SEC Form 5 · accession 0001179110-17-001811
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Bruce A Williamson
Officer — See Remarks · Director
Period of report
Dec 31, 2016
Accepted (ET)
Feb 6, 2017 · 7:09 pm EST
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 UnitsF2,F3,F1 | — | Jan 29, 2016 | A | 31,000 | A | — | — | Common Units | 31,000 | 62,994 | D |
| Phantom UnitsF2,F1 | — | May 6, 2016 | A | 62,319 | A | — | — | Common Units | 62,319 | 125,313 | D |
| Phantom UnitsF2,F1 | — | Jul 7, 2016 | A | 14,706 | A | — | — | Common Units | 14,706 | 140,019 | D |
| Phantom UnitsF2,F1 | — | Oct 18, 2016 | A | 9,459 | A | — | — | Common Units | 9,459 | 149,478 | D |
Explanation of responses
- F1The phantom units were issued to the Reporting Person pursuant to the Issuer's Non-Employee Director Compensation Arrangement and Non-Employee Director Deferred Compensation Plan. Under such arrangement, the Reporting Person was eligible to receive cash compensation that the Reporting Person deferred. Each phantom unit is the economic equivalent of one common unit. For phantom units credited to the Reporting Person for cash compensation, the phantom units become payable in cash equal to the fair market value of the phantom units on the Reporting Person's date of termination of service. The cash shall be paid to the Reporting Person within 30 days following his termination of service.
- F2The number of phantom units credited to the Reporting Person for cash compensation equals the amount of cash compensation deferred divided by the fair market value of a common unit on the date immediately prior to payment of the cash compensation. The reported phantom units are reported to the nearest whole number for fractional units distributed.
- F3The total number of phantom units includes the 31,994 phantom units as reported on a Form 5 filed by the Reporting Person for the fiscal year ending December 31, 2015.
Remarks
The Reporting Person is a director of Southcross Energy Partners GP, LLC, the general partner of the Issuer (the "General Partner"). As of January 6, 2017, the Reporting Person is the Chairman, President and Chief Executive Officer of the General Partner. The Issuer is managed by the directors and executive officers of the General Partner.