SEC Form 4 · accession 0001140361-17-008601
LEGACY RESERVES LP · LGCY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
James Daniel Westcott
Officer — EVP and CFO
Period of report
Feb 18, 2017
Accepted (ET)
Feb 22, 2017 · 4:23 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, 2017 | M | 20,216 | $0.00 | A | 102,165 | D | |
| Units representing limited partner interestsF3,F2 | Feb 18, 2017 | F | 7,611 | $2.20 | D | 94,554 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF6,F1,F4,F5 | — | Feb 18, 2017 | M | 20,216 | D | — | — | Units | 20,216 | 181,843 | D |
Explanation of responses
- F1Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP.
- F2Includes 60,000 restricted units scheduled to vest on September 24, 2017.
- F3Reflects the closing price of the units on February 17, 2017.
- F4Phantom 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, none of the phantom units eligible to vest for the year ended December 31, 2016, granted on March 3, 2014, vested and therefore 15,402 phantom units were forfeited. With respect to the subjective phantom unit grants, 20,216 phantom units vested.
- F6Includes the remaining 99,234 phantom units and 82,609 phantom units from the phantom units granted on February 24, 2015 and June 22, 2016, respectively.
Remarks
Executive Vice President and Chief Financial Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.