SEC Form 4 · accession 0001104659-15-081862
WARREN RESOURCES INC · WRES
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Frank T Smith Jr.
Officer — Senior Vice President and CFO
Period of report
Nov 25, 2015
Accepted (ET)
Nov 30, 2015 · 12:40 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 25, 2015 | A | 450,000 | A | — | Nov 25, 2018 | Common Stock | 450,000 | 450,000 | 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 25, 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, 75,000 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 150,000 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 225,000 restricted stock units will vest in equal installments on each remaining anniversary of the transaction date.