SEC Form 4 · accession 0001402281-18-000008
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
Feb 21, 2018
Accepted (ET)
Feb 23, 2018 · 2:53 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 21, 2018 | A | 15,051 | — | A | 44,217 | D | |
| Common StockF3,F2 | Feb 21, 2018 | A | 88,000 | — | A | 132,217 | D | |
| Common StockF4,F2 | Feb 21, 2018 | A | 88,000 | — | A | 220,217 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Restricted Common stock of Issuer granted to Reporting Person on February 21, 2018 pursuant to Issuer's Amended 2009 Equity Incentive Plan in lieu of Reporting Person's 2017 annual incentive for payout in 2018. 100% of the shares become vested and nonforfeitable on the date of Grant and are subject to the terms and conditions of the Restricted Shares Grant Agreement.
- F2The price per share is $0. The grant was valued at $3.75 per share.
- F3Restricted common stock of Issuer granted to Reporting Person on February 21, 2018 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.
- F4Restricted common stock of Issuer granted to Reporting Person on February 21, 2018 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, 2018 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.