SEC Form 4 · accession 0001179110-15-004841
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Donna A Henderson
Officer — See Remarks
Period of report
Mar 10, 2015
Accepted (ET)
Mar 12, 2015 · 9:12 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001547638
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2,F4 | — | Mar 10, 2015 | A | 3,338 | A | — | — | Common Units (Limited Partnership Interests) | 3,338 | 3,338 | D |
| Phantom UnitsF1,F3,F4 | — | Mar 10, 2015 | A | 4,769 | A | — | — | Common Units (Limited Partnership Interests) | 4,769 | 4,769 | D |
Explanation of responses
- F1Each phantom unit is the economic equivalent of one common unit of the Issuer.
- F2All of the reported phantom units will vest on the first anniversary of March 10, 2015 (the "Grant Date"), subject to continued employment and accelerated vesting as provided in the underlying award agreement. The Reporting Person will receive distribution equivalent rights for each phantom unit, providing for payment on the vesting date of a lump sum of cash equal to the accrued distributions from and after the Grant Date.
- F3One-third of the reported phantom units will vest on each of the first, second, and third anniversary of the Grant Date, subject to continued employment and accelerated vesting as provided in the underlying award agreement. The Reporting Person will receive distribution equivalent rights for each phantom unit, providing for payment on each vesting date of a lump sum of cash equal to the accrued distributions from and after the Grant Date.
- F4The phantom units do not expire. Upon vesting, the phantom units are settled in common units (on a one-for-one basis).
Remarks
The Reporting Person is the Vice President and Chief Accounting Officer of Southcross Energy Partners GP, LLC, the general partner of the Issuer (the "General Partner"). The Issuer is managed by the directors and executive officers of the General Partner.