SEC Form 4 · accession 0001343719-16-000008
Energy XXI Ltd · EXXIQ
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
James Lachance
Director
Period of report
Mar 12, 2016
Accepted (ET)
Mar 15, 2016 · 5:00 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 | Mar 12, 2016 | M | 1,876,219 | — | A | 2,012,643 | D | |
| Common Stock | Mar 12, 2016 | D | 1,876,219 | $0.63 | D | 136,424 | D | |
| Common Stock | holding | — | — | — | 2,000 | I | By IRA |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | — | Mar 12, 2016 | M | 1,876,219 | D | — | — | Common Stock | 1,876,219 | 0 | D |
Explanation of responses
- F1Pursuant to the Interim Chief Strategic Officer Agreement effective as of January 15, 2015 ( the "Agreement"), the RSUs awarded to Mr. LaChance on March 17, 2015 and on October 15, 2015 totaling 1,876,219 were deemed settled on March 12, 2016 in a lump sum cash payment in an amount equal to the total number of RSUs multiplied by the per share closing price of the Issuer's common stock ("EXXI CS") on Friday, March 11, 2016. Mr. LaChance did not elect to purchase from the Issuer, in lieu of receipt of all or a portion of the RSU Settlement Payment in cash, a number of shares of EXXI CS.