CLIFFORD STEVEN A 4
4 · TODD SHIPYARDS CORP · Filed Aug 25, 2009
Insider Transaction Report
Form 4
CLIFFORD STEVEN A
Director
Transactions
- Award
Todd Shipyards Corp. Common Stock
2009-08-21$16.98/sh+750$12,735→ 10,250 total
Holdings
- 2,000
Todd stock settled appreciation rights
Exercise: $16.98→ Common Stock (2,000 underlying)
Footnotes (4)
- [F1]Fair market value on date of election. Shares will vest ratably over the next 36 months and are subject to forfeiture to the Company prior to vesting under certain circumstances. Granted as restricted shares under Todd's 2003 Incentive Stock Plan.
- [F2]Upon exercise of the SSARs, the holder is entitled to receive value equal to the number of rights being exercised times the then current fair market value reduced by $16.98, the fair market value on date of grant. Such value will be paid, net of withholding taxes, in shares of Todd Common Stock.
- [F3]One-third of the 2,000 SSARs vest each year on August 21 commencing in 2010 (through 2012).
- [F4]Upon certain termination events, but no later than August 21, 2014.