SEC Form 4 · accession 0001140361-16-070742
LEGACY RESERVES LP · LGCY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kyle Hammond
Officer — EVP & COO
Period of report
Jun 22, 2016
Accepted (ET)
Jun 24, 2016 · 2:15 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001358831
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2 | — | Jun 22, 2016 | A | 66,087 | A | — | Feb 18, 2019 | Units | 66,087 | 66,087 | D |
| Phantom UnitsF1,F3,F4 | — | Jun 22, 2016 | A | 377,640 | A | — | Feb 18, 2019 | Units | 377,640 | 377,640 | D |
| Phantom UnitsF1,F4 | — | Jun 22, 2016 | A | 217,143 | A | — | Feb 18, 2019 | Units | 217,143 | 217,143 | D |
Explanation of responses
- F1Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP.
- F2The phantom units reported on this Form 4 are subject to vesting on February 18, 2019 and are payable in units.
- F3Represents maximum possible number of phantom units subject to cliff vesting after a three year period ending on February 18, 2019, or 200% of the target amount. The number of phantom units that vest on February 18, 2019 is subject to the achievement of certain objective, performance-based criteria during the three fiscal years prior to the vesting date. If none or only a portion of phantom units vest as a result of specified performance levels not being met, such number of phantom units that fail to vest will be forfeited.
- F4The phantom units reported on this Form 4 are subject to vesting on February 18, 2019 and are payable in cash.
Remarks
Executive Vice President and Chief Operating Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.