SEC Form 4 · accession 0001127602-17-018362
CIT GROUP INC · CIT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael A Carpenter
Director
Period of report
May 15, 2017
Accepted (ET)
May 16, 2017 · 4:28 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001171825
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF6,F1,F5 | — | May 15, 2017 | M | 1,049 | D | — | — | Common Stock | 1,049 | 2,099 | D |
| Deferred Share UnitF6,F2,F7 | — | May 15, 2017 | M | 1,049 | A | — | — | Common Stock | 1,049 | 1,049 | D |
Explanation of responses
- F1Each restricted stock unit ("RSU") has the economic equivalent of one share of CIT common stock.
- F2Filer elected to defer issuance of stock until no longer a member of the Board.
- F3Filer elected to receive 100% stock upon 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.
- F5RSUs are scheduled to vest in three equal installments on May 15, 2017, 2018, and 2019 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.
- F6Each Deferred Share Unit is the economic equivalent of one share of CIT common stock.
- F7Deferred share units ("DSU") will expire and settle in shares of common stock upon filer's departure from the Board.