MARTIN DARRELL D 4
4 · MARKEL CORP · Filed Feb 12, 2010
Insider Transaction Report
Form 4
MARKEL CORPMKL
MARTIN DARRELL D
Director
Transactions
- Other
Comon Stock
2010-02-01−5,000→ 19,417 total - Other
Contract
2010-02-01−5,000→ 0 totalExp: 2010-02-01→ Common Stock
Holdings
- 3,500(indirect: By Spouse)
Common Stock
Footnotes (5)
- [F1]On January 31, 2007, Mr. Martin entered into a Prepaid Forward Agreement ("Forward Agreement") relating to the forward sale of 5,000 shares of common stock of Markel Corporation ("Common Stock").
- [F2]The Forward Agreement provided that three business days after February 1, 2010 (the "Maturity Date"), Mr. Martin would deliver to the counterparty to the Forward Agreement a number of shares of Common Stock (or, at the election of Mr. Martin given in advance, the cash equivalent of such shares), based on the following: (a) if the closing price per share of Common Stock on the Maturity Date ("Final Price") was less than $486.00 ("Floor Price"), Mr. Martin would deliver 5,000 shares; (b) if the Final Price was equal to or greater than the Floor Price but less than or equal to $972.00 ("Cap Price"), Mr. Martin would deliver a number of shares equal to the Floor Price/Final Price x 5,000; and (c) if the Final Price was greater than the Cap Price, Mr. Martin would deliver a number of shares equal to the product of the sum of [(Floor Price/Final Price) + ((Final Price - Cap Price)/Final Price)] x 5,000. In consideration thereof, Mr. Martin received a price of $1,868,670.
- [F3]On February 1, 2010, the Final Price was $331.49. Mr. Martin delivered 5,000 shares of Common Stock in satisfaction of his obligations under the Forward Agreement.
- [F4]Includes 125 shares of restricted stock awarded pursuant to the Markel Corporation Omnibus Incentive Plan that will vest on May 10, 2010.
- [F5]Beneficial ownership of securities is expressly disclaimed.