SEC Form 4 · accession 0001209191-16-106977
NAVIGATORS GROUP INC · NAVG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Stanley A Galanski
Officer — President & CEO · Director
Period of report
Mar 4, 2016
Accepted (ET)
Mar 8, 2016 · 4:40 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000793547
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Mar 4, 2016 | A | 4,275 | $0.00 | A | 149,023 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance unitsF3,F4 | — | Mar 4, 2016 | A | 24,698 | A | — | — | Common Stock | 24,698 | 24,698 | D |
Explanation of responses
- F1Restricted stock units vesting in four equal installments on February 9, 2017, 2018, 2019 and 2020, subject to the Reporting Person's continued employment with the Issuer. Until the award vests, the Reporting Person does not have voting or dispositive control over these shares.
- F2Excludes unvested shares of stock awards over which the Reporting Person does not have voting or dispositive control.
- F3Each performance unit represents a contingent right to receive the closing price of one share of NAVG common stock as of the date of vesting.
- F4Performance units vesting on February 28, 2019, subject to the Reporting Person's continued employment. The number of performance units that will vest, which can range from 50% to 150% of the performance units reported on this Form 4, depends on the attainment of certain performance targets over a three-year period ending December 31, 2018.