Bradford R. Dinsmore - 18 Oct 2021 Form 4 Insider Report for PACIFIC MERCANTILE BANCORP

Role
Chief Executive Officer
Signature
/s/ Curt A. Christianssen, as attorney in fact for Bradford R Dinsmore
Issuer symbol
N/A
Transactions as of
18 Oct 2021
Net transactions value
-$4,345,024
Form type
4
Filing time
20 Oct 2021, 14:16:26 UTC
Previous filing
01 Jun 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PMBC Common Stock Sale $1,319,274 -141,705 -100% $9.31 0 18 Oct 2021 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 PMBC Restricted Stock Unit Sale $698,250 -75,000 -100% $9.31 0 18 Oct 2021 Common Stock 75,000 Direct F1, F2
transaction PMBC Stock Options (Right to buy) Sale $2,327,500 -250,000 -100% $9.31 0 18 Oct 2021 Common Stock 250,000 $7.33 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Bradford R. Dinsmore 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 Merger Agreement by and between Pacific Mercantile Bancorp and Banc of California, Inc. dated March 22, 2021 (the "Agreement"), all vested shares of Pacific Mercantile Bancorp will be converted to Banc of California, Inc. shares at a 2:1 ratio. The vesting of all options, RSAs and RSUs (the "Incentives") were accelerated and cashed out upon the close of the merger that occurred on October 18, 2021. The price per share used to cash out these Incentives was $9.31, and was determined pursuant to the Agreement.
F2 Each RSU represents a contingent right to receive one share of the issuer's common stock upon settlement.