Filing Details

Accession Number:
0001144204-11-030982
Form Type:
4
Zero Holdings:
No
Publication Time:
2011-05-18 18:35:41
Reporting Period:
2011-01-01
Filing Date:
2011-05-18
Accepted Time:
2011-05-18 18:35:41
SEC Url:
Form 4 Filing
Issuer
Cik Name Symbol Sector (SIC) IRS No
1384072 Vanguard Natural Resources Llc VNR Crude Petroleum & Natural Gas (1311) 000000000
Insiders
Cik Name Reported Address Insider Title Director Officer Large Shareholder Other
1265623 W Scott Smith 5847 San Felipe
Suite 3000
Houston TX US 77057
Executive Vp And Cfo No Yes No No
Reported Non-Derivative Transactions
Sec. Name Acquisiton - Disposition Date Amount Price Remaning Holdings Equity Swap Involved Form Type Code Nature of Ownership Explanation
Common Units Representing Llc Interests Acquisiton 2011-05-17 1,000 $27.50 45,980 No 4 P Direct
Common Units Representing Llc Interests Acquisiton 2011-05-18 25,000 $0.00 70,980 No 4 A Direct
Equity Swap Involved Form Type Code Nature of Ownership Explanation
No 4 P Direct
No 4 A Direct
Reported Derivative Transactions
Sec. Name Sec. Type Acquisiton - Disposition Date Amount Price Amount - 2 Price - 2
Common Units Phantom Units Acquisiton 2011-01-01 15,000 $0.00 15,000 $0.00
Remaning Holdings Exercise Date Expiration Date Equity Swap Involved Transaction Form Type Transaction Code Nature of Ownership
30,000 2014-01-01 No 4 A Direct
Footnotes
  1. Each phantom unit is the equivalent in value to a common unit and gives the holder the right to receive a cash payment equal to the excess, if any, of (a) the market value of a common unit on the applicable determination date, over (b) the market value of a common unit on January 1, 2011. The issuer's common units at January 1, 2011 had a market value of $29.65.
  2. The phantom units were granted pursuant to the execution of a Second Amended and Restated Employment Agreement on February 8, 2010 and subject to a Phantom Unit Award Agreement. Each phantom unit is the equivalent in value to a common unit but is subject to a three year vesting period from the effective date of the employment agreement which is January 1, 2010. The vesting is not pro-rata, but a one-time event which shall occur on the three year anniversary or January 1, 2014 so long as the Executive remains continuously employed with the Company during such time. The phantom units are accompanied by dividend equivalent rights, which entitle the executives to receive the value of any dividends made by the Company on its units generally with respect to the number of phantom shares that executive received pursuant to this grant. In the event the executive is terminated for "Cause" (as such term is defined in the Amended Agreement), all phantom units, whether vested or unvested, will be forfeited. The phantom units, once vested, shall be settled upon the earlier to occur of (a) the occurrence of a "Change of Control," (as defined in the LTIP), or (b) the executive's separation from service (as defined in section 409A of the Code).
  3. The phantom units, once vested, shall be settled upon the earlier to occur of (a) the occurrence of a "Change of Control," (as defined in the LTIP), or (b) the executive's separation from service (as defined in section 409A of the Code).