SEC Form 4 · accession 0001610682-18-000025
USD Partners LP · USDP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Dan Borgen
Officer — SEE REMARKS · Director
Period of report
Feb 16, 2018
Accepted (ET)
Feb 20, 2018 · 4:22 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001610682
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,F2 | Feb 16, 2018 | A | 105,993 | $0.00 | A | 313,378 | D | |
| COMMON UNITS (LIMITED PARTNER INTERESTS)F3,F4 | Feb 16, 2018 | F | 13,391 | $11.55 | D | 299,987 | D | |
| COMMON UNITS (LIMITED PARTNER INTERESTS)F5,F4 | Feb 20, 2018 | A | 13,750 | $0.00 | A | 313,737 | D | |
| COMMON UNITS (LIMITED PARTNER INTERESTS) | holding | — | — | — | 61,325 | I | By KKB Holdings LLC |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents the grant of phantom units. Each phantom unit is the economic equivalent of one common unit of USDP. The phantom units vest in four annual installments commencing on the one-year anniversary of the issuance date.
- F2Includes 258,895 phantom units.
- F3Represents common units of limited partnership interest withheld by the Issuer to satisfy tax withholding obligations of the Reporting Person upon vesting of outstanding phantom units.
- F4Includes 227,865 phantom units.
- F5Represents vesting of Class A units of limited partnership that were granted to the Reporting Person in August 2014 and which vest based on satisfaction of the distribution performance conditions set forth in the Second Amended and Restated Partnership Agreement of the Issuer. The Class A units automatically converted into common units of limited partnership interest upon vesting on the basis of one common unit for each Class A unit.
Remarks
The Reporting Person is President and Chief Executive Officer and a director of USD 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.