SEC Form 4 · accession 0001140361-15-038117
Energy XXI Ltd · EXXIQ
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Bruce W Busmire
Officer — Chief Financial Officer
Period of report
Oct 20, 2015
Accepted (ET)
Oct 21, 2015 · 9:05 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001343719
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2 | Oct 20, 2015 | J | 50,000 | — | A | 120,000 | D | |
| Common StockF2 | Oct 20, 2015 | J | 23,675 | — | D | 96,325 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF2,F1 | — | Oct 20, 2015 | J | 50,000 | D | — | — | Common Stock | 50,000 | 200,000 | D |
Explanation of responses
- F1The restricted stock units were awarded under The Energy XXI Services, LLC 2006 Long-Term Incentive Plan on October 20, 2014. Each restricted stock unit represents the contingent right to receive one share of the Issuer's common stock or, at the option of the Issuer, the cash equivalent.
- F2Represents the first annual vesting of Mr. Busmire's restricted stock units granted on October 20, 2014. Mr. Busmire elected to pay a tax liability arising upon vesting of the units by having the Issuer withhold shares that would have otherwise been issued to Mr. Busmire. Of the 23,675 shares withheld, 13,675 of the shares withheld had a value equal to the tax liability and the remaining 10,000 shares were delivered pursuant to a domestic relations order. The restricted stock units vest in three annual installments beginning on October 20, 2015. The restricted stock units vested 20% on October 20, 2015 and will vest the remaining 40% on October 20, 2016 and 40% on October 20, 2017.