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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | |||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. | SEC 1474 (9-02) |
1. Title of Derivative Security (Instr. 3) |
2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) |
5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) |
6. Date Exercisable and Expiration Date (Month/Day/Year) |
7. Title and Amount of Underlying Securities (Instr. 3 and 4) |
8. Price of Derivative Security (Instr. 5) |
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr. 4) |
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Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Phantom Units | (1) | 02/18/2014 | M | 36,035 | (5)(6) | (5)(6) | Units | 36,035 | $ 0 (1) | 45,086 (7) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Brown Cary D 303 W. WALL STREET, SUITE 1800 MIDLAND, TX 79701 |
X | Chairman, President and CEO |
/s/ Cary D. Brown | 02/20/2014 | |
**Signature of Reporting Person | Date |
* | If the form is filed by more than one reporting person, see Instruction 4(b)(v). |
** | Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) | Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP. |
(2) | Reflects the closing price of the units on February 18, 2014. |
(3) | The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these units in this report shall not be deemed an admission of beneficial ownership of all of the reported units for the purposes of Section 16 or for any other purpose. |
(4) | Includes 2,701,408 units held by Moriah Properties, Ltd. ("Moriah Properties"), 33,672 units owned by Moriah Resources, Inc. ("Moriah Resources") and 90,000 units held by Moriah Realty Partners, LLC ("Moriah Realty"), 800,000 units held by the Brown Heirs 2012 Trust and 800,000 units held by Cary Brown Family LP. Moriah Properties, Moriah Resources and Moriah Realty are entities owned and controlled by Mr. Dale A. Brown and Mr. Cary D. Brown. Mr. Brown is both a co-trustee and a beneficiary of the Brown Heirs 2012 Trust. |
(5) | Phantom units vest annually in one-third increments on February 18th of each applicable year and are payable in units. |
(6) | Pursuant to the achievement of certain objective, performance-based criteria, 5,904 phantom units, 6,446 phantom units and 9,231 phantom units, or 87.72% each of the phantom units eligible to vest for the year ended December 31, 2013, granted on February 18, 2011, February 1, 2012 and March 7, 2013, respectively, vested. Accordingly, the remaining aggregate 3,020 phantom units eligible to vest during 2014 with respect to the February 18, 2011, February 1, 2012 and March 7, 2013 phantom unit grants did not vest and were forfeited. With respect to the subjective phantom unit grants, 4,128 phantom units (the third tranche of the 2011 subjective phantom unit grant), 3,957 phantom units (the second tranche of the 2012 subjective phantom unit grant) and 6,369 phantom units (the first tranche of the 2013 subjective phantom unit grant), vested. |
(7) | Includes the remaining 11,304 phantom units and 33,782 phantom units from the phantom units granted on February 1, 2012 and March 7, 2013, respectively. |
Remarks: Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP. |