SEC Form 4 · accession 0001209191-16-117633
SVB FINANCIAL GROUP · SIVB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joan Parsons
Officer — Head of Specialty Banking
Period of report
Apr 30, 2016
Accepted (ET)
May 4, 2016 · 9:10 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000719739
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Apr 30, 2016 | M | 675 | — | A | 21,626 | D | |
| Common StockF1 | May 1, 2016 | M | 425 | — | A | 22,051 | D | |
| Common StockF1 | May 1, 2016 | M | 293 | — | A | 22,344 | D | |
| Common StockF2 | May 2, 2016 | F | 454 | $105.18 | D | 21,890 | D | |
| Common Stock | holding | — | — | — | 5,908 | I | By 401(k)/ESOP |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitF1 | $0.00 | Apr 30, 2016 | M | 675 | D | Apr 30, 2014 | Apr 30, 2020 | Common Stock | 675 | 675 | D |
| Restricted Stock UnitF1 | $0.00 | May 1, 2016 | M | 425 | D | May 1, 2013 | May 1, 2019 | Common Stock | 425 | 0 | D |
| Restricted Stock UnitF1 | $0.00 | May 1, 2016 | M | 293 | D | May 1, 2016 | May 1, 2022 | Common Stock | 293 | 878 | D |
| Performance Restricted Stock UnitF3,F4 | $0.00 | Feb 16, 2016 | A | 5,241 | A | Jan 30, 2019 | Feb 16, 2023 | Common Stock | 5,241 | 5,241 | D |
| Stock OptionF5 | $105.18 | May 2, 2016 | A | 5,231 | A | May 2, 2017 | May 2, 2023 | Common Stock | 5,231 | 5,231 | D |
| Restricted Stock UnitF6,F1 | $0.00 | May 2, 2016 | A | 1,533 | A | May 2, 2017 | May 2, 2023 | Common Stock | 1,533 | 1,533 | D |
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of the Issuer's common Stock.
- F2Shares withheld by Issuer for payment of tax liability incurred upon vesting of restricted stock units.
- F3Performance-based restricted stock units (PRSUs) are subject to both performance-based and time-based vesting. The extent to which the PRSU awards are earned will be based on the Company's performance for calendar years 2016-2018 and other considerations, as determined pursuant to the discretion of the Compensation Committee and the 162m Committee. The reported number of shares is the maximum number of shares that may be earned by the reporting person, based on the achievement of 150% of target performance. To the extent deemed earned at the end of the three-year performance period, these PRSUs will be subject to additional time-based vesting and will vest on January 30, 2019.
- F4Each performance-based restricted stock unit represents a contingent right to receive one share of the Issuer's common Stock.
- F5The grant of stock options is subject to annual vesting in four equal installments on the anniversary date of the grant, 25% on each of the successive anniversary dates. The exercise price of the stock options is determined based on the closing price of SVB's common stock on the date of grant.
- F6Restricted stock units are subject to annual vesting in equal installments on May 2, 2017, May 2, 2018, May 2, 2019, and May 2, 2020.