NATIONAL SECURITY GROUP INC 4
4 · NATIONAL SECURITY GROUP INC · Filed Feb 14, 2005
Insider Transaction Report
Form 4
BROOKS FLEMING G
Director
Transactions
- Award
Phantom Stock Units
2005-02-11$21.26/sh+282$5,995→ 282 totalExercise: $21.26→ Common Stock (282 underlying)
Holdings
- 15,950
Common Stock
Footnotes (2)
- [F1]) The phantom stock units were awarded under the nonqualified deferred compensation plan in which directors could elect to defer their directors' fees by receiving phantom stock units payable in cash upon separation from service from the board. The plan was frozen on 12/31/2004. It is anticipated that a new nonqualified plan will be adopted during 2005. Until a new plan is adopted all directors' fees will be paid in cash.
- [F2]Upon separation from service from the Board, phantom stock units will be settled in cash at the then current market price of common stock.