SEC Form 4 · accession 0001402281-17-000070
Erin Energy Corp. · ERN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Sakiru Adefemi (Femi) Ayoade
Officer — Chief Executive Officer · Director
Period of report
May 18, 2017
Accepted (ET)
May 31, 2017 · 7:30 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 | May 18, 2017 | A | 29,166 | $0.00 | A | 29,166 | 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)F3 | $1.80 | holding | — | — | — | — | May 22, 2022 | Common Stock | 133,333 | 133,333 | D |
Explanation of responses
- F1The Price per share is $0. The grant was valued at $1.80 per share.
- F2Common stock of Issuer granted to Reporting Person pursuant to Issuer's 2009 Equity Incentive Plan and subject thereto. Grant of restricted stock subject to forfeiture. 100% of the shares become vested and nonforfeitable on the twelve (12)month anniversary of May 18, 2017 (the "Vesting Commencement Date"), subject to recipient's continued service as a member of the Company's Board of Directors and subject to the terms and conditions of a Restricted Stock Purchase Agreement to be entered into by and between the Company and Grantee.
- F3Option to purchase common stock of Issuer granted to Reporting Person pursuant to Issuer's 2009 Equity Incentive Plan and subject thereto. The option vests at the rate of one-third of the total shares on May 18, 2018 (44,444), May 18, 2019 (44,444), and May 18, 2020 (44,445).