Alan L. Frank - Jan 3, 2022 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
Jan 3, 2022
Transactions value $
$0
Form type
4
Date filed
1/6/2022, 11:06 AM
Previous filing
Jun 3, 2021
Next filing
Dec 29, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CIT Common Stock Disposed to Issuer -9.1K -100% 0 Jan 3, 2022 Held by Frank Living Trust dated 10/28/1993, as amended F1
transaction CIT Common Stock Disposed to Issuer -41K -100% 0 Jan 3, 2022 Direct F1

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 Disposed to Issuer -2.75K -100% 0 Jan 3, 2022 Common Stock 2.75K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Alan L. Frank is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the Agreement and Plan of Merger, dated October 15, 2020, by and among CIT Group Inc. ("CIT"), First Citizens BancShares, Inc. ("BancShares"), First-Citizens Bank & Trust Company, and FC Merger Subsidiary IX, Inc. (as amended from time to time, the "Merger Agreement"), a transaction exempt under Rule 16b-3, each issued and outstanding share of common stock, par value $0.01 per share, of CIT ("CIT Common Stock") was converted into 0.06200 (the "Exchange Ratio") shares of Class A common stock, par value $1.00 per share, of BancShares (the "BancShares Class A Common Stock"). On December 31, 2021 (the business day prior to the merger), the closing price of one share of CIT Common Stock was $51.34.
F2 Each CIT RSU had the economic equivalent of one share of CIT Common Stock.
F3 For Mr. Frank, pursuant to the Merger Agreement, a transaction exempt under Rule 16b-3, the unvested restricted stock units in respect of shares of CIT Common Stock (the " CIT RSUs") (not subject to deferral) automatically vested upon the effective time and were converted into 170 shares of BancShares Class A Common Stock as multiplied by the Exchange Ratio less fractional shares paid in cash.