SEC Form 4 · accession 0001179110-18-009412
Southcross Energy Partners, L.P. · SXE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Bret Montgomery Allan
Officer — See Remarks
Period of report
Jul 1, 2018
Accepted (ET)
Jul 3, 2018 · 6:58 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 | Jul 1, 2018 | M | 12,000 | — | A | 29,436 | D | |
| Common Units (Limited Partnership Interests) | Jul 1, 2018 | F | 2,922 | $1.55 | D | 26,514 | 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 | — | Jul 1, 2018 | M | 12,000 | D | — | — | Common Units | 12,000 | 0 | D |
Explanation of responses
- F1On July 1, 2018, one-third of the 36,000 phantom units awarded to the Reporting Person on July 1, 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.
- F2One-third of the 36,000 phantom units vest on each of the first, second, and third anniversaries of the grant date (July 1, 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.
- 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 Senior Vice President and Chief Financial 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.