SEC Form 4 · accession 0001343719-16-000015
Energy XXI Ltd · EXXIQ
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Antonio de Pinho
Officer — Chief Operating Officer
Period of report
Jul 21, 2016
Accepted (ET)
Jul 25, 2016 · 4:08 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,F2 | Jul 21, 2016 | M | 205,803 | — | A | 12,483 | D | |
| Common StockF3 | Jul 21, 2016 | M | 93,303 | $0.04 | D | 12,483 | D | |
| Common StockF4 | Jul 21, 2016 | M | 112,500 | $5.00 | D | 12,483 | D | |
| Common Stock | holding | — | — | — | 8,100 | I | By IRA | |
| Common StockF2 | holding | — | — | — | 13,059 | 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 UnitsF5,F6 | — | Jul 21, 2016 | A | 112,500 | D | — | — | Common Stock | 112,500 | 0 | D |
| Performance UnitsF5,F7 | — | Jul 21, 2016 | A | 35,000 | D | — | — | Common Stock | 35,000 | 35,000 | D |
| Restricted Stock UnitsF5,F8 | — | Jul 21, 2016 | A | 58,303 | D | — | — | Common Stock | 58,303 | 116,606 | 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.
- F26,000 shares were inadvertently previously reported as directly owned rather than owned through a 401(K) plan. In addition, 333.96 shares were previously acquired through dividend reinvestment but inadvertently left out of Mr. de Pinho's aggregate holdings reported on December 1, 2015.
- F3Represents the cash value of the 93,303 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. de Pinho will have an unsecured claim against the company for the $3,732.12 payment.
- F4Represents the right to a $562,500 cash payment for the 112,500 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. de Pinho 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. de Pinho.
- F6Represents vesting of the last one-third of Mr. de Pinho'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. de Pinho's performance units granted on July 21, 2014.
- F8Represents vesting of the first one-third of Mr. de Pinho's restricted stock units granted on December 1, 2015.