SEC Form 4 · accession 0001127602-16-052293
CIT GROUP INC · CIT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William M Freeman
Director
Period of report
May 12, 2016
Accepted (ET)
May 16, 2016 · 3:30 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001171825
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | May 12, 2016 | M | 756 | — | A | 5,739 | D | |
| Common Stock | May 12, 2016 | D | 378 | $32.07 | D | 5,361 | D | |
| Common StockF2 | May 13, 2016 | M | 833 | — | A | 6,194 | D | |
| Common Stock | May 13, 2016 | D | 417 | $31.26 | D | 5,778 | D | |
| Common StockF2 | May 14, 2016 | M | 718 | — | A | 6,496 | D | |
| Common Stock | May 14, 2016 | D | 359 | $31.26 | D | 6,137 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF4,F2 | — | May 12, 2016 | M | 756 | D | — | — | Common Stock | 756 | 1,513 | D |
| Restricted Stock UnitsF2,F5,F4 | — | May 13, 2016 | M | 833 | D | — | — | Common Stock | 833 | 833 | D |
| Restricted Stock UnitsF2,F5,F4 | — | May 14, 2016 | M | 718 | D | — | — | Common Stock | 718 | 0 | D |
Explanation of responses
- F1The restricted stock units settled 50% in stock and 50% in cash, which was deemed to occur through an acquisition of 100% of the underlying shares of CIT common stock and a simultaneous disposition to the issuer of 50% of the underlying shares of CIT common stock.
- F2Each restricted stock unit ("RSU") had the economic equivalent of one share of CIT common stock.
- F3The restricted stock units vested on a Saturday, therefore, the closing price of CIT common stock on the immediately preceding Friday was used for the settlement.
- F4RSUs are scheduled to vest in three equal installments on the first, second and third anniversaries of the date of grant and are payable 50% in shares of CIT common stock and 50% in cash. The cash payment shall be based on the closing price of CIT common stock on the vesting date.
- F5Each restricted stock unit ("RSU") has the economic equivalent of one share of CIT common stock.