SEC Form 4 · accession 0001209191-18-012278
SYNOVUS FINANCIAL CORP · SNV
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kevin Joseph Howard
Officer — EVP and Chief Credit Officer
Period of report
Feb 20, 2018
Accepted (ET)
Feb 22, 2018 · 3:31 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 | Feb 20, 2018 | A | 348 | $50.93 | A | 52,265 | D | |
| Common StockF3,F4 | Feb 20, 2018 | D | 76 | $50.93 | D | 52,395 | D | |
| Common StockF5 | Feb 20, 2018 | F | 3,339 | $50.93 | D | 49,056 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1On February 23, 2015, 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 February 20, 2018, 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 348 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 2015.
- F2Includes 89 shares acquired through the accrual of dividend equivalents on the MRSUs vested as of February 20, 2018.
- F3On February 23, 2015, 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 76 less shares of the Company's restricted stock than the target amount of PSUs initially reported on Form 4 in February 2015.
- F4Includes 206 shares acquired through accrual of dividend equivalents on the PSUs vested as of February 20, 2018.
- F5These shares were withheld upon the vesting of MRSUs and PSUs to pay tax witholding obligations.