Alan L. Frank - May 15, 2021 Form 4 Insider Report for CIT GROUP INC (CIT)

Role: Director
Signature: /s/ James P. Shanahan, attorney-in-fact for Mr. Frank
Stock symbol: CIT
Transactions as of: May 15, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/18/2021, 05:33 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	+2.45%		31.5K	May 15, 2021	Direct	F1, F2, F3, F4
holding	CIT	Common Stock						9.1K	May 15, 2021	Held by Frank Living Trust dated 10/28/1993, as amended	F5

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, F3, F4, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Filer elected to receive 100% stock upon settlement.
F2	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.
F3	Each Restricted Cash Unit is the economic equivalent of one share of CIT common stock.
F4	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.
F5	Pursuant to Rule 16a-1(a)(2)(ii)(B) under the Securities Exchange Act of 1934, as amended (the "Act"), the Reporting Person may be deemed to be the beneficial owner of the securities reported herein only to the extent of his pecuniary interest therein. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that the Reporting Person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities reported herein in excess of such amount.
F6	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.