Cc Stephenson Jr - Jun 22, 2022 Form 4 Insider Report for Cypress Environmental Partners, L.P. (CELP)

Role
Director
Signature
/s/ Jonathan M. Cinocca, Attorney-in-Fact for Charles C. Stephenson, Jr.
Stock symbol
CELP
Transactions as of
Jun 22, 2022
Transactions value $
$0
Form type
4
Date filed
7/7/2022, 06:30 AM

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 -405K -100% $0.00* 0 Jun 22, 2022 Direct F1, F2
transaction CELP Common Units (Limited Partner Interests) Disposed to Issuer $0 -8.44K -100% $0.00* 0 Jun 22, 2022 By Spouse 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 Series A Preferred Units Disposed to Issuer $0 -5.77M -100% $0.00* 0 Jun 22, 2022 Common Units (Limited Partner Interests) 5.77M By Stephenson Equity F1, F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Cc Stephenson Jr 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 Series A preferred units representing limited partner interests in the Issuer were cancelled and extinguished in accordance with the Plan approved by the Bankruptcy Court.
F3 The Series A Preferred Units are convertible into common units representing limited partner interests in connection with a change of control of the Issuer or after May 29, 2021, at the option of the Issuer or Stephenson Equity (as defined below), and have no expiration date. The Series A Preferred Units will generally convert into common units on a one-to-one basis but may convert at a higher ratio under certain circumstances.
F4 The Series A preferred units were held by Stephenson Equity, Co. No. 3, a Texas general partnership ("Stephenson Equity") in which Mr. Stephenson and his wife each hold partnership interests. Mr. Stephenson may be deemed to have or share voting and/or dispositive power over the Series A preferred units owned by Stephenson Equity. Mr. Stephenson disclaims beneficial ownership of the Series A preferred units except to the extent of any pecuniary interest therein..