SEC Form 4 · accession 0001144204-17-036878
LILIS ENERGY, INC. · LLEX
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
James L Linville Jr.
Officer — President
Period of report
Jul 13, 2017
Accepted (ET)
Jul 14, 2017 · 6:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001437557
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Jul 13, 2017 | A | 175,000 | — | A | 175,525 | D | |
| Common StockF3 | Jul 13, 2017 | F | 16,273 | — | D | 159,252 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right to Buy)F1,F4,F5 | $4.84 | Jul 13, 2017 | A | 325,000 | A | — | — | Common Stock | 325,000 | 325,000 | D |
Explanation of responses
- F1These equity awards were approved by Lilis Energy, Inc.'s Board of Directors (the "Board") and Compensation Committee (the "Committee") on June 26, 2017, subject to stockholder approval of the second amendment to the 2016 Omnibus Incentive Plan (the "Plan"), under which the equity awards were granted. The second amendment to the Plan was approved by the stockholders on July 13, 2017.
- F2Represents restricted stock granted by the Issuer pursuant to the 2016 Omnibus Incentive Plan. This restricted stock award vests over two years, with 34% vesting on July 13, 2017 (the date of stockholder approval of the second amendment to the Plan), 33% vesting on June 26, 2018 (the first anniversary of Board and Committee approval of the award) and 33% vesting on June 26, 2019 (the second anniversary of Board and Committee approval of the award), subject to continued service through each vesting date.
- F3This forfeiture was undertaken solely to satisfy tax withholding liabilities relating to the vesting of restricted share awards held by the Reporting Person. The Reporting Person made the withholding election on July 13, 2017 with respect to restricted shares that vested on July 13, 2017. The aggregate value of the common shares so withheld was based on the closing price of the common shares on the NYSE MKT on July 13, 2017, which was $4.97.
- F4Represents options to purchase common stock granted by the Issuer pursuant to the 2016 Omnibus Incentive Plan. This option vests over two years, with 34% vesting on July 13, 2017 (the date of stockholder approval of the second amendment to the Plan), 33% vesting on June 26, 2018 (the first anniversary of Board and Committee approval of the option) and 33% vesting on June 26, 2019 (the second anniversary of Board and Committee approval of the option), subject to continued service through each vesting date.
- F5This option to purchase common stock expires 10 years from July 26, 2017 (the date of Board and Committee approval of the option).