WILLIAMS LUKE M (SVP, CFO and Treasurer) reported 1 transaction at AMERICAN RAILCAR INDUSTRIES, INC.

Review the transaction codes below to understand the nature of each event.

WILLIAMS LUKE M

Filed: 12/6/2018ACC: 0001140361-18-044614

InsiderWILLIAMS LUKE MCIK 1635234

→

IssuerAMERICAN RAILCAR INDUSTRIES, INC.CIK 1344596

Officer· SVP, CFO and Treasurer

Since Dec 2018

-46.72K

Net shares

Net seller

$3.6K

Total sold

Open market trades

0B · 0S

Total transactions

46.72K disposed

Non-Derivative Transactions1

Common Stock, $0.01 par value per share

Direct

D · Disposition

−51.00

Price / share

$70.00

Trade value

$3.57K

% of position

New position

12/5/2018

51.00→0.00

Total

Net shares

−51.00

Net value

-$3.57K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock, $0.01 par value per share Direct	12/5/2018	D · Disposition	−51.00	$70.00	$3.57K	New position	51.00	0.00
Total			−51.00		-$3.57K

Derivative Transactions6

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

1.70K shares

−1.70K

Strike price

29.31

Held after

0.00

Exercisable

—

12/5/2018

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

3.17K shares

−3.17K

Strike price

48.13

Held after

0.00

Exercisable

—

12/5/2018

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

5.76K shares

−5.76K

Strike price

50.27

Held after

0.00

Exercisable

—

12/5/2018

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

8.48K shares

−8.48K

Strike price

44.83

Held after

0.00

Exercisable

—

12/5/2018

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

12.45K shares

−12.45K

Strike price

40.93

Held after

0.00

Exercisable

—

12/5/2018

Stock Appreciation Right

Direct

D · Disposition

Converts to

Common Stock

15.11K shares

−15.11K

Strike price

38.28

Held after

0.00

Exercisable

—

12/5/2018

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable
Stock Appreciation Right Direct	Common Stock1.70K shares	12/5/2018	D · Disposition	−1.70K	29.31	—
Stock Appreciation Right Direct	Common Stock3.17K shares	12/5/2018	D · Disposition	−3.17K	48.13	—
Stock Appreciation Right Direct	Common Stock5.76K shares	12/5/2018	D · Disposition	−5.76K	50.27	—
Stock Appreciation Right Direct	Common Stock8.48K shares	12/5/2018	D · Disposition	−8.48K	44.83	—
Stock Appreciation Right Direct	Common Stock12.45K shares	12/5/2018	D · Disposition	−12.45K	40.93	—
Stock Appreciation Right Direct	Common Stock15.11K shares	12/5/2018	D · Disposition	−15.11K	38.28	—