SEC Form 4 · accession 0001127602-17-011174
CIT GROUP INC · CIT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sheila A Stamps
Director
Period of report
Feb 20, 2017
Accepted (ET)
Mar 10, 2017 · 7:56 am EST
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 StockF1,F2 | Feb 20, 2017 | M | 183 | — | A | 4,604 | D | |
| Common Stock | Feb 20, 2017 | D | 92 | $43.72 | D | 4,512 | 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 UnitsF1,F2,F4,F5 | — | Feb 20, 2017 | M | 183 | D | — | — | Common Stock | 183 | 0 | D |
Explanation of responses
- F1Report is being submitted late due to an administrative oversight.
- F2Each restricted stock unit ("RSU") had the economic equivalent of one share of CIT common stock.
- F3The 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.
- F4Each restricted stock unit ("RSU") has the economic equivalent of one share of CIT common stock.
- F5RSUs 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.