SEC Form 4 · accession 0001209191-16-118538
Crestwood Equity Partners LP · CEQP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joel Christian Lambert
Officer — SVP - General Counsel
Period of report
May 6, 2016
Accepted (ET)
May 9, 2016 · 5:37 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001136352
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common UnitsF1 | holding | — | — | — | 51,813 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF3,F2,F4 | — | May 6, 2016 | A | 459 | A | — | — | Common Units | 459 | 13,616 | D |
Explanation of responses
- F1Includes restricted units granted under the Crestwood Equity Partners LP Long Term Incentive Plan, as amended.
- F2Each phantom unit is the economic equivalent of one common unit representing a limited partnership interest in CEQP.
- F3Represents additional Phantom Units received by the Reporting Person pursuant to the terms of previously granted Distribution Equivalent Rights. Each Distribution Equivalent Right entitles the Reporting Person to additional Phantom Units with a value equal to the amount of distributions paid on each of CEQP's common units. On May 13, 2016, CEQP will pay a quarterly cash distribution to holders of its common units in an amount equal to $0.60 per common unit. Pursuant to the terms of the Distribution Equivalent Rights, the Reporting Person receives a number of additional Phantom Units in respect of each Distribution Equivalent Right with a value (based on the closing price of CEQP's common units on the record date ($17.19) equal to the per unit amount of the distribution.
- F4The forfeiture restrictions on the phantom units shall lapse, and the phantom units shall vest and convert to an equal number of common units on the third (3rd) anniversary of the grant date.