SEC Form 4 · accession 0001140361-17-010493
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
Mar 1, 2017
Accepted (ET)
Mar 3, 2017 · 3:14 pm EST
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,F3,F2 | — | Mar 1, 2017 | A | 66,960 | A | — | Feb 18, 2020 | Units | 66,960 | 133,047 | D |
| Phantom UnitsF1,F6,F4,F5 | — | Mar 1, 2017 | A | 267,842 | A | — | Feb 18, 2020 | Units | 267,842 | 645,482 | D |
| Phantom UnitsF1,F7,F5 | — | Mar 1, 2017 | A | 133,921 | A | — | Feb 18, 2020 | Units | 133,921 | 351,064 | 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, 2020 and are payable in units.
- F3Includes the remaining 66,087 phantom units from the phantom units granted on June 22, 2016.
- F4Represents maximum possible number of phantom units subject to cliff vesting after a three year period ending on February 18, 2020, or 200% of the target amount. The number of phantom units that vest on February 18, 2020 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.
- F5The phantom units reported on this Form 4 are subject to vesting on February 18, 2020 and are payable in cash.
- F6Includes the remaining 377,460 phantom units from the phantom units granted on June 22, 2016.
- F7Includes the remaining 217,143 phantom units from the phantom units granted on June 22, 2016.
Remarks
Executive Vice President and Chief Operating Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.