SEC Form 4 · accession 0001179110-16-021580
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Edward Bonn
Officer — See Remarks
Period of report
Mar 10, 2016
Accepted (ET)
Mar 11, 2016 · 6:26 pm EST
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 | Mar 10, 2016 | M | 14,537 | — | A | 49,437 | D | |
| Common Units (Limited Partnership Interests)F2 | Mar 10, 2016 | M | 17,272 | — | A | 66,709 | D | |
| Common Units (Limited Partnership Interests) | Mar 10, 2016 | F | 8,700 | $1.09 | A | 58,009 | 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,F3,F4 | — | Mar 10, 2016 | M | 14,537 | D | — | — | Common Units | 14,537 | 0 | D |
| Phantom UnitsF2,F5,F4 | — | Mar 10, 2016 | M | 17,272 | D | — | — | Common Units | 17,272 | 34,544 | D |
Explanation of responses
- F1On March 10, 2016, all of the 14,537 phantom units awarded to the Reporting Person on March 10, 2015 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.
- F2On March 10, 2016, one-third of the 51,816 phantom units awarded to the Reporting Person on March 10, 2015 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.
- F3All of the 14,537 phantom units vested on the first anniversary of the grant date (March 10, 2015), subject to continued employment and accelerated vesting as provided in the underlying award agreement. The Reporting Person received 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 of the reported phantom units.
- F4The phantom units do not expire. Upon vesting, the phantom units are settled in common units (on a one-for-one basis).
- F5One-third of the 51,816 phantom units vest on each of the first, second, and third anniversaries of the grant date (March 10, 2015), subject to continued employment and accelerated vesting as provided in the underlying award agreement. The Reporting Person received, and 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.
Remarks
The Reporting Person is the President and Chief Executive 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.