SEC Form 4 · accession 0001144204-16-114319

Energy XXI Ltd · EXXIQ

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

John D Schiller Jr.

Officer — President and CEO · Director

Period of report

Jul 21, 2016

Accepted (ET)

Jul 25, 2016 · 5:12 pm 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 Stock^F1	Jul 21, 2016	M	680,269	—	A	1,102,205	D
Common Stock^F3	Jul 21, 2016	M	232,769	$0.04	D	1,102,205	D
Common Stock^F4	Jul 21, 2016	M	447,500	$5.00	D	1,102,205	D
Common Stock	holding	—	—		—	96,000	I	By Energy XXI Deferred Compensation Plan
Common Stock^F2	holding	—	—		—	57,619	I	By 401(K) Plan

Table II — derivative securities

Security	Conv. / exercise price	Date	Code	Shares	A/D	Exercisable	Expires	Underlying	Underlying shares	Owned after	D/I
Performance Units^F5,F6	—	Jul 21, 2016	A	447,500	D	—	—	Common Stock	447,500	0	D
Performance Units^F5,F7	—	Jul 21, 2016	A	110,333	D	—	—	Common Stock	110,333	110,334	D
Restricted Stock Units^F5,F8	—	Jul 21, 2016	A	122,436	D	—	—	Common Stock	122,436	244,873	D

Explanation of responses

F1Awards granted in 2014 and 2015 represent the economic equivalent of one share of the company's common stock payable in cash.
F2Between December 1, 2015 and May 4, 2016, Mr. Schiller acquired 5,804.508 shares of Energy XXI common stock under the Energy XXI 401(K) Plan.
F3Represents the cash value of the 232,769 performance and restricted stock units vesting on July 21, 2016. Due to the company's commencement of proceedings under chapter 11 of the U.S. Bankruptcy Code, this amount cannot be paid without approval of the U.S. Bankruptcy Court, which approval is not currently being sought. However, Mr. Schiller will have an unsecured claim against the company for the $9,310.76 payment.
F4Represents the right to a $2,237,500 cash payment for the 447,500 performance units vesting on July 21, 2016. Due to the company's commencement of proceedings under chapter 11 of the U.S. Bankruptcy Code, this amount cannot be paid without approval of the U.S. Bankruptcy Court, which approval is not currently being sought. However, Mr. Schiller will have an unsecured claim against the company for the amount of such payment.
F5The performance units and restricted stock units were awarded under the Energy XXI Services, LLC 2006 Long-Term Incentive Plan to Mr. Schiller.
F6Represents vesting of the last one-third of Mr. Schiller's performance units granted on July 21, 2013 at a cash value of $5.00 per unit.
F7Represents vesting of the second one-third of Mr. Schiller's performance units granted on July 21, 2014.
F8Represents vesting of the first one-third of Mr. Schiller's restricted stock units granted on December 1, 2015.