4//SEC Filing
ADAMO VICTOR T 4
Accession 0001194794-12-000095
CIK 0001127703other
Filed
Sep 30, 8:00 PM ET
Accepted
Oct 1, 12:31 PM ET
Size
12.8 KB
Accession
0001194794-12-000095
Insider Transaction Report
Form 4
ADAMO VICTOR T
DirectorPresident
Transactions
- Exercise/Conversion
Common Stock
2012-09-28$90.44/sh+15,000$1,356,600→ 66,057 total - Exercise/Conversion
Employee Stock Option (Right to Buy)
2012-09-28−15,000→ 0 totalExercise: $54.28From: 2008-09-01Exp: 2018-09-01→ Common Stock (15,000 underlying) - Tax Payment
Common Stock
2012-09-28$90.44/sh−11,189$1,011,933→ 54,868 total
Holdings
- 0
Restricted Share Units
Exercise: $0.00→ Common Stock (2,500 underlying) - 39
Restricted Stock Units
→ Common Stock (39 underlying)
Footnotes (5)
- [F1]The 11,189 shares disposed of reflect 9,003 shares withheld by the issuer to fund the cashless exercise of 15,000 options after the market close on 9/28/12 and 2,186 shares withheld by the issuer to cover the associated tax liability.
- [F2]Cashless exercise of 15,000 options after the close of the market on September 28, 2012
- [F3]RSU's are equal in value to one share of Common Stock, are issued under the 2008 Equity Plan and acquired under terms of the ProAssurance Corporation 2011 Employee Stock Ownership Plan. The RSUs will vest upon the sooner of three years of continuous employment, termination of employment by reason of death or disability or for ''good reason," or a change of control of the Company. If a participant terminates employment more than twelve months but less than three years from the date of grant, the RSUs will partially vest based on the number of days that the participant was employed in the vesting period. Any RSUs that are unvested on termination of employment will be forfeited. In addition, if a participant withdraws shares purchased for his or her account, matching unvested RSUs will be forfeited. Upon vesting, we will pay the RSUs in shares of our Common Stock from those shares reserved for issuance under the 2008 Equity Plan. Value to be established upon vesting.
- [F4]Restricted Stock Unit (RSU) representing a contingent right to receive one share of ProAssurance Corporation common stock, issuable from the 2008 Equity Incentive Plan, vested on February 26, 2012 after the reporting person remained continuously employed by ProAssurance or one of its subsidiaries for three years from date of grant. The RSUs will be settled in shares of ProAssurance Common Stock as valued on February 27, 2012, the first business day after vesting occured, and in cash, with the cash portion being approximately equal to the federal, state, and local taxes.
- [F5]These options are fully vested and exercised in their entirety with this transaction.
Documents
Issuer
PROASSURANCE CORP
CIK 0001127703
Entity typeother
Related Parties
1- filerCIK 0001194768
Filing Metadata
- Form type
- 4
- Filed
- Sep 30, 8:00 PM ET
- Accepted
- Oct 1, 12:31 PM ET
- Size
- 12.8 KB