James R. Hubbard - 03 Jan 2022 Form 4 Insider Report for CIT GROUP INC

Reporting relationship: EVP, General Counsel & Secy
Issuer ticker: N/A
Reported as of: 03 Jan 2022
Net transaction value: $0
SEC form: 4
Accepted by SEC: 05 Jan 2022, 19:12:29 UTC
Source filing: View source filing
Reporting owner signature: James P. Shanahan, attorney-in-fact for Mr. Hubbard

Key filing fact

James R. Hubbard filed Form 4 for CIT GROUP INC on 05 Jan 2022.

Key facts

This page summarizes James R. Hubbard's Form 4 filing for CIT GROUP INC.
4 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 05 Jan 2022, 19:12.

Change

No earlier filing in this sequence is available for direct comparison.
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.

CIT transaction

Common Stock

Award

Transaction value
Shares: +4,453
Change %
Price
Shares after: 4,453
Date: 03 Jan 2022
Ownership: Direct
Footnotes: F1, F2

CIT transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -4,453
Change %: -100%
Price
Shares after: 0
Date: 03 Jan 2022
Ownership: Direct
Footnotes: F1, F2

CIT transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -2,719
Change %: -15%
Price
Shares after: 14,924
Date: 03 Jan 2022
Ownership: Direct
Footnotes: F3

CIT transaction

Common Stock

Disposed to Issuer

Transaction value
Shares: -14,924
Change %: -100%
Price
Shares after: 0
Date: 03 Jan 2022
Ownership: Direct
Footnotes: F4, F5

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

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

James R. Hubbard is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 5 footnotes

Footnote F1

For Mr. Hubbard, pursuant to the Merger Agreement, performance share unit awards in respect of shares of CIT Common Stock (the "CIT PSUs") were converted into 277 restricted stock units in respect of shares of BancShares Class A Common Stock, equal to the number of shares subject to the CIT PSUs determined based on target level performance as of immediately prior to the effective time multiplied by the Exchange Ratio, with the result rounded up to the nearest whole share.

Footnote F2

Each CIT PSU had the economic equivalent of one share of CIT Common Stock.

Footnote F3

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.

Footnote F4

For Mr. Hubbard, pursuant to the Merger Agreement, the unvested restricted stock units in respect of shares of CIT Common Stock (the "CIT RSUs") were converted into 927 restricted stock units in respect of shares of BancShares Class A Common Stock, equal to the number of shares subject to the CIT RSUs as of immediately prior to the effective time multiplied by the Exchange Ratio, with the result rounded up to the nearest whole share.

Footnote F5

Each CIT RSU had the economic equivalent of one share of CIT Common Stock.