SEC Form 4 · accession 0001605194-18-000002
Tallgrass Energy Partners, LP · TEP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Gary D. Watkins
Officer — VP & Chief Accounting Officer
Period of report
May 31, 2018
Accepted (ET)
Jun 1, 2018 · 4:46 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001569134
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Units representing limited partner interestsF1,F2 | May 31, 2018 | F | 928 | $42.69 | D | 60,365 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F13,200 Equity Participation Units (the "EPUs") held by the Reporting Person vested on May 13, 2018. On May 31, 2018, pursuant to an election exercised by the Reporting Person, 928 EPUs were withheld to satisfy his tax withholding obligations related to the vesting of the EPUs. This is not an open market sale of securities.
- F2Includes 40,200 unvested EPUs granted to the Reporting Person, of which (i) 3,200 will vest on May 13, 2019, (ii) 2,000 will vest on November 1, 2019, and (iii) 35,000 will vest on the earliest date on or after April 1, 2021, on which the average compounded annual distribution growth rate for regular quarterly Issuer distributions, based upon the regular quarterly distribution paid by the Issuer on, or immediately prior to, such date is at least 5% over an annualized distribution rate of $3.34 per common unit, as determined by the board of directors of the general partner of the Issuer (the "Distribution Hurdle Date"). If the Distribution Hurdle Date has not occurred by August 2, 2024, the 35,000 EPUs described in clause (iii) will expire and terminate and no vesting will occur.