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Filing Details

Accession Number:: 0001140361-10-028257
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2010-07-02 13:00:00
Reporting Period:: 2010-06-30

Filing Date:: 2010-07-02
Accepted Time:: 2010-07-02 16:24:31
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1343719	Energy Xxi (Bermuda) Ltd	EXXI	Oil & Gas Field Exploration Services (1382)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1329186	A Steve Weyel	1021 Main Suite 2626 Houston TX 77002	President And Coo	Yes	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2010-06-30	2,024	$10.50	462,991	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Restricted Stock Units	Disposition	2010-06-30	3,333	$0.00	3,333	$0.00
Common Stock	Forward sale contract (obligation to sell)	Disposition	2010-07-02	150,000	$0.00	150,000	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
19,215			No	4	J	Direct
0	2011-06-30	2011-06-30	No	4	J	Direct

Footnotes

Represents vesting of the final one-third of Mr. Weyel's restricted stock units granted on June 30, 2007.
The restricted stock units were awarded under The Energy XXI Services, LLC 2006 Long-Term Incentive Plan. Each restricted stock unit represents the contingent right to receive one share of the Issuer's common stock or, at the option of the Issuer, the cash equivalent.
The shares were purchased under the Employee Stock Purchase Plan which allows employees to purchase common stock at a 15 percent discount from the lower of the common stock closing price on the first or last day of the period. This period was from January 1, 2010 through June 30, 2010.
On July 2, 2010, Mr. Weyel entered into a prepaid variable forward sale contract with an unaffiliated third party buyer. The contract obligates Mr. Weyel to deliver to the buyer up to 150,000 common shares of Energy XXI (Bermuda) Limited ("Company") (or, at Mr. Weyel's election, an equivalent amount of cash based on the market price of the Company's common shares at that time) on the maturity date of the contract June 30, 2011. In exchange for assuming this obligation, Mr. Weyel received a cash payment of $2,067,315 as of the date of entering into the contract. Mr. Weyel pledged 150,000 common shares of the Company ("Pledged Shares") to secure his obligations under the contract and retained voting rights in the Pledged Shares during the term of the pledge. The buyer has rights to all dividends on the common shares. The number of the Company's common shares (continued on Footnote (5).
(from Footnote (4) to be delivered to the buyer on the maturity date is to be determined as follows: (a) if the average closing price of the Company's common shares on the three trading days immediately preceding the maturity date ("Settlement Price") is less than or equal to $16.03 ("Initial Share Price"), Mr. Weyel will deliver to buyer all of the Pledged Shares; (b) if the Settlement Price is between the Initial Share Price and $19.23 (120% of Initial Share Price) ("Cap Level"), Mr. Weyel will deliver to buyer a number of the Company's common shares having a value (based on the then market price) equal to $2,403,855, with the remaining Pledged Shares to be returned to Mr. Weyel); and (c) if the Settlement Price is greater than the Cap Level, Mr. Weyel will deliver to buyer common shares of the Company such that the value of shares retained by Mr. Weyel equals $480,765.