SEC Form 4 · accession 0000857855-16-000092
UNITED COMMUNITY BANKS INC · UCB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Rex S Schuette
Officer — EVP & CFO
Period of report
Dec 2, 2016
Accepted (ET)
Dec 6, 2016 · 8:30 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 STOCK (PSUs)F1 | Dec 2, 2016 | A | 7,276 | $0.00 | A | 28,682 | D | |
| COMMON STOCK (RSUs)F2 | Dec 2, 2016 | A | 3,119 | $0.00 | A | 12,293 | D | |
| COMMON STOCK | holding | — | — | — | 33,721 | D | ||
| COMMON STOCK ISSUABLEF3,F4 | holding | — | — | — | 65,548 | D | ||
| COMMON STOCKF4 | holding | — | — | — | 16,461 | I | BY 401k | |
| COMMON STOCK | holding | — | — | — | 1,800 | I | ANDREA RAFFERTY-SCHUETTE (SPOUSE) |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents a grant of multi-year performance based Restricted Stock Units ("PSUs"). PSUs will vest at 25% on February 15, 2018, 2019, 2020 and 2021 based upon meeting certain operating performance criteria for each year. The annual operating performance for Threshold, Target and Maximum levels range are 50%, 100% and 150%, respectively, and are based upon meeting or exceeding certain annual operating return on assets and operating return on tangible common equity levels, which are weighted 50/50. If an individual Threshold level is not met, then that portion of the vesting level payable is zero.
- F2Represents a grant of multi-year time based Restricted Stock Units ("RSUs") that were granted in connection with the grant of PSUs. RSUs will vest at 25% on February 15, 2018, and November 15, 2018, 2019 and 2020.
- F3Reflects reclassification of PSUs into Phantom Stock pursuant to the United Community Banks Deferred Compensation Plan.
- F4Includes shares acquired pursuant to dividend reinvestment.