SEC Form 4 · accession 0001404973-17-000010
Energy XXI Gulf Coast, Inc. · EGC
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steven J Pully
Director
Period of report
May 10, 2017
Accepted (ET)
May 12, 2017 · 7:33 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001404973
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | May 10, 2017 | M | 9,833 | — | A | 9,833 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF3,F1,F2 | — | May 10, 2017 | M | 9,833 | D | — | — | Common Stock | 9,833 | 6,667 | D |
Explanation of responses
- F1Each restricted stock unit ("RSU") represents a contingent right to receive one share of common stock, par value $0.01 per share ("Common Stock"), of Energy XXI Gulf Coast, Inc. (the "Issuer") upon vesting and settlement.
- F2Mr. Pully did not stand for reelection at the Issuer's 2017 Annual Meeting held on May 10, 2017 (the "Annual Meeting"). In recognition of Mr. Pully's service, the Issuer's board of directors (the "Board") accelerated the vesting date of certain RSUs granted to Mr. Pully, so that 6,583 RSUs that were scheduled to vest on January 31, 2018, vested instead on May 10, 2017. Upon vesting, such RSUs were settled in shares of Common Stock, on a one-for-one basis. In addition, 3,250 RSUs that had previously vested were settled in shares of Common Stock, on a one-for-one basis, when Mr. Pully ceased to be a member of the Board on May 10, 2017.
- F3The remaining 6,667 RSUs previously granted to Mr. Pully, which were scheduled to vest in equal installments on December 31, 2018 and December 31, 2019, remained unvested when Mr. Pully ceased to be a member of the Board on May 10, 2017 and, accordingly, were forfeited back to the Issuer. Such forfeiture is exempt from Sections 16(a) and 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act") pursuant to Rules 16a-4(d) and 16b-6(d), respectively, under the Exchange Act.