SEC Form 4 · accession 0001209191-17-007236
SYNOVUS FINANCIAL CORP · SNV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kessel D Stelling
Officer — Chairman, CEO, & President · Director
Period of report
Jan 31, 2017
Accepted (ET)
Feb 2, 2017 · 5:51 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,F2 | Jan 31, 2017 | A | 2,665 | $41.98 | A | 272,204 | D | |
| Common StockF3,F4 | Jan 31, 2017 | D | 175 | $41.98 | D | 272,915 | D | |
| Common StockF5 | Jan 31, 2017 | F | 13,804 | $41.98 | D | 259,111 | D | |
| Common Stock | holding | — | — | — | 31,872 | I | By 2015 GRAT | |
| Common Stock | holding | — | — | — | 1,573 | I | By Trust | |
| Fixed/Floating Rate Non-Cum Perpetual Preferred Stock Ser C | holding | — | — | — | 2,000 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On February 4, 2014, the reporting person reported the grant of certain market restricted stock units (the "MRSUs"). The MRSUs have a service-based vesting component as well as a Total Shareholder Return Multiplier. On January 31, 2017, pursuant to the terms of the service-based vesting component of the MRSUs, the third tranche of such award vested. Based upon the Total Shareholder Return Multiplier, the reporting person received 2,665 additional shares of the Company's restricted stock, such shares representing the amount vested in excess of the target amount of MRSUs initially reported on Form 4 in February 2014.
- F2Includes 566 shares acquired through the accrual of dividend equivalents on the MRSUs vested as of January 31, 2017.
- F3On February 4, 2014, the reporting person reported the grant of certain performance stock units (the "PSUs"). The PSUs have a service-based vesting component as well as a 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. Based upon the weighted average return on average assets, the "target" amount of PSUs which vested was adjusted downward. As such, the reporting person received 175 less shares of the Company's restricted stock than the target amount of PSUs initially reported on Form 4 in February 2014.
- F4Includes 886 shares acquired through accrual of dividend equivalents on the PSUs vested as of January 31, 2017.
- F5These shares were withheld upon the vesting of the MRSUs and PSUs to pay tax witholding obligations.