SEC Form 4 · accession 0001144204-18-017643
Cypress Energy Partners, L.P. · CELP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Richard M Carson
Officer — SEE REMARKS
Period of report
Mar 26, 2018
Accepted (ET)
Mar 28, 2018 · 6:55 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001587246
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Units (Limited Partner Interests)F1 | Mar 26, 2018 | M | 5,427 | — | A | 14,490 | D | |
| Common Units (Limited Partner Interests) | Mar 26, 2018 | F | 2,043 | $5.75 | D | 12,447 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom Units (Limited Partner Interests)F1,F2,F3 | — | Mar 26, 2018 | M | 5,427 | D | — | — | Common Units (Limited Partner Interests) | 5,427 | 10,855 | D |
Explanation of responses
- F1Each phantom unit is the economic equivalent of one common unit.
- F2On March 26, 2015, the Reporting Person was granted 16,282 phantom units which vest in three substantially equal installments on March 26, 2018, 2019 and 2020.
- F3The phantom units expire upon settlement. The phantom units are settled upon vesting in common units (on a one-for-one basis) or in cash, at the discretion of the Issuer.
Remarks
The Reporting Person is Senior Vice President and General Counsel of Cypress 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.