SEC Form 4 · accession 0001617798-16-000075
PennTex Midstream Partners, LP · PTXP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kenneth E Hertel
Officer — SEE REMARKS
Period of report
Jun 10, 2016
Accepted (ET)
Jun 14, 2016 · 5:51 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001617798
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| COMMON UNITSF1 | Jun 10, 2016 | M | 8,475 | $0.00 | A | 10,475 | 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 (RIGHTS TO COMMON UNITS)F2,F4 | — | Jun 10, 2016 | M | 11,667 | D | — | — | COMMON UNITS (LIMITED PARTNER INTERESTS) | 11,667 | 23,333 | D |
| PHANTOM UNITS (RIGHTS TO COMMON UNITS)F2,F6 | — | Jun 10, 2016 | A | 17,695 | A | — | — | COMMON UNITS (LIMITED PARTNER INTERESTS) | 17,695 | 17,695 | D |
Explanation of responses
- F1Represents the issuance of common units, net of taxes paid, in respect of phantom units that vested on June 10, 2016.
- F2The phantom units expire upon settlement. Upon vesting, the phantom units are settled in common units (on a one-for-one basis) or, at the discretion of the Issuer, in cash.
- F3Represents the settlement of phantom units granted on June 10, 2015, subject to a Phantom Unit Agreement, under the PennTex Midstream Partners, LP 2015 Long-Term Incentive Plan (the "2015 LTIP").
- F4The phantom units granted on June 10, 2015 vest in the following intervals: (i) 11,667 phantom units on June 10, 2016, (ii) 11,667 phantom units on June 10, 2017 and (iii) 11,666 phantom units on June 10, 2018.
- F5Represents phantom units granted on June 10, 2016, subject to a Phantom Unit Agreement, under the 2015 LTIP.
- F6The phantom units vest in the following intervals: (i) 5,898 phantom units on June 10, 2017, (ii) 5,898 phantom units on June 10, 2018, and (iii) 5,899 phantom units on June 10, 2019.
Remarks
The reporting person is the Vice President, Controller and Chief Accounting Officer of PennTex Midstream 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.