SANFORD JOHN W III 4
4 · WARWICK COMMUNITY BANCORP INC · Filed Oct 4, 2004
Insider Transaction Report
Form 4
SANFORD JOHN W III
Director
Transactions
- Disposition to Issuer
Common Stock
2004-10-01−2,712.06→ 0 total(indirect: By IRA) - Disposition to Issuer
Phantom Stock Units
2004-10-01−1,260.26→ 0 totalExercise: $0.00→ Common Stock (1,260.26 underlying) - Disposition to Issuer
Common Stock
2004-10-01−11,874.91→ 0 total - Disposition to Issuer
Stock Option (Right to Buy)
2004-10-01−19,819→ 0 totalExercise: $17.00From: 1999-06-24Exp: 2008-06-24→ Common Stock (19,819 underlying)
Footnotes (3)
- [F1]Pursuant to the Agreement and Plan of Merger, dated as of March 15, 2004, by and between Warwick Community Bancorp, Inc. and Provident Bancorp, Inc. (the Merger Agreement), each share of common stock, par value $0.01 per share, of Warwick Community Bancorp, Inc. was converted into the right to receive either (x) 2.7810 shares of common stock, par value $0.01 per share, of Provident Bancorp, Inc. or (y) $32.26 in cash in accordance with the reporting person's election and the allocation and proration procedure contained in the Merger Agreement.
- [F2]Pursuant to the Merger Agreement, each phantom stock unit was settled and converted into the right to receive in cash an amount equal to $32.26 per unit.
- [F3]Pursuant to the Merger Agreement, each option to purchase a share of common stock, par value $0.01 per share, of Warwick Community Bancorp, Inc. was converted into the right ot receive in cash an amount equal to the excess of (x) $32.26 per share over (y) the exercise price per share of each such option. All such options became fully vested and exercisable in connection with the completion of the merger provided under the Merger Agreement