SEC Form 4 · accession 0000106455-16-000161
WESTMORELAND COAL Co · WLB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jason William Veenstra
Officer — Chief Financial Officer
Period of report
May 18, 2016
Accepted (ET)
May 20, 2016 · 2:37 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000106455
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | May 18, 2016 | A | 9,000 | A | Apr 1, 2017 | — | Common Stock | 9,000 | 9,000 | D |
| Performance Based Restricted Stock UnitsF3 | — | May 18, 2016 | A | 15,000 | A | Apr 1, 2019 | Apr 1, 2019 | Common Stock | 22,500 | 15,000 | D |
Explanation of responses
- F1Each Restricted Stock Unit represents a contingent right to receive one share of common stock payable in common stock, cash or a combination thereof at the discretion of the Compensation and Benefits Committee.
- F2The Restricted Stock Units vest in three equal annual installments beginning on April 1st following the grant date.
- F3Each Performance Based Restricted Stock Unit represents a contingent right to receive up to 1.5 shares of common stock. The units vest over approximately three years and become payable on April 1, 2019; 25% weighted based on a comparison of the company's relative total shareholder return over the vesting period to a weighted total shareholder return during such period of companies in the Russell 3000 Index; 25% weighted based on a comparison of the company's relative total shareholder return over the vesting period to a weighted total shareholder return during such period of certain companies in the Market Vectors Global Coal Index with principal places of business in the US, Australia or Canada; and 50% weighted based on a three-year free cash flow goal for Westmoreland's consoldated global enterprise.