Pruett Steven H 4

4 · LEGACY RESERVES LP · Filed Feb 22, 2011

Form 4

Period: 2011-02-18

President, CFO and Secretary

Transactions

Disposition to Issuer
Units representing limited partner interests
2011-02-18$30.40/sh−9,486$288,374→ 4,731 total
Exercise/Conversion
Units representing limited partner interests
2011-02-18+9,486→ 14,217 total
Award
Phantom Units
2011-02-18+12,959→ 43,800 total
Exp: 2014-02-18→ Units (12,959 underlying)
Exercise/Conversion
Phantom Units
2011-02-18−9,486→ 22,893 total
→ Units (9,486 underlying)
Award
Phantom Units
2011-02-18+7,948→ 30,841 total
Exp: 2014-02-18→ Units (7,948 underlying)

Holdings

Footnotes (7)

[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]SHP Capital LP owns 246,935 units. Mr. Pruett is deemed to beneficially own the units held by SHP Capital LP.
[F4]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.
[F5]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.
[F6]Pursuant to the achievement of certain objective, performance-based criteria, 5,832 phantom units, 100% of the phantom units eligible to vest for the year ended December 31, 2010, granted on February 18, 2010, vested.
[F7]Includes the remaining 3,920 phantom units and 18,973 phantom units, subject to vesting, granted on January 29, 2009 and February 18, 2010, respectively.

Documents

1 file