Morris William M 4

4 · LEGACY RESERVES LP · Filed Feb 22, 2011

Form 4

Period: 2011-02-18

VP, CAO and Controller

Transactions

Exercise/Conversion
Units representing limited partner interests
2011-02-18+3,795→ 8,872 total
Award
Phantom Units
2011-02-18+5,037→ 17,675 total
Exp: 2014-02-18→ Units (5,037 underlying)
Award
Phantom Units
2011-02-18+3,089→ 12,638 total
Exp: 2014-02-18→ Units (3,089 underlying)
Exercise/Conversion
Phantom Units
2011-02-18−3,795→ 9,549 total
→ Units (3,795 underlying)
Disposition to Issuer
Units representing limited partner interests
2011-02-18$30.40/sh−3,795$115,368→ 5,077 total

Footnotes (6)

[F1]Each phantom unit represents the economic equivalent of a unit representing a limited partner interest in Legacy Reserves LP.
[F2]Reflects the closing price of the units on February 18, 2011.
[F3]Phantom units vest annually in one-third increments beginning on the first anniversary of their respective grant dates and are payable in cash or, at the discretion of the compensation committee of the board of directors of the general partner of the Issuer, in units.
[F4]The number of phantom units that vest each year for the three-year vesting period is subject to the achievement of certain objective, performance-based criteria during the fiscal year prior to the applicable vesting date. If none or only a portion of phantom units of a particular tranche vest as a result of target performance levels not being met, such number of phantom units that fail to vest will be forfeited.
[F5]Pursuant to the achievement of certain objective, performance-based criteria, 2,333 phantom units, 100% of the phantom units eligible to vest for the year ended December 31, 2010, granted on February 18, 2010, vested.
[F6]Includes the remaining 1,960 phantom units and 7,589 phantom units, subject to vesting, granted on January 29, 2009 and February 18, 2010, respectively.

Documents

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