Exhibit 4.4 FIRST AMENDMENT TO ------------------ PROVIDENCE AND WORCESTER RAILROAD COMPANY ----------------------------------------- ALL STAR/ANNIVERSARY SAFETY INCENTIVE PLAN ------------------------------------------ WHEREAS, the Providence and Worcester Railroad Company (the "Company") adopted the Providence and Worcester Railroad Company All Star/Anniversary Safety Incentive Plan (the "Plan") as of January 1, 2004; WHEREAS, the undersigned has been designated as the Administrator of the Plan by the Compensation Committee of the Board in accordance with the Plan; WHEREAS, the Administrator has determined that a clarification of Section 6 of the Plan is necessary in order to have it conform with the intention of the Company, in establishing the Plan, that the Plan serve as an incentive for employees to strive for continued safe work records; and WHEREAS, the Plan provides that the Administrator "may amend the Plan at any time or from time to time; provided, however, that any amendment that would increase the aggregate number of shares that may be issued under the Plan, materially increase the benefits accruing to employees under the Plan, or materially modify the requirements as to eligibility for participation in the Plan shall be subject to the approval of the Board."; NOW, THEREFORE, Section 6 of the Plan is hereby amended by the addition, at the end of the first sentence thereof, of the following: "; provided, however, that the award of Common Shares for 1 year without an Injury listed below shall be available only with respect to the first year of employment for Employees who were hired after the Effective Date of the Plan and who complete the first year of their employment with the Company without an Injury." Except as modified hereby, the Plan remains unmodified and in full force and effect. IN WITNESS WHEREOF, the Plan Administrator has caused this First Amendment to be executed as of the 13th day of July, 2005. /s/ Robert J. Easton ----------------------------------------------------- Robert J. Easton, Administrator of Providence and Worcester Railroad Company All Star/Safety Incentive Plan
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S-8 Filing
Providence & Worcester Railroad (PWX) Inactive S-8Registration of securities for employees
Filed: 16 Aug 05, 12:00am