0001127602-24-009637.txt : 20240312
0001127602-24-009637.hdr.sgml : 20240312
20240312140628
ACCESSION NUMBER: 0001127602-24-009637
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240308
FILED AS OF DATE: 20240312
DATE AS OF CHANGE: 20240312
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Just Susan Svensson
CENTRAL INDEX KEY: 0001993124
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-23877
FILM NUMBER: 24741490
MAIL ADDRESS:
STREET 1: 224 AIRPORT PARKWAY
CITY: SAN JOSE
STATE: CA
ZIP: 95110
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: HERITAGE COMMERCE CORP
CENTRAL INDEX KEY: 0001053352
STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022]
ORGANIZATION NAME: 02 Finance
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
X0508
4
2024-03-08
0001053352
HERITAGE COMMERCE CORP
HTBK
0001993124
Just Susan Svensson
224 AIRPORT PARKWAY
SAN JOSE
CA
95110
1
EVP/Chief Credit Officer
0
Common Stock, No Par Value
8000
D
Performance-Based Restricted Stock Unit
0
2024-03-08
4
A
0
12458
0
A
2027-03-08
2027-03-08
Common Stock, No Par Value
12458
12458
D
Restricted Stock Unit
0
2024-03-08
4
A
0
12459
0
A
2025-03-08
2027-03-08
Common Stock, No Par Value
12459
12459
D
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.
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 March 8, 2025, the first anniversary of the holder's grant date.
/s/ Debbie Reuter as Attorney in fact for Susan Svensson Just
2024-03-12