Deborah Reuter - Mar 8, 2025 Form 4 Insider Report for HERITAGE COMMERCE CORP (HTBK)

Role: EVP/CRO/Corporate Secretary
Signature: /s/May Wong as Attorney-in-Fact
Stock symbol: HTBK
Transactions as of: Mar 8, 2025
Transactions value $: $0
Form type: 4
Date filed: 3/11/2025, 06:36 PM
Previous filing: May 6, 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HTBK	Common Stock, No Par Value	Options Exercise	$0	+4.26K	+4.97%	$0.00	89.9K	Mar 8, 2025	Direct
transaction	HTBK	Common Stock, No Par Value	Award	$0	+229	+0.25%	$0.00	90.1K	Mar 8, 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HTBK	Restricted Stock Unit	Options Exercise	$0	-4.26K	-33.33%	$0.00	8.51K	Mar 8, 2025	Common Stock, No Par Value	4.26K	$0.00	Direct	F2
transaction	HTBK	Restricted Stock Unit	Award	$0	+8.36K		$0.00	8.36K	Mar 10, 2025	Common Stock, No Par Value	8.36K	$0.00	Direct	F3, F4
transaction	HTBK	Performance-Based Restricted Stock Unit	Award	$0	+8.36K		$0.00	8.36K	Mar 10, 2025	Common Stock, No Par Value	8.36K	$0.00	Direct	F5, F6
holding	HTBK	Performance-Based Restricted Stock Unit						12.8K	Mar 8, 2025	Common Stock, No Par Value	12.8K	$0.00	Direct
holding	HTBK	Performance-Based Restricted Stock Unit						10.6K	Mar 8, 2025	Common Stock, No Par Value	10.6K	$0.00	Direct
holding	HTBK	Restricted Stock Unit						7.05K	Mar 8, 2025	Common Stock, No Par Value	7.05K	$0.00	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reporting person acquired 229 shares of the Company's Common Stock as a result of stock dividends payable to the reporting person upon the partial vesting of the Restricted Stock Units grant.
F2	The Restricted Stock Units vest in three equal installments commencing on March 8, 2025, the first anniversary of the holders' grant date. The remaining Restricted Stock Units will vest in two equal installments commencing on March 8, 2026.
F3	Each restricted stock unit represents a right to receive one share of Issuer common stock.
F4	The restricted stock units vest in three equal installments commencing March 10, 2026. the first anniversary of the holder's grant date.
F5	Each performance-based restricted stock unit, or PRSU, represents a right to receive one share of Issuer common stock.
F6	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.