SEC Form 4 · accession 0001104659-15-079725
WARREN RESOURCES INC · WRES
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
James A Watt
Officer — President & C.E.O.
Period of report
Nov 16, 2015
Accepted (ET)
Nov 17, 2015 · 7:05 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000892986
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1,F2 | — | Nov 16, 2015 | A | 695,000 | A | — | Nov 16, 2018 | Common Stock | 695,000 | 695,000 | D |
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of WRES common stock. The restricted stock units vest annually over three years on the anniversary of November 16, 2015, dependent on the performance of WRES's common stock. If the average closing price is at $2.00 or greater over any 20 consecutive trading days (the "twenty day average price") during the first three years following the transaction date, 115,833 restricted stock units will vest in equal installments on each of the remaining anniversary dates. If the twenty day average price is at $4.00 or greater during the first three years following the transaction date, an additional 231,667 restricted stock units will vest on each of the remaining anniversary dates.
- F2If the twenty day average price is at $6.00 or greater during the second or third year following the transaction date, an additional 347,500 restricted stock units will vest in equal installments on each remaining anniversary of the transaction date.