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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) | 03/01/2017 | A | 157,489 | (2) | 02/18/2020 | Units | 157,489 | $ 0 (1) | 420,663 (3) | D | ||||
Phantom Units | (1) | 03/01/2017 | A | 629,956 | (4)(5) | 02/18/2020 | Units | 629,956 | $ 0 (1) | 1,518,156 (6) | D | ||||
Phantom Units | (1) | 03/01/2017 | A | 314,978 | (5) | 02/18/2020 | Units | 314,978 | $ 0 (1) | 825,692 (7) | D |
Reporting Owner Name / Address | Relationships | |||
Director | 10% Owner | Officer | Other | |
Horne Paul T 303 W. WALL STREET, SUITE 1800 MIDLAND, TX 79701 |
X | Chairman, President and CEO |
/s/ Paul T. Horne | 03/03/2017 | |
**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) | The phantom units reported on this Form 4 are subject to vesting on February 18, 2020 and are payable in units. |
(3) | Includes the remaining 107,739 phantom units and 155,435 phantom units from the phantom units granted on February 24, 2015 and June 22, 2016, respectively. |
(4) | Represents maximum possible number of phantom units subject to cliff vesting after a three year period ending on February 18, 2020, or 200% of the target amount. The number of phantom units that vest on February 18, 2020 is subject to the achievement of certain objective, performance-based criteria during the three fiscal years prior to the vesting date. If none or only a portion of phantom units vest as a result of specified performance levels not being met, such number of phantom units that fail to vest will be forfeited. |
(5) | The phantom units reported on this Form 4 are subject to vesting on February 18, 2020 and are payable in cash. |
(6) | Includes the remaining 888,200 phantom units from the phantom units granted on June 22, 2016. |
(7) | Includes the remaining 510,714 phantom units from the phantom units granted on June 22, 2016. |
Remarks: Chairman, President and Chief Executive Officer of Legacy Reserves GP, LLC, the general partner of Legacy Reserves LP. |