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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">FORM 8-K</font></div>

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

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Date of Report:&#160;&#160;May 12, 2015</font></div>

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

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 9pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">05-0344399</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Identification No.)</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">75 Hammond Street, Worcester, Massachusetts&#160;&#160;01610</font></div>

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

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 18pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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 align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font>.</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Board of Directors (the &#8220;Board&#8221;) of Providence and Worcester Railroad Company (the &#8220;Company&#8221;), upon the recommendation of the Stock Option and Compensation Committee of the Board, approved forms of amended and restated Senior Executive Change-in-Control Severance Agreements (the &#8220;Agreement&#8221;) for the Company&#8217;s senior executives (the President, Vice President, Treasurer/Chief Financial Officer, and Secretary/General Counsel). On May 11, 2015, the first of the Company&#8217;s senior executive&#8217;s executed his Agreement. The remaining senior executives subsequently executed their respective Agreements or are expected to do so in the near future. The substantive changes made to the existing form of senior executive Change-in-Control Agreement were to eliminate the set-off for salary earned following a change-in-control and to adopt a &#8220;best net&#8221; approach in cases where these payments to an senior executive would be subject to an excise tax under the Internal Revenue Code of 1986, as amended. The foregoing description does not constitute a complete summary of the amended Agreement and is qualified by reference in its entirety to the full text of the form of the Agreement, a copy of which is filed as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.</font></div>

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

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><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="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>Providence and Worcester Railroad Company</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 216pt"></font>By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/ Charles D. Rennick</font></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:  May 12, 2015
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
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
.
The Board of Directors (the "Board") of Providence and Worcester Railroad Company (the "Company"), upon the recommendation of the Stock Option and Compensation Committee of the Board, approved forms of amended and restated Senior Executive Change-in-Control Severance Agreements (the "Agreement") for the Company's senior executives (the President, Vice President, Treasurer/Chief Financial Officer, and Secretary/General Counsel). On May 11, 2015, the first of the Company's senior executive's executed his Agreement. The remaining senior executives subsequently executed their respective Agreements or are expected to do so in the near future. The substantive changes made to the existing form of senior executive Change-in-Control Agreement were to eliminate the set-off for salary earned following a change-in-control and to adopt a "best net" approach in cases where these payments to an senior executive would be subject to an excise tax under the Internal Revenue Code of 1986, as amended. The foregoing description does not constitute a complete summary of the amended Agreement and is qualified by reference in its entirety to the full text of the form of the Agreement, a copy of which is filed as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
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Exhibit No.
Description
Method of Filing
10.1
Senior Executive Change in Control Severance Benefit
Attached as Exhibit
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/ Charles D. Rennick
Charles D. Rennick
Secretary and General Counsel
Dated: May 12, 2015