William M. Freeman - May 15, 2021 Form 4 Insider Report for CIT GROUP INC (CIT)

Role
Director
Signature
James P. Shanahan, Attorney-in-Fact for Mr. Freeman
Stock symbol
CIT
Transactions as of
May 15, 2021
Transactions value $
-$20,166
Form type
4
Date filed
5/18/2021, 05:28 PM
Previous filing
May 13, 2021
Next filing
Jun 3, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CIT Common Stock Options Exercise +753 +5.65% 14.1K May 15, 2021 Direct F1, F2
transaction CIT Common Stock Disposed to Issuer -$20.2K -376 -2.68% $53.59 13.7K May 15, 2021 Direct F1, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CIT Restricted Stock Units Options Exercise -753 -100% 0 May 15, 2021 Common Stock 753 Direct F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The restricted stock units settled 50% in stock and 50% in cash, which was deemed to occur through an acquisition of 100% of the underlying shares of CIT common stock and a simultaneous disposition to the issuer of 50% of the underlying shares of CIT common stock.
F2 Each restricted stock unit ("RSU") has the economic equivalent of one share of CIT common stock.
F3 The restricted stock units vested on a Saturday, therefore, the closing price of CIT common stock on the immediately preceding Friday was used for the settlement.
F4 RSUs are scheduled to vest in three equal installments on May 15, 2019, 2020, and 2021 and are payable 50% in shares of CIT common stock and 50% in cash. The cash payment shall be based on the closing price of CIT common stock on the vesting date.