TCF Financial Form 4 TCF FINANCIAL / THOMAS C SHAFER ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SHAFER THOMAS C

(Last) (First) (Middle)

333 W. FORT STREET, SUITE 1800

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TCF FINANCIAL CORP [ TCF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
COO, Executive Vice Chairman

3. Date of Earliest Transaction (Month/Day/Year)
06/08/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/08/2021		S		66,969	D	$46.1642(1)	157,289	D
Common Stock	06/09/2021		A		29,224(2)	A	$0	186,513	D
Common Stock	06/09/2021		D		186,513(3)	D	(4)(5)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Service-Based Units (1/2017)	(5)	06/09/2021		D			3,671	(6)	(6)	Common Stock	3,671	(5)	0	D
Restricted Stock Service-Based Units (2/2017)	(5)	06/09/2021		D			632	(7)	(7)	Common Stock	632	(5)	0	D
Restricted Stock Service-Based Units (8/2017)	(5)	06/09/2021		D			343	(8)	(8)	Common Stock	343	(5)	0	D
Restricted Stock Service-Based Units (2018)	(5)	06/09/2021		D			3,210	(9)	(9)	Common Stock	3,210	(5)	0	D
Restricted Stock Service-Based Units (2019)	(5)	06/09/2021		D			5,348	(10)	(10)	Common Stock	5,348	(5)	0	D
Stock Options (2/2017)	$53.72	06/09/2021		D			8,881	(11)	02/22/2027	Common Stock	8,881	(12)	0	D
Stock Options (8/2017)	$46.95	06/09/2021		D			5,723	(13)	08/10/2027	Common Stock	5,723	(12)	0	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.00 to $46.39, inclusive. The reporting person undertakes to provide to TCF Financial Corporation, any shareholder of TCF Financial Corporation, or the Staff of the Securities and Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

2. Reflects the conversion of performance-based restricted stock units into service-based restricted stock units, as contemplated by the agreement and plan of merger, dated as of December 13, 2020 (the "Merger Agreement") between the issuer and Huntington Bancshares Incorporated, a Maryland corporation ("Huntington"), pursuant to which the issuer will merge with and into Huntington (the "Merger"). The units are convertible into shares of the issuer's common stock on a one-for-one basis on the applicable vesting dates, subject to certain exceptions. The Merger closed on June 9, 2021. On June 8, 2021, the closing price of the issuer was $45.18, and the closing price of Huntington was $15.21.

3. Includes 173,148 service-based restricted stock units and accrued dividend equivalent units of the issuer (the "Issuer RSUs").

4. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the "Effective Time"), each share of issuer common stock issued and outstanding immediately prior to the Effective Time (other than certain excluded shares) converted into the right to receive 3.0028 shares of Huntington common stock (the "Exchange Ratio"). All fractional share holdings were paid in cash.

5. The Issuer RSUs held by the reporting person were convertible into shares of the issuer's common stock on a one-for-one basis. Pursuant to the terms of the Merger Agreement, these Issuer RSUs were assumed by Huntington and converted into a restricted stock unit award of Huntington with the same terms and conditions as were applicable under such Issuer RSU award immediately prior to the Effective Time (including vesting terms) and relating to the number of shares of Huntington common stock equal to the product of (A) the number of shares of issuer common stock subject to such Issuer RSUs immediately prior to the Effective Time, multiplied by (B) the Exchange Ratio, with any fractional shares rounded to the nearest whole share of Huntington common stock.

6. These Issuer RSUs provided for cliff vesting on 8/31/2021.

7. These Issuer RSUs provided for cliff vesting on 2/21/2022.

8. These Issuer RSUs provided for cliff vesting on 8/9/2022.

9. These Issuer RSUs provided for vesting in 5 equal annual installments beginning on 2/27/2019.

10. These Issuer RSUs provided for vesting in 5 equal annual installments beginning on 2/25/2020.

11. This option provided for vesting in 5 equal annual installments beginning on 2/21/2018.

12. Pursuant to the terms of the Merger Agreement, each issuer option outstanding and unexercised immediately prior to the Effective Time (an "Issuer Stock Option") was assumed and converted automatically into an option (an "Adjusted Stock Option") to purchase, on the same terms and conditions as were applicable under such Issuer Stock Option immediately prior to the Effective Time (including vesting terms), the number of shares of Huntington common stock (rounded down to the nearest whole number of shares of Huntington common stock) equal to the product of (A) the number of shares of Issuer common stock subject to such Issuer Stock Option immediately prior to the Effective Time, multiplied by (B) the Exchange Ratio, which Adjusted Stock Option shall have an exercise price equal to the quotient (rounded up to the nearest whole cent) obtained by dividing (1) the exercise price of such Issuer Stock Option immediately prior to the Effective Time, by (2) the Exchange Ratio.

13. This option provided for vesting in 5 equal annual installments beginning on 8/9/2018.

Remarks:

	Thomas C. Shafer by POA Kirk D. Johnson	06/09/2021
	** Signature of Reporting Person	Date
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