SEC Form 4 · accession 0001127602-18-016866
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 8, 2018
Accepted (ET)
May 10, 2018 · 10:36 am 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 StockF3 | May 8, 2018 | A | 800 | — | A | 5,622 | 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 UnitsF5,F6,F4 | — | May 8, 2018 | A | 1,976 | A | — | — | Common Stock | 1,976 | 1,976 | D |
Explanation of responses
- F1Filer elected to receive restricted stock units in lieu of cash compensation.
- F2Restricted stock units are scheduled to vest 100% on the first anniversary of the date of grant and shall settle 100% in shares of CIT common stock.
- F3Each restricted stock unit ("RSU") has the economic equivalent of one share of CIT common stock.
- F4RSUs are scheduled to vest in three equal installments on May 15, 2019, 2020, and 2021 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.
- F5Filer elected to defer issuance of stock until no longer a member of the Board.
- F6Filer elected to receive 100% stock upon settlement.