4//SEC Filing
Weyel Steve A 4
Accession 0001140361-10-028257
CIK 0001343719other
Filed
Jul 1, 8:00 PM ET
Accepted
Jul 2, 4:24 PM ET
Size
12.0 KB
Accession
0001140361-10-028257
Insider Transaction Report
Form 4
Weyel Steve A
DirectorPresident and COO
Transactions
- Other
Restricted Stock Units
2010-06-30−3,333→ 19,215 total→ Common Stock (3,333 underlying) - Other
Forward sale contract (obligation to sell)
2010-07-02−150,000→ 0 totalFrom: 2011-06-30Exp: 2011-06-30→ Common Stock (150,000 underlying) - Purchase
Common Stock
2010-06-30$10.50/sh+2,024$21,247→ 462,991 total
Footnotes (5)
- [F1]Represents vesting of the final one-third of Mr. Weyel's restricted stock units granted on June 30, 2007.
- [F2]The restricted stock units were awarded under The Energy XXI Services, LLC 2006 Long-Term Incentive Plan. Each restricted stock unit represents the contingent right to receive one share of the Issuer's common stock or, at the option of the Issuer, the cash equivalent.
- [F3]The shares were purchased under the Employee Stock Purchase Plan which allows employees to purchase common stock at a 15 percent discount from the lower of the common stock closing price on the first or last day of the period. This period was from January 1, 2010 through June 30, 2010.
- [F4]On July 2, 2010, Mr. Weyel entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates Mr. Weyel to deliver to the buyer up to 150,000 common shares of Energy XXI (Bermuda) Limited ("Company") (or, at Mr. Weyel's election, an equivalent amount of cash based on the market price of the Company's common shares at that time) on the maturity date of the contract June 30, 2011. In exchange for assuming this obligation, Mr. Weyel received a cash payment of $2,067,315 as of the date of entering into the contract. Mr. Weyel pledged 150,000 common shares of the Company ("Pledged Shares") to secure his obligations under the contract and retained voting rights in the Pledged Shares during the term of the pledge. The buyer has rights to all dividends on the common shares. The number of the Company's common shares (continued on Footnote (5).
- [F5](from Footnote (4) to be delivered to the buyer on the maturity date is to be determined as follows: (a) if the average closing price of the Company's common shares on the three trading days immediately preceding the maturity date ("Settlement Price") is less than or equal to $16.03 ("Initial Share Price"), Mr. Weyel will deliver to buyer all of the Pledged Shares; (b) if the Settlement Price is between the Initial Share Price and $19.23 (120% of Initial Share Price) ("Cap Level"), Mr. Weyel will deliver to buyer a number of the Company's common shares having a value (based on the then market price) equal to $2,403,855, with the remaining Pledged Shares to be returned to Mr. Weyel); and (c) if the Settlement Price is greater than the Cap Level, Mr. Weyel will deliver to buyer common shares of the Company such that the value of shares retained by Mr. Weyel equals $480,765.
Documents
Issuer
ENERGY XXI (BERMUDA) LTD
CIK 0001343719
Entity typeother
Related Parties
1- filerCIK 0001329186
Filing Metadata
- Form type
- 4
- Filed
- Jul 1, 8:00 PM ET
- Accepted
- Jul 2, 4:24 PM ET
- Size
- 12.0 KB