Margo G. Butsch - 02 May 2023 Form 4 Insider Report for HERITAGE COMMERCE CORP (HTBK)

Reporting relationship: EVP/Chief Credit Officer
Issuer ticker: HTBK
Reported as of: 02 May 2023
Net transaction value: $0
SEC form: 4
Accepted by SEC: 04 May 2023, 17:01:10 UTC
Prior SEC filing: 17 May 2022
Source filing: View source filing
Reporting owner signature: /s/ Debbie Reuter as Attorney in fact for Margo G. Butsch

Key filing fact

Margo G. Butsch filed Form 4 for HERITAGE COMMERCE CORP (HTBK) on 04 May 2023.

Key facts

This page summarizes Margo G. Butsch's Form 4 filing for HERITAGE COMMERCE CORP (HTBK).
2 reported transactions and 4 derivative rows are listed below.
Accepted by SEC: 04 May 2023, 17:01.

Change

Previous filing in this sequence was filed on 17 May 2022.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

HTBK holding

Common Stock, No Par Value

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 56,877
Date: 02 May 2023
Ownership: Direct

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

HTBK transaction Derivative

Restricted Stock Unit

Award

Transaction value: $0
Shares: +10,399
Change %
Price: $0.000000
Shares after: 10,399
Date: 02 May 2023
Ownership: Direct
Underlying class: Common Stock, No Par Value
Underlying amount: 10,399
Exercise price: $0.000000
Footnotes: F1, F2

HTBK transaction Derivative

Performance-Based Restricted Stock Unit

Award

Transaction value: $0
Shares: +10,399
Change %
Price: $0.000000
Shares after: 10,399
Date: 02 May 2023
Ownership: Direct
Underlying class: Common Stock, No Par Value
Underlying amount: 10,399
Exercise price: $0.000000
Footnotes: F3, F4

HTBK holding Derivative

Standard Employee Option - NSO

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 3,000
Date: 02 May 2023
Ownership: Direct
Underlying class: Common Stock, No Par Value
Underlying amount: 3,000
Exercise price: $10.34

HTBK holding Derivative

Standard Employee Option - NSO

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 8,000
Date: 02 May 2023
Ownership: Direct
Underlying class: Common Stock, No Par Value
Underlying amount: 8,000
Exercise price: $14.48

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 4 footnotes

Footnote F1

Each restricted stock unit represents a right to receive one share of Issuer common stock.

Footnote F2

The restricted stock units vest in three equal installments commencing May 2, 2024, the first anniversary of the holder's grant date.

Footnote F3

Each performance-based restricted stock unit, or PRSU, represents a right to receive one share of Issuer common stock.

Footnote F4

The PRSUs will vest depending upon the Issuer's Return on Average Tangible Common Equity ("ROATCE") over a three-year period ("Performance Period"), relative to companies in a peer group selected by the Issuer as of the grant date ("Peer Group"). If the Issuer's ROATCE is at the 35th percentile of the Peer Group at the end of the Performance Period then 50% of the PRSUs will vest. If the Issuer's ROATCE is at the 50th percentile at the end of the Performance Period then 100% of the PRSUs will vest. If the Issuer's ROATCE is at the 75th percentile at the end of the Performance Period then 150% of the PRSUs will vest. Vesting between performance levels will be determined by straight-line interpolation. None of the PRSUs will vest if the Issuer's ROATCE does not exceed the 35th threshold of the Peer Group.