SEC Form 4 · accession 0000857855-15-000001
UNITED COMMUNITY BANKS INC · UCB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David P Shearrow
Officer — EVP of Risk Management
Period of report
Sep 13, 2014
Accepted (ET)
Feb 3, 2015 · 7:40 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000857855
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Sep 13, 2014 | F | 2,005 | $18.31 | D | 24,085 | D | |
| Common Stock (RSU's)F3,F4 | Jan 31, 2015 | A | 13,761 | $0.00 | A | 32,109 | D | |
| Common Stock (PSUs)F2,F5 | Jan 31, 2015 | A | 21,406 | $0.00 | A | 53,515 | D | |
| Common Stock (RSUs)F6 | Jan 31, 2015 | D | 18,348 | $0.00 | D | 13,761 | D | |
| Common Stock (PSUs)F6 | Jan 31, 2015 | D | 32,109 | $0.00 | D | 21,406 | D | |
| Common Shares IssuableF2,F4,F7 | holding | — | — | — | 45,272 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents shares of United Community Banks, Inc. common stock to satisfy tax obligations upon vesting of Restricted Stock Units ("RSUs") and performance-based Restricted Stock Units ("PSUs").
- F2Reflects a reclassification of PSUs to Common Stock pursuant to vesting.
- F3Represents a grant of RSUs. The RSUs will vest at 33.33% on August 12 of years 2015, 2016, and 2017.
- F4Reflects a reclassification of RSUs to Mr. Shearrow's Deferred Compensation Plan account pursuant to vesting.
- F5Represents a grant of PSUs. The PSUs will vest at 50% on January 25, 2016, and 50% on January 25, 2017 based upon meeting certain performance criteria for each period. The performance threshold and target levels are based upon meeting or exceeding certain earnings per share and return on assets levels and if the target level is not met the vesting level payable for that period is zero percent.
- F6Represents RSUs and PSUs previously granted to Mr. Shearrow under the United Community Banks, Inc. ("United") employee stock option plan that were forfeited by Mr. Shearrow in exchange for a modification to his supplemental retirement benefits under United's Modified Retirement Plan and the grants of 13,761 RSUs and 21,406 PSUs described in footnotes 3 and 5 above.
- F7Acquired pursuant to The United Community Banks Deferred Compensation Plan.