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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) | ||
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1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) |
4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Employee Stock Option (right to buy) | $ 4.92 | 10/11/2019 | 01/29/2025 | Heritage Commerce Corp - Common Stock | 37,050 | 37,050 | D | ||||||||
| Employee Stock Option (right to buy) | $ 10.74 | 10/11/2019 | 07/01/2028 | Heritage Commerce Corp - Common Stock | 49,399 | 49,399 | D | ||||||||
| Performance-Based Restricted Stock Unit | $ 0 | 05/02/2026 | 05/02/2026 | Common Stock, No Par Value | 31,477 | 31,477 | D | ||||||||
| Restricted Stock Unit | $ 0 | 05/02/2024 | 05/02/2026 | Common Stock, No Par Value | 31,478 | 31,478 | D | ||||||||
| Performance-Based Restricted Stock Unit | $ 0 (1) | 03/08/2024 | A | 39,635 | 03/08/2027(2) | 03/08/2027(2) | Common Stock, No Par Value | 39,635 | $ 0 | 39,635 | D | ||||
| Restricted Stock Unit | $ 0 (3) | 03/08/2024 | A | 39,636 | 03/08/2025(4) | 03/08/2027(4) | Common Stock, No Par Value | 39,636 | $ 0 | 39,636 | D | ||||
| Reporting Owner Name / Address | Relationships | |||
| Director | 10% Owner | Officer | Other | |
| Jones Robertson Clay JR 224 AIRPORT PARKWAY SAN JOSE, CA 95110 |
X | President and CEO | ||
| /s/ Debbie Reuter as Attorney in fact for Robertson Clay Jones, JR. | 03/12/2024 | |
| **Signature of Reporting Person | Date |
| * | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
| ** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
| (1) | Each performance-based restricted stock unit, or PRSU, represents a right to receive one share of Issuer common stock. |
| (2) | 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. |
| (3) | Each restricted stock unit represents a right to receive one share of Issuer common stock. |
| (4) | The restricted stock units vest in three equal installments commencing March 8, 2025, the first anniversary of the holder's grant date. |