SEC Form 4 · accession 0001209191-16-098838
SYNOVUS FINANCIAL CORP · SNV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Allen J Gula
Officer — EVP & Chief Operations Officer
Period of report
Feb 11, 2016
Accepted (ET)
Feb 16, 2016 · 5:09 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 11, 2016 | A | 8,671 | $25.95 | A | 73,481 | D | |
| Common StockF2 | Feb 11, 2016 | A | 8,671 | $25.95 | A | 82,152 | D |
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.