SEC Form 4 · accession 0001179110-15-012786
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David W Biegler
Officer — See Remarks · Director
Period of report
Aug 27, 2015
Accepted (ET)
Aug 31, 2015 · 7:23 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001547638
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Units (Limited Partnership Interests)F1 | Aug 27, 2015 | M | 33,483 | — | A | 73,032 | D | |
| Common Units (Limited Partnership Interests) | Aug 27, 2015 | F | 12,436 | $7.42 | D | 60,596 | D |
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,F3 | — | Aug 27, 2015 | M | 33,483 | A | — | — | Common Units | 33,483 | 66,967 | D |
Explanation of responses
- F1On August 27, 2015, one-third of the 100,450 phantom units awarded to the Reporting Person on August 27, 2014 vested. All of such vested phantom units were settled in common units (on a one-for-one basis) that were issued to the Reporting Person on such date.
- F2One-third of the 100,450 phantom units vest on each of the first, second, and third anniversaries of the grant date (August 27, 2014), 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 of the reported phantom units.
- F3The 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 Chairman and a Director 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.