SEC Form 4 · accession 0001179110-18-010883
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
Aug 22, 2018
Accepted (ET)
Aug 24, 2018 · 9:02 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,F2 | Aug 22, 2018 | M | 12,739 | — | A | 12,739 | 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 | — | Aug 22, 2018 | M | 157,978 | D | — | — | Common Units | 157,978 | 0 | 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 for his equity compensation and retainer and meeting fees. Under such arrangement, the Reporting Person was eligible to receive equity compensation, cash compensation, and distribution equivalent rights that the Reporting Person deferred. Each phantom unit was the economic equivalent of one common unit. The Reporting Person's last date of service was August 16, 2018.
- F2For the 12,739 phantom units credited to the Reporting Person for equity compensation, the Reporting Person received 12,739 common units. For the 145,239 phantom units credited to the Reporting Person for cash compensation, the Reporting Person will receive 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.
Remarks
The Reporting Person was the previous Chairman, 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.