SEC Form 4 · accession 0001402281-17-000018
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
Feb 15, 2017
Accepted (ET)
Feb 21, 2017 · 8:06 pm EST
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 | Feb 15, 2017 | A | 89,744 | $0.00 | A | 766,281 | D | |
| Common StockF3,F2 | Feb 15, 2017 | A | 89,744 | $0.00 | A | 856,025 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Common stock of Issuer granted to Reporting Person on February 15, 2017 pursuant to Issuer's Amended 2009 Equity Incentive Plan and subject thereto. Grant of restricted shares subject to forfeiture. 50% of shares become vested on the one-year anniversary of Grant Date and 50% become vested on the two-year anniversary of Grant Date, for so long as the recipient of the stock remains an employee of, or consultant to, the Company and subject to the terms and conditions of the Restricted Shares Grant Agreement.
- F2The price per share is $0. The grant was valued at $3.90 per share.
- F3Restricted common stock of Issuer granted to Reporting Person on February 15, 2017 pursuant to Issuer's Amended 2009 Equity Incentive Plan and subject thereto. Vesting occurs on the three-year anniversary of the grant date, based on the relative Total Shareholder Return ("TSR")of the Issuer as compared to the TSR of each of the companies in the Issuer's peer group over the three-year period beginning on January 1, 2017 through December 31, 2020, and subject to the Reporting Person's continuous employment through the vesting date and the terms and conditions of the Performance Shares Grant Agreement. Shares reported represent the target shares, and actual vesting could be anywhere from 0 to 150% of the number of shares initially granted, with any unvested shares subject to forfeiture.