exchange Ratio, with the result rounded up to the nearest whole share.
- [F5]Each CIT RSU had the economic equivalent of one share of CIT Common Stock.
Documents
Issuer
CIT GROUP INC
CIK 0001171825
Entity typeother
Related Parties
1- filerCIK 0001461935
Filing Metadata
- Form type
- 4
- Filed
- Jan 4, 7:00 PM ET
- Accepted
- Jan 5, 6:51 PM ET
- Size
- 10.8 KB