4//SEC Filing
MCGOVERN LAWRENCE D 4
Accession 0001127602-24-009639
CIK 0001053352other
Filed
Mar 11, 8:00 PM ET
Accepted
Mar 12, 2:09 PM ET
Size
13.1 KB
Accession
0001127602-24-009639
Insider Transaction Report
Form 4
MCGOVERN LAWRENCE D
Chief Financial Officer
Transactions
- Award
Performance-Based Restricted Stock Unit
2024-03-08+17,778→ 17,778 totalExercise: $0.00From: 2027-03-08Exp: 2027-03-08→ Common Stock, No Par Value (17,778 underlying) - Award
Restricted Stock Unit
2024-03-08+17,779→ 17,779 totalExercise: $0.00From: 2025-03-08Exp: 2027-03-08→ Common Stock, No Par Value (17,779 underlying)
Holdings
- 16,181
Common Stock, No Par Value
- 4,980(indirect: By IRA)
Common Stock, No Par Value
- 113,550(indirect: By Trust)
Common Stock, No Par Value
- 14,031
Performance-Based Restricted Stock Unit
Exercise: $0.00From: 2026-05-02Exp: 2026-05-02→ Common Stock, No Par Value (14,031 underlying) - 14,031
Restricted Stock Unit
Exercise: $0.00From: 2024-05-02Exp: 2026-05-02→ Common Stock, No Par Value (14,031 underlying)
Footnotes (4)
- [F1]Each performance-based restricted stock unit, or PRSU, represents a right to receive one share of Issuer common stock.
- [F2]The PRSUs will vest depending upon the Issuer's Return on Average Tangible Common Equity ("ROATCE") over a three-year period ("Performance Period"), relative to companies in a peer group selected by the Issuer as of the grant date ("Peer Group"). If the Issuer's ROATCE is at the 35th percentile of the Peer Group at the end of the Performance Period then 50% of the PRSUs will vest. If the Issuer's ROATCE is at the 50th percentile at the end of the Performance Period then 100% of the PRSUs will vest. If the Issuer's ROATCE is at the 75th percentile at the end of the Performance Period then 150% of the PRSUs will vest. Vesting between performance levels will be determined by straight-line interpolation. None of the PRSUs will vest if the Issuer's ROATCE does not exceed the 35th threshold of the Peer Group.
- [F3]Each restricted stock unit represents a right to receive one share of Issuer common stock.
- [F4]The restricted stock units vest in three equal installments commencing March 8, 2025, the first anniversary of the holder's grant date.
Documents
Issuer
HERITAGE COMMERCE CORP
CIK 0001053352
Entity typeother
Related Parties
1- filerCIK 0001222697
Filing Metadata
- Form type
- 4
- Filed
- Mar 11, 8:00 PM ET
- Accepted
- Mar 12, 2:09 PM ET
- Size
- 13.1 KB