SEC Form 4 · accession 0001140361-17-008609
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, 2017
Accepted (ET)
Feb 22, 2017 · 4:26 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 | 4,951 | $0.00 | A | 20,292 | D | |
| Units representing limited partner interestsF3,F2 | Feb 18, 2017 | F | 2,334 | $2.20 | D | 17,958 | 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, 2017 | M | 4,951 | D | — | — | Units | 4,951 | 38,596 | 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 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 4,400 phantom units were forfeited. With respect to the subjective phantom unit grants, 4,951 phantom units vested.
- F6Includes the remaining 23,922 phantom units and 14,674 phantom units from the phantom units granted on February 24, 2015 and June 22, 2016, respectively.
Remarks
Chief Accounting Officer and Controller of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.