13D Filing: Varde Partners Inc and Lilis Energy Inc. (LLEX)

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Page 2 of 23 – SEC Filing


CUSIP No. 532403201 Page
2
of 24
  (1) 

Name of
reporting person

The Värde Fund XI (Master), L.P.

  (2)

Check the appropriate box if a member
of a group (see instructions)

(a)  ☐        (b)  ☒

  (3)

SEC use only:

  (4)

Source of funds (see
instructions):

OO

  (5)

Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e):  ☐

  (6)

Citizenship or place of
organization:

Delaware

Number of

shares

beneficially

owned by

each

reporting

person

with

  (7) 

Sole voting power:

19,429,044

  (8)

Shared voting power:

0

  (9)

Sole dispositive power:

18,134,353

(10)

Shared dispositive power:

0

(11)

Aggregate amount beneficially owned by each reporting person:

19,429,044

(12)

Check if the aggregate amount in Row
(11) excludes certain shares: (see instructions)  ☐

(13)

Percent of class represented by amount
in Row (11):

25.4%*

(14)

Type of reporting person (see
instructions):

PN

* The ownership percentage appearing on such cover pages has been calculated based on an aggregate total of 53,376,764 shares of Common Stock issued and outstanding as of January 26, 2018, as disclosed in the Securities
Purchase Agreement (as defined below), plus (i) the 24,080,000 shares of Common Stock which would be issuable if the entire principal amount of the Term Loans were converted on their respective funding dates, as previously disclosed,
plus (ii) 19,512,196 shares of Common Stock issuable upon conversion of the Series C Preferred Stock, rounded up to the nearest whole share (as defined below) excluding the 3,112,238 shares of Common Stock the Reporting Persons may be
entitled to shared voting power in connection with the Series C Preferred Stock.

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