Weyel Steve A 4
4 · ENERGY XXI (BERMUDA) LTD · Filed Sep 23, 2009
Insider Transaction Report
Form 4
Weyel Steve A
DirectorPresident and COO
Transactions
- Award
Performance Units
2009-09-23+294,000→ 294,000 total→ Common Stock (294,000 underlying)
Footnotes (3)
- [F1]Performance Units will be 25% time based and 75% performance based.
- [F2]Time-Based Performance Units vest in equal annual installments on July 21, 2010, 2011 and 2012. The amount due the employee is equal to the grant date unit value of $5.00 plus or minus the change in stock price over the performance period, multiplied by the number of units that vest. The initial stock price used in determining the change in stock price is $1.48 per share.
- [F3]Performance-Based Performance Units vest in equal annual installments on July 21, 2010, 2011 and 2012. The amount due the employee is equal to the grant date unit value of $5.00 plus or minus the change in stock price over the performance period, multiplied by the number of units that vest. The number of units that vest is determined by the Company's Total Shareholder Return (TSR) performance measured against a TSR Unit Number Modifier, which may range from 0% to 200%. The initial stock price used in determining the change in stock price is $1.48 per share.