XLON:EXXI Energy XXI (Bermuda) Ltd Insider Activity 4 Filing - 7/21/2012

Effective Date 7/21/2012

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Nelson Steve
  2. Issuer Name and Ticker or Trading Symbol
ENERGY XXI (BERMUDA) LTD [EXXI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP, Drilling and Production
(Last)
(First)
(Middle)
1021 MAIN, SUITE 2626
3. Date of Earliest Transaction (Month/Day/Year)
07/21/2012
(Street)

HOUSTON, TX 77002
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 07/21/2012   J(1)   19,234 A (1) 89,709 D  
Common Stock 07/21/2012   J(1)   9,896 D (1) 79,813 D  
Common Stock 07/21/2012   J(2)   9,523 A (2) 89,336 D  
Common Stock 07/21/2012   J(2)   4,900 D (2) 84,436 D  
Common Stock 07/21/2012   J(3)   756 A (3) 85,192 D  
Common Stock 07/21/2012   J(3)   389 D (3) 84,803 D  
Common Stock               5,568.627(6) I By 401(K) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance Units (4) 07/21/2012   J(1)     32,533   (1)   (1) Common Stock 32,533 $ 0 0 D  
Performance Units (4) 07/21/2012   J(2)     34,000   (2)   (2) Common Stock 34,000 $ 0 34,000 D  
Performance Units (4) (5) 07/21/2012   A   126,000     (5)   (5) Common Stock 126,000 $ 0 126,000 D  
Performance Units (4) 07/21/2012   J(3)     40,163   (3)   (3) Common Stock 40,163 $ 0 80,325 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Nelson Steve
1021 MAIN
SUITE 2626
HOUSTON, TX 77002
      VP, Drilling and Production  

Signatures

 /S/ STEVE NELSON   07/23/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Represents vesting of the last one-third of Mr. Nelson's performance units granted on July 21, 2009. Mr. Nelson elected to pay a tax liability arising upon vesting of the performance units by having the Issuer withhold shares that would have otherwise been issued to Mr. Nelson. The 9,896 shares withheld had a value equal to the tax liability.
(2) Represents vesting of the second one-third of Mr. Nelson's performance units granted on July 21, 2010. Mr. Nelson elected to pay a tax liability arising upon vesting of the performance units by having the Issuer withhold shares that would have otherwise been issued to Mr. Nelson. The 4,900 shares withheld had a value equal to the tax liability.
(3) Represents vesting of the first one-third of Mr. Nelson's performance units granted on July 21, 2011. Mr. Nelson elected to pay a tax liability arising upon vesting of the performance units by having the Issuer withhold shares that would have otherwise been issued to Mr. Nelson. The 389 shares withheld had a value equal to the tax liability.
(4) The performance units were awarded under The Energy XXI Services, LLC 2006 Long-Term Incentive Plan.
(5) Time-Based Performance Units (25%) vest in equal annual installments on July 21, 2013, 2014 and 2015. The amount due the employee is equal to the grant date unit value of $5.00 plus the change in stock price over the performance period, multiplied by the number of units that vest. The initial stock price used in determining the change in stock price is $33.20 per share. Performance-Based Performance Units (75%) vest in equal annual installments on July 21, 2013, 2014 and 2015. The amount due the employee is equal to the grant date unit value of $5.00 plus the change in stock price over the performance period, multiplied by the number of units that vest. The number of units that vest is determined by the Company's Total Shareholder Return (TSR) performance measured against a TSR Unit Number Modifier, which may range from 0% to 200%. The initial stock price used in determining the change in stock price is $33.20 per share.
(6) Between February 9, 2012 and July 21, 2012, the reporting person acquired 568.627 shares of Energy XXI common stock under the Energy XXI 401 (k) Plan

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XLON:EXXI Energy XXI (Bermuda) Ltd Insider Activity 4 Filling

Energy XXI (Bermuda) Ltd XLON:EXXI Stock - Get Insider Activity SEC Filing of Energy XXI (Bermuda) Ltd XLON:EXXI stocks, including company profile, shares outstanding, strategy, business segments, operations, officers, consolidated financial statements, financial notes and ownership information.

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XLON:EXXI Energy XXI (Bermuda) Ltd Insider Activity 4 Filing - 7/21/2012
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Title |  Date |  Author |  Collection |  Interest |  Popularity Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity

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