SEC Form 4 · accession 0000914260-16-000071
PROVIDENCE & WORCESTER RAILROAD CO/RI/ · PWX
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Daniel T Noreck
Officer — Treasurer
Period of report
Jan 18, 2016
Accepted (ET)
Jan 19, 2016 · 3:25 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000831968
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock Options (right to buy)F1 | $13.70 | Jan 18, 2016 | A | 7,000 | A | Jan 18, 2017 | Jan 18, 2026 | Common Stock | 7,000 | 7,000 | D |
| Restricted Stock UnitF2,F3 | — | Jan 18, 2016 | A | 10,500 | A | — | Jan 3, 2025 | Common Stock | 10,500 | 10,500 | D |
Explanation of responses
- F1This non-qualified stock option becomes exercisable in five annual installments of 10% on January 18, 2017, 10% on January 18, 2018, 20% on January 18, 2019, 30% on January 18, 2020 and 30% on January 18, 2021.
- F2Each restricted stock unit represents the contingent right to receive one share of the Registrant's common stock upon vesting of the unit.
- F3The restricted stock units vest upon the annual achievement of reductions in certain operating expense ratios and in accordance with the following schedule: ten 10% on the first anniversary of the date of grant, 20% upon the second anniversary of the date of grant, 30% upon the third anniversary of the date of grant, and 30% upon the fourth anniversary of the date of grant subject to acceleration in the event of early achievement of the aforementioned reductions.