Westcott James Daniel 4
4 · LEGACY RESERVES LP · Filed Sep 24, 2018
Insider Transaction Report
Form 4
Westcott James Daniel
EVP and CFO
Transactions
- Disposition to Issuer
Units representing limited partner interests
2018-09-20$4.84/sh−809,441$3,917,694→ 404,088 total - Disposition to Issuer
Units representing limited partner interests
2018-09-20$4.84/sh−506,499$2,451,455→ 404,088 total - Exercise/Conversion
Phantom Units
2018-09-20−809,441→ 0 total→ Units (809,441 underlying) - Exercise/Conversion
Units representing limited partner interests
2018-09-20+506,499→ 910,587 total - Disposition to Issuer
Units representing limited partner interests
2018-09-20−404,088→ 0 total - Exercise/Conversion
Units representing limited partner interests
2018-09-20+301,648→ 404,088 total - Exercise/Conversion
Units representing limited partner interests
2018-09-20+809,441→ 1,213,529 total - Exercise/Conversion
Phantom Units
2018-09-20−301,648→ 0 total→ Units (301,648 underlying) - Exercise/Conversion
Phantom Units
2018-09-20−506,499→ 0 total→ Units (506,499 underlying)
Footnotes (6)
- [F1]In connection with the corporate reorganization of the Issuer from a master limited partnership to a corporation (the "Corporate Reorganization"), each outstanding unit representing a limited partner interest in the Issuer ("Unit") was converted into the right to receive one share of common stock, $0.01 par value per share, of Legacy Reserves Inc. ("New Legacy Common Stock").
- [F2]Each phantom unit represents the economic equivalent of a Unit.
- [F3]These phantom units were granted pursuant to an award agreement that provided for settlement in Units and were scheduled to vest as follows: (i) 82,609 phantom units subject to vesting on February 18, 2019; (ii) 83,700 phantom units subject to vesting on February 18, 2020; and (iii) 135,339 phantom units subject to vesting on February 18, 2021. In connection with the Corporate Reorganization, these phantom units automatically vested in full and were settled in Units.
- [F4]These phantom units were granted pursuant to an award agreement that provided for settlement in cash and provided for cliff vesting in the third year after grant, subject to the achievement of certain performance-based criteria during the three fiscal years prior to the vesting date. The vesting schedule was as follows: (i) 472,050 phantom units on February 18, 2019; (ii) 334,802 phantom units on February 18, 2020; and (iii) 812,030 phantom units on February 18, 2021.
- [F5]In connection with the Corporate Reorganization, 809,441 of these phantom units automatically vested in full and were settled in cash. Another 809,441 phantom units were forfeited.
- [F6]These phantom units were granted pursuant to an award agreement that provided for settlement in cash and were scheduled to vest as follows: (i) 271,429 phantom units on February 18, 2019; (ii) 167,401 phantom units on February 18, 2020; and (iii) 67,669 phantom units on February 18, 2021. In connection with the Corporate Reorganization, these phantom units automatically vested in full and were settled in cash.