0001127602-23-014524.txt : 20230504 0001127602-23-014524.hdr.sgml : 20230504 20230504170429 ACCESSION NUMBER: 0001127602-23-014524 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230502 FILED AS OF DATE: 20230504 DATE AS OF CHANGE: 20230504 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Peng Coonley Janice Yuli CENTRAL INDEX KEY: 0001939309 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-23877 FILM NUMBER: 23889838 MAIL ADDRESS: STREET 1: 224 AIRPORT BLVD CITY: SAN JOSE STATE: CA ZIP: 92692 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: HERITAGE COMMERCE CORP CENTRAL INDEX KEY: 0001053352 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 770469558 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 224 AIRPORT PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95110 BUSINESS PHONE: 4089476900 MAIL ADDRESS: STREET 1: 224 AIRPORT PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95110 4 1 form4.xml PRIMARY DOCUMENT X0407 4 2023-05-02 0001053352 HERITAGE COMMERCE CORP HTBK 0001939309 Peng Coonley Janice Yuli 224 AIRPORT PARKWAY SAN JOSE CA 95110 1 EVP/Chief People and Diversity 0 Common Stock, No Par Value 12000 D Restricted Stock Unit 0 2023-05-02 4 A 0 9123 0 A 2024-05-02 2026-05-02 Common Stock, No Par Value 9123 9123 D Performance-Based Restricted Stock Unit 0 2023-05-02 4 A 0 9122 0 A 2026-05-02 2026-05-02 Common Stock, No Par Value 9122 9122 D Each restricted stock unit represents a right to receive one share of Issuer common stock. The restricted stock units vest in three equal installments commencing May 2, 2024, the first anniversary of the holder's grant date. Each performance-based restricted stock unit, or PRSU, represents a right to receive one share of Issuer common stock. 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. /s/ Debbie Reuter as Attorney-in-fact for Janice Peng Coonley 2023-05-04