Southcross Energy Partners, L.P. 4
4 · Southcross Energy Partners, L.P. · Filed Feb 17, 2016
Insider Transaction Report
Form 4
Herring Edward
10% Owner
Transactions
- Other
Class B Convertible Units
2016-02-14+279,303→ 16,238,272 total(indirect: By Southcross Holdings Borrower LP)→ Common Units (Limited Partnership Interests)
Footnotes (2)
- [F1]Borrower (as defined below) was entitled to receive a Class B Quarterly Distribution (as defined in the Issuer's Third Amended and Restated Agreement of Limited Partnership dated August 4, 2014 (the "Partnership Agreement")), consisting of additional Class B Convertible Units (the "Class B PIK Units") in accordance with the terms of the Partnership Agreement. However, the Issuer did not timely make such Class B Quarterly Distribution. The Partnership Agreement provides that, notwithstanding the Issuer's failure to make such Class B Quarterly Distribution, the holders entitled to the unpaid Class B PIK Units shall be entitled to all rights under the Partnership Agreement as if such unpaid Class B PIK Units had in fact been distributed on the date due ("Unpaid Class B PIK Rights"). Therefore, on February 14, 2016, SHB acquired Unpaid Class B PIK Rights equivalent to 279,303 Class B Convertible Units.
- [F2]The total number of derivative securities beneficially owned following the reported transaction that is reflected in Column 8 includes Unpaid Class B PIK Rights equivalent to 279,303 Class B Convertible Units.