SEC Form 4 · accession 0001343719-16-000013
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
Jul 21, 2016
Accepted (ET)
Jul 25, 2016 · 4:07 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 | Jul 21, 2016 | M | 58,303 | — | A | 96,325 | D | |
| Common StockF2 | Jul 21, 2016 | M | 58,303 | $0.04 | 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 | — | Jul 21, 2016 | A | 58,303 | D | — | — | Common Stock | 58,303 | 116,606 | D |
Explanation of responses
- F1Awards granted in 2015 represent the economic equivalent of one share of the company's common stock payable in cash.
- F2Represents the cash value of the 58,303 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. Busmire will have an unsecured claim against the company for the $2,332.12 payment.
- F3The restricted stock units were awarded under the Energy XXI Services, LLC 2006 Long-Term Incentive Plan to Mr. Busmire.
- F4Represents vesting of the first one-third of Mr. Busmire's restricted stock units granted on December 1, 2015.