SEC Form 4 · accession 0001140361-18-024174
TC PIPELINES LP · TCP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jack Stark
Director
Period of report
May 15, 2018
Accepted (ET)
May 16, 2018 · 3:33 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001075607
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Share UnitsF3,F1,F2 | — | May 15, 2018 | A | 538 | A | — | — | Common units representing limited partner interest | 538 | 21,836 | D |
Explanation of responses
- F1Upon termination of service as a director, Deferred Share Units ("DSUs") recorded in the reporting person's account will be settled, at the reporting person's election, in common units representing a limited partner interest in TC PipeLines, LP ("Common Units") at no additional cost on a 1 for 1 basis or in cash of equivalent value, less applicable withholdings.
- F2The DSUs are immediately fully vested and are redeemable only following Mr. Stark's termination of Board service.
- F3The DSUs were credited to the director's share unit account as distributions, effective on the payment date for distributions paid by TC PipeLines, LP on the Common Units. Pursuant to the Deferred Share Unit Plan for Non-Employee Directors (2013), the number of DSUs credited for distributions is calculated based on the distribution declared and paid on Common Units multiplied by the number of DSUs in the director's share account on the record date of such distribution, divided by the fair market value Common Units on the payment date for such distribution.