SEC Form 4 · accession 0001140361-16-056700
LEGACY RESERVES LP · LGCY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Micah C. Foster
Officer — CAO and Controller
Period of report
Feb 18, 2016
Accepted (ET)
Mar 7, 2016 · 3:52 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001358831
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Units representing limited partner interestsF1,F2 | Feb 18, 2016 | M | 780 | $0.00 | A | 15,709 | D | |
| Units representing limited partner interestsF3,F2 | Feb 18, 2016 | F | 368 | $0.86 | D | 15,341 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF5,F6,F1,F4 | — | Feb 18, 2016 | M | 780 | D | — | — | Units | 780 | 33,273 | D |
Explanation of responses
- F1Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP.
- F2Includes 6,000 restricted units scheduled to vest on May 19, 2017.
- F3Reflects the closing price of the units on February 18, 2016.
- F4Phantom units granted prior to March 3, 2014 vest annually in one-third increments on February 18th of each applicable year and are payable in units. Phantom units granted on or after March 3, 2014 vest on February 18th in the third year after grant and are payable in units.
- F5Pursuant to the achievement of certain objective, performance-based criteria, 86 of the phantom units eligible to vest for the year ended December 31, 2015, granted on March 7, 2013, vested, and 1,062 phantom units were forfeited. With respect to the subjective phantom unit grants, 694 phantom units (the third tranche of the 2013 subjective phantom unit grant) vested.
- F6Includes the remaining 9,351 phantom units and 23,922 phantom units from the phantom units granted on March 3, 2014 and February 24, 2015, respectively.
Remarks
Chief Accounting Officer and Controller of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.