WESTMORELAND COAL Co 4

4 · WESTMORELAND COAL Co · Filed Jun 27, 2017

Form 4

Period: 2017-06-23

CFO - Interim

Transactions

Award
Cash Units
2017-06-23+9,079→ 9,079 total
From: 2018-04-01→ Common Stock (9,079 underlying)
Award
Performance Based Restricted Stock Units
2017-06-23+22,699→ 22,699 total
From: 2020-04-01Exp: 2020-04-01→ Common Stock (22,699 underlying)
Award
Restricted Stock Units
2017-06-23+13,619→ 13,619 total
From: 2018-04-01→ Common Stock (13,619 underlying)

Footnotes (4)

[F1]Each 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.
[F2]The Restricted Stock Units vest in three equal annual installments beginning on April 1st following the grant date.
[F3]Each Performance Based Restricted Stock Unit ("PBRSU") represents a contingent right to receive up to 1.5 shares of common stock or the economic equivalent thereof. Units vest over three years and may become payable on April 1, 2020; achievement is 25% weighted based on a comparison of the company's relative total shareholder return ("TSR") over the performance 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 TSR over the performance period to a weighted TSR 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 the Company's consolidated enterprise. For achievement between 100% and 150% of target performance, the PBRSU will be settled solely in cash.
[F4]Each Cash Unit is settled solely in cash upon vesting and represents the economic equivalent of one share of the Issuer's common stock. These Cash Units vest in three equal installments on April 1, 2018, 2019 and 2020.

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