Nivens L Ben 4
4 · Encore Energy Partners LP · Filed Nov 3, 2009
Insider Transaction Report
Form 4
Nivens L Ben
SVP and COO
Transactions
- Exercise/Conversion
Common Units representing limited partner interests
2009-10-30+733→ 242,862 total
Footnotes (1)
- [F1]In the fourth quarter of 2008, the reporting person converted previously held management incentive units of the issuer into common units of the issuer pursuant to the terms of the issuer's partnership agreement. The number of common units issuable to the reporting person upon such conversion was capped at 5.1% of all outstanding units of the issuer on a fully diluted basis as of the date of such conversion. Under the partnership agreement, for one year after the conversion date, the reporting person is entitled to receive additional common units upon the issuance of additional partnership securities to make-up for any common units not received upon the initial conversion as a result of the 5.1% cap. Accordingly, the transaction being reported reflects the issuance of additional common units of the issuer pursuant to the provisions of the partnership agreement of the issuer described above.