SEC Form 4 · accession 0001140361-16-086989
Customers Bancorp, Inc. · CUBI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jay S Sidhu
Officer — Chairman & CEO · Director
Period of report
Nov 9, 2016
Accepted (ET)
Nov 16, 2016 · 5:30 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001488813
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Restricted Stock Units (Common Stock) | holding | — | — | — | 168,899 | D | ||
| Common StockF1 | holding | — | — | — | 501,968 | D | ||
| Restricted Stock Units (Class B Non-Voting Common Stock) | holding | — | — | — | 232,804 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Options (right to buy)F2 | $25.97 | Nov 9, 2016 | A | 241,500 | A | Nov 9, 2021 | Nov 9, 2026 | Common Stock | 241,500 | 241,500 | D |
Explanation of responses
- F1This figure does not reflect the net exercise of warrants by the reporting person on November 10, 2016, as disclosed on the Form 4 filed with the SEC on November 14, 2016. As reflected on such Form 4, the reporting person received 42,696 shares of common stock on net exercise of warrants to purchase 66,696 shares of common stock, resulting in total shares of common stock held equal to 544,664 shares. 24,000 shares of common stock underlying the warrants were withheld in satisfaction of the exercise price, using the closing price at November 10, 2016 of $26.54.
- F2Under the terms of the Customers Bancorp, Inc. 2010 Stock Option Plan, these Stock Options will vest and become exercisable on the fifth anniversary of the date of grant, subject to either (i) total shareholder returns over the vesting period of at least 50%, or (ii) compound annual growth in diluted EPS for the company of at least 7% over the vesting period.