SEC Form 4 · accession 0001209191-15-017027
SYNOVUS FINANCIAL CORP · SNV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
D Wayne Akins Jr.
Officer — EVP & Chief Comm Banking Offic
Period of report
Feb 19, 2015
Accepted (ET)
Feb 23, 2015 · 12:11 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000018349
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Feb 19, 2015 | A | 4,990 | $28.06 | A | 32,508 | D | |
| Common StockF2 | Feb 19, 2015 | A | 4,990 | $28.06 | A | 37,498 | D | |
| Common StockF3 | Feb 20, 2015 | F | 687 | $28.06 | D | 36,811 | D | |
| Common Stock | holding | — | — | — | 2,500 | I | By Spouse | |
| Common Stock | holding | — | — | — | 305 | I | By Child | |
| Common Stock | holding | — | — | — | 305 | I | By Child |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares are subject to market restricted stock units (the "MRSUs"). The MRSUs have a service-based vesting component as well as a Total Shareholder Return Multiplier. Under the service-based vesting component, the MRSUs vest 1/3 each year over a three-year period subject to the reporting person's continued employment with Synovus. Under the Total Shareholder Return multiplier, the "target" amount of MRSUs which vest each year can be adjusted upward or downward 25% based upon Synovus' total shareholder return during each year.
- F2These shares are subject to performance stock units (the "PSUs"). The PSUs have a service-based vesting component as well as performance vesting requirement. Under the service-based vesting component, the PSUs vest 100% after three years subject to the reporting person's continued employment with Synovus. Under the performance vesting component, Synovus' weighted average return on average assets is measured over a three-year performance period. The actual payout of the PSUS can range from 0% to 150% of the target amount based upon Synovus' weighted average return on average assets during the performance period compared to the performance formula approved by the Compensation Committee of Synovus' Board of Directors.
- F3These shares were withheld upon the vesting of restricted stock units to pay tax witholding obligations.