SEC Form 4 · accession 0001140361-17-008612
LEGACY RESERVES LP · LGCY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paul T Horne
Officer — Chairman, President and CEO · Director
Period of report
Feb 18, 2017
Accepted (ET)
Feb 22, 2017 · 4:27 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 | Feb 18, 2017 | M | 20,216 | $0.00 | A | 42,387 | D | |
| Units representing limited partner interestsF2 | Feb 18, 2017 | F | 9,071 | $2.20 | D | 33,316 | D | |
| Units representing limited partner interestsF3 | holding | — | — | — | 121,684 | I | See footnote |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F6,F4,F5 | — | Feb 18, 2017 | M | 20,216 | D | — | — | Units | 20,216 | 263,174 | D |
Explanation of responses
- F1Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP.
- F2Reflects the closing price of the units on February 17, 2017.
- F3Mr. Horne indirectly beneficially owns the 121,684 units held by H2K Holdings, Ltd.
- 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 17,970 phantom units were forfeited. With respect to the subjective phantom unit grants, 20,216 phantom units vested.
- F6Includes the remaining 107,739 phantom units and 155,435 phantom units from the phantom units granted on February 24, 2015 and June 22, 2016, respectively.
Remarks
Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.