SEC Form 4 · accession 0001144204-16-129019
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, 2016
Accepted (ET)
Oct 21, 2016 · 6:32 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 StockF1 | Oct 20, 2016 | M | 100,000 | — | A | 96,325 | D | |
| Common StockF2 | Oct 20, 2016 | D | 100,000 | $0.18 | 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 UnitsF3,F4 | — | Oct 20, 2016 | M | 100,000 | D | — | — | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1Awards granted in 2014 represent the economic equivalent of one share of the company's common stock payable in cash.
- F2Represents the cash value of the 100,000 restricted stock units vesting on October 20, 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. Busmire will have an unsecured claim against the company for the $18,000 payment, of which 20% is payable to his former spouse pursuant to a domestic relations order.
- F3The restricted stock units were awarded under the Energy XXI Services, LLC 2006 Long-Term Incentive Plan to Mr. Busmire.
- F4Represents vesting of the second annual installment of Mr. Busmire's restricted stock units granted on October 20, 2014. The resticted stock units vested 20% on October 20, 2015 and 40% on October 20, 2016, and will vest the remaining 40% on October 20, 2017.