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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report:&#160;&#160;April 26, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PROVIDENCE AND WORCESTER RAILROAD COMPANY</font></div>

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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">0-16704</font></div>
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<div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">05-0344399</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Of incorporation)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(I.R.S. Employer</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Identification No.)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">75 Hammond Street, Worcester, Massachusetts&#160;&#160;01610</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(address, including zip code, of principal executive offices)</font></div>

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<div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">ITEM 5.02 Compensatory Arrangements of Certain Officers</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">On April 24, 2013, the Stock Option and Compensation Committee of the Board of Directors (the &#8220;Committee&#8221;) of Providence and Worcester Railroad Company (the &#8220;Company&#8221;) approved a change to the Company&#8217;s severance plan applicable to the President, Treasurer, Vice President - Operations, Vice President - Marketing, and General C</font><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">ounsel (each, an &#8220;Executive Management Employee&#8221;), in the event that an Executive Management Employee&#8217;s position with the Company is terminated other than for cause as a result of a change-in-control of the Company or an Executive Management Employee resigns following a significant reduction of such Executive Management Employee&#8217;s base salary occurring within two years following a change-in-control. </font>A change-in-control is deemed to have occurred upon (1) the occurrence of a change in the beneficial ownership directly or indirectly of securities representing more than fifty percent (50%) of the voting power of the Company&#8217;s stock, (2) the sale of all or substantially all of the Company&#8217;s assets, (3) a transaction in which the Company is not the surviving entity, or (4) complete liquidation of the Company (each, a &#8220;Change-in-Control Event&#8221;). In such case the <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Executive Management Employee</font> is entitled to a lump sum severance payment within two (2) years of the effective date of a Change-in-Control Event to be determined as of the date of termination, as adjusted based on the Change-in-Control Event and the date of termination. <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">The new change-in-control severance benefit such Executive Management Employee is eligible to receive is as follows:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Two and one-half (<font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">2&#189;) times Annual Base Salary</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Annual Base Salary means the Executive Management Employee&#8217;s annual rate of base pay in effect immediately prior to the effective date of the Change-in-Control Event.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Executive Management Employee</font> is entitled to a pro rata portion of the Severance Benefit if such <font style="BACKGROUND-COLOR: #ffffff; DISPLAY: inline">Executive Management Employee</font> is terminated other than for cause by the Company at any time within two (2) years following a Change&#173;-in-Control Event.</font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SIGNATURES</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirement of the Securities Exchange Act of 1945, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By: <font style="TEXT-DECORATION: underline">/s/ Marie A. Angelini</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dated:&#160;&#160;April 26, 2013</font></div>

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form8k.htm
_____________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:  April 26, 2013
PROVIDENCE AND WORCESTER RAILROAD COMPANY
(Exact name of registrant as specified in its charter)
Rhode Island
0-16704
05-0344399
(State or other jurisdiction
Of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
75 Hammond Street, Worcester, Massachusetts  01610
(address, including zip code, of principal executive offices)
(508) 755-4000
Registrant's telephone number, including area code
None
(Former name or former address, if changed since last report)
_________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
ž
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
ž
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
ž
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
ž
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
______________________________________________________________________________
ITEM 5.02 Compensatory Arrangements of Certain Officers
On April 24, 2013, the Stock Option and Compensation Committee of the Board of Directors (the "Committee") of Providence and Worcester Railroad Company (the "Company") approved a change to the Company's severance plan applicable to the President, Treasurer, Vice President - Operations, Vice President - Marketing, and General C
ounsel (each, an "Executive Management Employee"), in the event that an Executive Management Employee's position with the Company is terminated other than for cause as a result of a change-in-control of the Company or an Executive Management Employee resigns following a significant reduction of such Executive Management Employee's base salary occurring within two years following a change-in-control.
A change-in-control is deemed to have occurred upon (1) the occurrence of a change in the beneficial ownership directly or indirectly of securities representing more than fifty percent (50%) of the voting power of the Company's stock, (2) the sale of all or substantially all of the Company's assets, (3) a transaction in which the Company is not the surviving entity, or (4) complete liquidation of the Company (each, a "Change-in-Control Event"). In such case the
Executive Management Employee
is entitled to a lump sum severance payment within two (2) years of the effective date of a Change-in-Control Event to be determined as of the date of termination, as adjusted based on the Change-in-Control Event and the date of termination.
The new change-in-control severance benefit such Executive Management Employee is eligible to receive is as follows:
Years of Service
Date of Termination
Severance Benefit
0 through 29 Years
Two (2) times Annual Base Salary
30 Years or More
Two and one-half (
2½) times Annual Base Salary
Annual Base Salary means the Executive Management Employee's annual rate of base pay in effect immediately prior to the effective date of the Change-in-Control Event.
The
Executive Management Employee
is entitled to a pro rata portion of the Severance Benefit if such
Executive Management Employee
is terminated other than for cause by the Company at any time within two (2) years following a Change­-in-Control Event.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1945, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Providence and Worcester Railroad Company
By:
/s/ Marie A. Angelini
Marie A. Angelini
Secretary and General Counsel
Dated:  April 26, 2013