SEC Form 4 · accession 0001336047-18-000014
Boardwalk Pipeline Partners, LP · BWP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael E McMahon
Officer — Sr. VP, Gen. Counsel & Sec
Period of report
Feb 8, 2018
Accepted (ET)
Feb 12, 2018 · 4:18 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001336047
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2 | — | Feb 8, 2018 | A | 32,572 | A | — | — | Common Units | 32,572 | 32,572 | D |
Explanation of responses
- F1Each phantom unit is the economic equivalent of one common unit of the Issuer.
- F2Except as otherwise provided in the Reporting Person's Phantom Unit Grant Agreement, 50% of the phantom units vest on December 1, 2019 (First Tranche) and the remaining 50% vest on December 1, 2020 (Second Tranche). All phantom units will be settled in cash, but the timing of the cash payment of the First Tranche will be determined by the payment election the Reporting Person is required to make by March 9, 2018. The Reporting Person may elect to have the phantom units paid in connection with the vesting of the First Tranche or deferred until the payment associated with the Second Tranche, except for amounts accelerated and withheld to satisfy applicable tax withholding obligations related to the December 1, 2019, vesting event. The Second Tranche is not subject to a deferral election and will be paid to the Reporting Person within 30 days of the vesting event.