SEC Form 4 · accession 0001140361-18-009383
LEGACY RESERVES LP · LGCY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kyle A McGraw
Officer — EVP and CDO · Director
Period of report
Feb 18, 2018
Accepted (ET)
Feb 21, 2018 · 4:38 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, 2018 | M | 50,690 | $0.00 | A | 74,227 | D | |
| Units representing limited partner interestsF2 | Feb 18, 2018 | F | 21,683 | $2.29 | D | 52,544 | D | |
| Units representing limited partner interestsF3,F4 | holding | — | — | — | 1,020,060 | I | See footnotes |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF7,F1,F5,F6 | — | Feb 18, 2018 | M | 50,690 | D | — | — | Units | 50,690 | 110,290 | 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 16, 2018.
- F3The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these units in this report shall not be deemed an admission of beneficial ownership of all of the reported units for purposes of Section 16 or for any other purpose.
- F4Includes 1,020,060 units owned by Kyle A. McGraw Family Holdings, Ltd., an entity partially owned by Mr. McGraw.
- F5Phantom units granted on or after February 24, 2015 vest on February 18th in the third year after grant and are payable in units.
- F6Pursuant to the achievement of certain objective, performance-based criteria, none of the phantom units eligible to vest for the year ended December 31, 2017, granted on February 24, 2015, vested and therefore 38,620 phantom units were forfeited. With respect to the subjective phantom unit grants, 50,690 phantom units vested.
- F7Includes the remaining 54,783 phantom units and 55,507 phantom units from the phantom units granted on June 22, 2016 and March 1, 2017, respectively.
Remarks
Director, Executive Vice President and Chief Development Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP.