Peter C. Boylan - Jun 22, 2022 Form 4 Insider Report for Cypress Environmental Partners, L.P. (CELP)

Role
Officer, Director
Signature
/s/ Jonathan M. Cinocca, Attorney-in-Fact for Peter C. Boylan III
Stock symbol
CELP
Transactions as of
Jun 22, 2022
Transactions value $
$0
Form type
4
Date filed
7/7/2022, 06:30 AM
Previous filing
Jul 2, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CELP Common Units (Limited Partner Interests) Disposed to Issuer $0 -205K -100% $0.00* 0 Jun 22, 2022 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CELP Phantom Units (Limited Partner Interests) Disposed to Issuer $0 -205K -100% $0.00* 0 Jun 22, 2022 Common Units (Limited Partner Interests) 205K Direct F1, F2, F3
transaction CELP Unit Appreciation Right Disposed to Issuer $0 -465K -100% $0.00* 0 Jun 22, 2022 Common Units (Limited Partner Interests) 465K Direct F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Peter C. Boylan is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On May 8, 2022, Cypress Environmental Partners, L.P., a Delaware limited partnership (the "Issuer"), and certain of its subsidiaries (together with the Issuer, the "Company") commenced voluntary cases under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). On June 21, 2022, the Bankruptcy Court entered an order an order confirming the Second Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Cypress Environmental Partners, L.P. and its Debtor Affiliates (as amended, modified or supplemented from time to time, the "Plan"). On June 22, 2022 (the "Effective Date"), the Plan became effective in accordance with its terms and the Company emerged from chapter 11.
F2 (Continued from Footnote 1) On the Effective Date, all outstanding common units representing limited partner interests in the Issuer and all outstanding unit appreciation rights were cancelled and extinguished in accordance with the Plan approved by the Bankruptcy Court.
F3 Upon vesting, each phantom unit converts into a common unit on a one for one basis, or into cash, at the discretion of the Issuer. The phantom units expire upon settlement.
F4 Unit Appreciation Rights ("UARs") that vest represent the right to receive payment, in an amount equal to the excess, if any, of the fair market value of one Common Unit over the per Unit exercise price of the UAR upon exercise of the UAR. UARs vest into cash or common units (valued at the fair market value on the date of exercises), or a combination thereof, as determined by the Company.

Remarks:

The Reporting Person is Chairman of the Board, President and Chief Executive Officer of Cypress Environmental Partners GP, LLC, the general partner of the Issuer (the "General Partner"). The Issuer is managed by the directors and executive officers of the General Partner.