0001028918-21-000046.txt : 20210302 0001028918-21-000046.hdr.sgml : 20210302 20210302210428 ACCESSION NUMBER: 0001028918-21-000046 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210228 FILED AS OF DATE: 20210302 DATE AS OF CHANGE: 20210302 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: RICE TOM CENTRAL INDEX KEY: 0001576227 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-22193 FILM NUMBER: 21706845 MAIL ADDRESS: STREET 1: 17901 VON KARMAN AVENUE STREET 2: SUITE 1200 CITY: IRVINE STATE: CA ZIP: 92614 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC PREMIER BANCORP INC CENTRAL INDEX KEY: 0001028918 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 330743196 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 17901 VON KARMAN AVE STREET 2: SUITE 1200 CITY: IRVINE STATE: CA ZIP: 92614 BUSINESS PHONE: 949-864-8000 MAIL ADDRESS: STREET 1: 17901 VON KARMAN AVE STREET 2: SUITE 1200 CITY: IRVINE STATE: CA ZIP: 92614 4 1 wf-form4_161473704964464.xml FORM 4 X0306 4 2021-02-28 0 0001028918 PACIFIC PREMIER BANCORP INC PPBI 0001576227 RICE TOM 17901 VON KARMAN SUITE 1200 IRVINE CA 92614 0 1 0 0 SEVP/ Chief Innovation Officer PPBI Common Stock 2021-02-28 4 M 0 5427 A 36151 D PPBI Common Stock 2021-02-28 4 M 0 427 A 36578 D PPBI Common Stock 2021-02-28 4 F 0 5693 40.30 D 30885 D PPBI Common Stock 2021-03-02 5 G 0 E 5214 0 D 25671 D PPBI Common Stock 2021-03-02 5 G 0 E 5214 0 A 61480 I By The Rice Family Trust PPBI Restricted Stock Unit 2021-02-28 4 M 0 5945 0 D PPBI Common Stock 5945.0 0 D Dividend Equivalent Rights 2021-02-28 4 M 0 427 D PPBI Common Stock 427.0 0 D PPBI Restricted Stock Unit PPBI Common Stock 9213.0 9213 D The Restricted Stock Units had a service-based vesting component as well as performance vesting requirement. While the reporting person has satisfied the service-based vesting requirement, the actual amount of Restricted Stock Units which vested on February 28, 2021 was 91.3% of the target amount based upon the results of the 3-year average relative total shareholder return percentile range compared to the Keefe, Bruyette & Woods, Inc. Regional Banking. As such, the reporting person received 518 less shares than initially reported on Form 4 in February 2018. Restricted Stock Units convert into common stock on a one-for-one basis. Each dividend equivalent right is the economic equivalent of one share of common stock. Represents shares withheld to cover the tax liability incident to the vesting of Restricted Stock Units, Restricted Stock Awards and dividend equivalent rights. Includes 23,071 shares of restricted stock subject to a vesting schedule set forth in the restricted stock grant and subject to forfeiture upon the occurrence of certain events specified in the restricted stock grant. On March 2, 2021, the reporting person transferred 5,214 directly owned shares of PPBI common stock to the Rice Family Trust, dated March 28, 2018 (the "Trust"), Tom Rice, Co-Trustee. The reporting person shares voting and disposition control over shares held by the Trust. Each Restricted Stock Unit represents the right to receive one share of common stock. The amount reported reflects the targeted number of Restricted Stock Units that may vest upon achievement of certain predetermined performance goals and assuming continued employment through the vesting period. Depending on the actual performance achieved, the reporting person may receive between 0% and 200% of such targeted amount. The Restricted Stock Units will vest, if at all, on February 28, 2021. Vesting will be tied entirely to performance, measured by a 3-year average relative total shareholder return percentile range compared to the Keefe, Bruyette & Woods, Inc. Regional Banking. Not applicable. Dividend equivalent rights accrue on the reporting person's Restricted Stock Units and become vested proportionately with the Restricted Stock Units. Each Restricted Stock Unit represents the right to receive one share of common stock. The amount reported reflects the targeted number of Restricted Stock Units that may vest upon achievement of certain predetermined performance goals and assuming continued employment through the vesting period. Depending on the actual performance achieved, the reporting person may receive between 0% and 200% of such targeted amount. The Restricted Stock Units will vest, if at all, on February 28, 2022. 50% vesting will be tied entirely to performance, measured by a 3-year average relative total shareholder return percentile range compared to the Keefe, Bruyette & Woods, Inc. Regional Banking Index ("KRX"). 25% vesting will be based on the Company's average ROAA percentile performance as compared to KRX companies over the Performance Period. 25% vesting will be based on the Company's average ROATCE percentile performance as compared to the KRX companies over the Performance Period. /s/ Tom Rice 2021-03-02