Energy XXI Ltd 4
4 · Energy XXI Ltd · Filed Jul 25, 2016
Insider Transaction Report
Form 4
Energy XXI LtdEXXIQ
de Pinho Antonio
Sr. VP, JV, OBO, Technology
Transactions
- Exercise/Conversion
Common Stock
2016-07-21$5.00/sh−112,500$562,500→ 12,483 total - Award
Performance Units
2016-07-21−112,500→ 0 total→ Common Stock (112,500 underlying) - Award
Restricted Stock Units
2016-07-21−58,303→ 116,606 total→ Common Stock (58,303 underlying) - Exercise/Conversion
Common Stock
2016-07-21+205,803→ 12,483 total - Exercise/Conversion
Common Stock
2016-07-21$0.04/sh−93,303$3,732→ 12,483 total - Award
Performance Units
2016-07-21−35,000→ 35,000 total→ Common Stock (35,000 underlying)
Holdings
- 13,059.21(indirect: By 401 (K) Plan)
Common Stock
- 8,100(indirect: By IRA)
Common Stock
Footnotes (8)
- [F1]Awards granted in 2014 and 2015 represent the economic equivalent of one share of the company's common stock payable in cash.
- [F2]6,000 shares were inadvertently previously reported as directly owned rather than owned through a 401(K) plan. In addition, 333.96 shares were previously acquired through dividend reinvestment but inadvertently left out of Mr. de Pinho's aggregate holdings reported on December 1, 2015.
- [F3]Represents the cash value of the 93,303 performance and restricted stock units vesting on July 21, 2016. Due to the company's commencement of proceedings under chapter 11 of the U.S. Bankruptcy Code, this amount cannot be paid without approval of the U.S. Bankruptcy Court, which approval is not currently being sought. However, Mr. de Pinho will have an unsecured claim against the company for the $3,732.12 payment.
- [F4]Represents the right to a $562,500 cash payment for the 112,500 performance units vesting on July 21, 2016. Due to the company's commencement of proceedings under chapter 11 of the U.S. Bankruptcy Code, this amount cannot be paid without approval of the U.S. Bankruptcy Court, which approval is not currently being sought. However, Mr. de Pinho will have an unsecured claim against the company for the amount of such payment.
- [F5]The performance units and restricted stock units were awarded under the Energy XXI Services, LLC 2006 Long-Term Incentive Plan to Mr. de Pinho.
- [F6]Represents vesting of the last one-third of Mr. de Pinho's performance units granted on July 21, 2013 at a cash value of $5.00 per unit.
- [F7]Represents vesting of the second one-third of Mr. de Pinho's performance units granted on July 21, 2014.
- [F8]Represents vesting of the first one-third of Mr. de Pinho's restricted stock units granted on December 1, 2015.