SEC Form 4 · accession 0001127602-18-017807
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 15, 2018
Accepted (ET)
May 17, 2018 · 9:50 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 StockF2 | May 15, 2018 | M | 1,199 | — | A | 9,901 | D | |
| Common Stock | May 15, 2018 | D | 600 | $53.73 | D | 9,301 | D | |
| Common StockF2 | May 15, 2018 | M | 857 | — | A | 10,158 | D | |
| Common Stock | May 15, 2018 | D | 428 | $53.73 | D | 9,730 | 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 UnitsF2,F3,F4 | — | May 15, 2018 | M | 1,199 | D | — | — | Common Stock | 1,199 | 1,199 | D |
| Restricted Stock UnitsF2,F5 | — | May 15, 2018 | M | 857 | D | — | — | Common Stock | 857 | 1,713 | 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.
- 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, 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.
- F5RSUs are scheduled to vest in three equal installments on May 15, 2018, 2019, and 2020 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.