ZENITH NATIONAL INSURANCE CORP 4
4 · ZENITH NATIONAL INSURANCE CORP · Filed May 24, 2010
Insider Transaction Report
Form 4
Coben Jerome L
Director
Transactions
- Exercise/Conversion
Phantom Stock
2010-05-20$38.00/sh−1,298.23$49,333→ 0 total→ Common Stock (1,298.23 underlying) - Disposition to Issuer
Common Stock
2010-05-20$38.00/sh−3,180$120,840→ 0 total
Footnotes (2)
- [F1]Disposed of pursuant to the Agreement and Plan of Merger, dated as of February 17, 2010, among Zenith National Insurance Corp., Fairfax Financial Holdings Limited and Fairfax Investments II USA Corp. for cash consideration equal to $38 per share.
- [F2]Each share of phantom stock is a deferred stock unit payable only in cash and is the economic equivalent of a share of the Issuer's common stock. Reporting Person's director compensation was deferred into deferred stock units pursuant to the terms of the Zenith National Insurance Corp. 2003 Non-employee Director Deferred Compensation Plan. Dividends payable on the common stock are deemed received on the deferred stock units and reinvested in deferred stock units. Pursuant to the terms of the plan, deferred stock units became payable in cash in a lump sum upon the Reporting Person's termination of service as a director on May 20, 2010.