SEC Form 4 · accession 0001343719-16-000021
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
Nov 13, 2016
Accepted (ET)
Nov 15, 2016 · 8:30 am EST
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 | Nov 13, 2016 | M | 125,000 | — | A | 12,483 | D | |
| Common StockF2 | Nov 13, 2016 | D | 125,000 | $0.14 | D | 12,483 | D | |
| Common Stock | holding | — | — | — | 13,059 | I | By 401 (K) Plan | |
| Common Stock | holding | — | — | — | 8,100 | 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 UnitsF3,F4 | — | Nov 13, 2016 | M | 125,000 | D | — | — | Common Stock | 125,000 | 125,000 | 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 125,000 restricted stock units vesting on November 13, 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 $17,500 payment.
- F3The restricted stock units were awarded under the Energy XXI Services, LLC 2006 Long-Term Incentive Plan to Mr. de Pinho.
- F4Represents vesting of the first installment of Mr. de Pinho's restricted stock units granted on November 13, 2014. The restricted stock units vested 50% on November 13, 2016, and will vest the remaining 50% on November 13, 2017.