Smith Courtney C 4
4 · Tower Group, Inc. · Filed Nov 25, 2009
Insider Transaction Report
Form 4
Smith Courtney C
SVP of SUA Insurance Company
Transactions
- Exercise/Conversion
Common Stock-par value @ $0.01 per share
2009-11-23+21,840→ 31,065 total - Exercise/Conversion
Deferred Stock Award
2009-11-23−8,400→ 66,640 total→ Common Stock (8,400 underlying) - Tax Payment
Common Stock-par value @ $0.01 per share
2009-11-23$24.62/sh−6,432$158,356→ 24,633 total - Exercise/Conversion
Deferred Stock Award
2009-11-23−13,440→ 53,200 total→ Common Stock (13,440 underlying)
Footnotes (3)
- [F1]This deferred stock award initially vested ratably over four years from the date of grant subject to acceleration in the case of certain events specified by the terms and conditions of the Employment Agreement between the reporting person and Specialty Underwriters' Alliance, Inc. dated April 7, 2008 (the "Employment Agreement"). Pursuant to the Employment Agreement and a severance agreement between the reporting person and the Issuer, the unvested deferred stock award vested in full as of November 23, 2009.
- [F2]This deferred award initially vested ratably over five years from the date of grant subject to acceleration in the case of certain events specified by the terms and conditions of the Employment Agreement. Pursuant to the Employment Agreement and a severance agreement between the reporting person and the Issuer, the unvested deferred award vested in full as of November 23, 2009.
- [F3]Each deferred stock award represents a contingent right to receive one share of Tower Group, Inc. common stock.