SEC Form 4 · accession 0001402281-16-000149
Erin Energy Corp. · ERN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Segun Omidele
Officer — Chief Executive Officer · Director
Period of report
Aug 17, 2016
Accepted (ET)
Aug 19, 2016 · 5:48 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001402281
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Aug 17, 2016 | M | 70,581 | $2.04 | A | 679,329 | D | |
| Common StockF3 | Aug 17, 2016 | F | 54,334 | $2.6347 | D | 624,995 | D | |
| Common Stock | Aug 17, 2016 | D | 16,247 | $2.6347 | D | 608,748 | D | |
| Common Stock | Aug 19, 2016 | M | 147,057 | $2.04 | A | 755,805 | D | |
| Common StockF4 | Aug 19, 2016 | F | 111,109 | $2.70 | D | 644,696 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Incentive Stock Option (Right to Buy) | $2.04 | Aug 17, 2016 | M | 70,581 | D | Sep 1, 2012 | Sep 1, 2016 | Common Stock | 70,581 | 4,264,724 | D |
| Incentive Stock Option (Right to Buy) | $2.04 | Aug 19, 2016 | M | 147,057 | D | Sep 1, 2012 | Sep 1, 2016 | Common Stock | 147,057 | 4,117,667 | D |
Explanation of responses
- F1Issued upon exercise of incentive stock options granted to Reporting Person under the Issuer's 2009 Equity Incentive Plan.
- F2Corresponds to the exercise price of the stock option. Reporting person sold these shares at an average price of $2.6347.
- F3Represents the number of shares sold by the Reporting Person to cover payment of the exercise cost and tax withholding obligations arising from the exercise, in connection with the exercise of an incentive stock option granted to Reporting person on September 1, 2011 pursuant to the Issuer's 2009 Equity Incentive Plan. This sale is made to satisfy payment of the exercise cost and tax withholding obligations funded by a "sell to cover" transaction and does not represent a discretionary trade by the Reporting Person.
- F4Reporting Person received 35,948 shares of the Issuer's Common Stock upon net share settlement of Reporting Person's exercise of options to purchase 147,057 shares of Issuer's Common Stock, with the remaining 111,109 shares being retained by the Issuer to pay the exercise cost arising from the exercise in connection with the net settlement of the incentive stock option and does not represent a sale by the Reporting Person.