SEC Form 4 · accession 0001104659-15-034937
Emerge Energy Services LP · EMES
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joseph C Tusa
Officer — See Remarks
Period of report
May 4, 2015
Accepted (ET)
May 6, 2015 · 5:10 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001555177
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| COMMON UNITSF1 | May 4, 2015 | A | 2,619 | $0.00 | A | 2,619 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PERFORMANCE BASED PHANTOM UNITSF2,F3 | — | May 4, 2015 | A | 2,619 | A | — | May 4, 2020 | COMMON UNITS | 2,619 | 2,619 | D |
Explanation of responses
- F1Represents restricted units that will vest in four equal tranches on May 4, 2016, 2017, 2018 and 2019 and are settled in common units upon vesting on a one for one basis.
- F2Each performance based phantom unit ("PPU") is the economic equivalent of one common unit and is settled in common units upon vesting on a one for one basis.
- F3Each PPU vests upon performance based on increases in the price of the common units, as noted in the Phantom Unit Agreement, subject to continued employment.
Remarks
The Reporting Person is the Chief Financial Officer of Emerge Energy Services 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.