Churnetski John L 4
4 · PENN MILLERS HOLDING CORP · Filed Dec 1, 2011
Insider Transaction Report
Form 4
Churnetski John L
Director
Transactions
- Disposition to Issuer
OPTIONS TO PURCHASE COMMON STOCK
2011-11-30$5.67/sh−1,500$8,505→ 0 totalExercise: $14.83Exp: 2017-05-12→ COMMON STOCK (1,500 underlying) - Disposition to Issuer
COMMON STOCK
2011-11-30$20.50/sh−8,500$174,250→ 0 total - Disposition to Issuer
OPTIONS TO PURCHASE COMMON STOCK
2011-11-30$3.00/sh−1,500$4,500→ 0 totalExercise: $17.50Exp: 2018-05-11→ COMMON STOCK (1,500 underlying)
Footnotes (2)
- [F1]Shares of Issuer common stock were canceled and converted pursuant to the Agreement and Plan of Merger dated September 7, 2011 (the "Merger Agreement"), by and among the Issuer, ACE American Insurance Company and Panther Acquisition Corp. ("Merger Sub"), providing for the merger of Merger Sub with and into the Issuer (the "Merger"), into the right to receive $20.50 in cash per share (the "Merger Consideration").
- [F2]All unvested options vested in full at the effective time of the Merger and were then canceled and converted into the right to receive a cash payment equal to the excess of (a) the Merger Consideration over (b) the exercise price payable with respect to such share of common stock subject to such options.