FASS STEVE ELLIOTT 4
4 · WHITE MOUNTAINS INSURANCE GROUP LTD · Filed Feb 25, 2005
Insider Transaction Report
Form 4
FASS STEVEN ELLIOT
DirectorPres & CEO, White Mountains Re
Transactions
- Award
Phantom Shares (Deferred Compensation)
2005-02-23$649.00/sh+8,000$5,192,000→ 10,500 total→ Common Shares (8,000 underlying)
Holdings
- 3,831(indirect: By 401(k))
Common Shares
- 3,086
Phantom Shares (Deferred Compensation)
→ Common Shares (3,086 underlying) - 9,000
Common Share Options
Exp: 2010-02-28→ Common Shares (9,000 underlying) - 10,000
Common Shares (restricted)
Footnotes (6)
- [F1]Since March 4, 2004, the date of Reporting Person's last filing, Reporting Person acquired 48 shares of WTM Common Shares under the Folksamerica 401(k) Plan. WTM Common Shares are purchased at fair market value on the date of purchase. The information in this report is based on a plan statement dated as of January 31, 2005.
- [F2]Phantom Shares are convertible into Common Shares on a 1 for 1 basis.
- [F3]The Phantom Shares are payable, at the election of the Company, in cash or in Common Shares, following termination of the Reporting Person's employment with the Company or beginning at an earlier date selected by the Reporting Person.
- [F4]The Phantom Shares are payable in cash following termination of the Reporting Person's employment with the Company.
- [F5]On February 28, 2000, the Reporting Person was granted options to purchase WTM Common Shares on a 1 for 1 basis at an initial exercise price of $106.19. The exercise price increases by 6% annually on a cumulative basis.
- [F6]Reporting Person was originally granted 9,000 options to purchase Common Shares on February 28, 2000. 900 Options become exercisable annually over a ten-year period.