Sec Form 4 Filing - Cowart Benjamin P @ Vertex Energy Inc. - 2019-07-09

Insider filing report for Changes in Beneficial Ownership
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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
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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1. Name and Address of Reporting Person
Cowart Benjamin P
2. Issuer Name and Ticker or Trading Symbol
Vertex Energy Inc. [ VTNR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X __ Director X __ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
CEO and President
(Last) (First) (Middle)
1331 GEMINI STREET, SUITE 250
3. Date of Earliest Transaction (MM/DD/YY)
07/09/2019
(Street)
HOUSTON, TX77058
4. If Amendment, Date Original Filed (MM/DD/YY)
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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 2,009,479 D
Common Stock 79,854 I Through The Benjamin Paul Cowart 2015 Grantor Retained Annuity Trust
Common Stock 174,085 I Through spouse
Common Stock 70,214 I Through The Shelley T. Cowart 2016 Grantor Retained Annuity Trust
Common Stock 4,796,761 I Through B&S Cowart II Family LP
Common Stock 7,500 I Through Vertex Holdings, Inc.
Common Stock 100,765 I Through VTX Inc.
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
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
Series B1 Preferred Stock $ 1.56 07/09/2019 J( 1 ) 593 07/09/2019( 2 ) ( 3 ) Common Stock 593 ( 1 ) 40,079 I Through B&S Cowart II Family LP
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Cowart Benjamin P
1331 GEMINI STREET
SUITE 250
HOUSTON, TX77058
X X CEO and President
Signatures
/s/ Benjamin P. Cowart 07/10/2019
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Mr. Cowart was issued 593 shares of Series B1 Preferred Stock in-kind effective on July 9, 2019, in lieu of $925 of dividends which accrued on the Series B1 Preferred Stock shares held by Mr. Cowart for the quarter ended June 30, 2019. The terms of the Series B1 Preferred Stock are described in greater detail in the Current Report filed by the Issuer on May 13, 2016. Exempt from Section 16(b) pursuant to Rule 16b-3(d).
( 2 )The Series B1 Preferred Stock (including accrued and unpaid dividends) is convertible into shares of the Issuer's common stock at the holder's option at any time at the Unit Price (initially a one-for-one basis). If the Issuer's common stock trades at or above $3.90 per share (250% of the Unit Price) for a period of 20 consecutive trading days, the Issuer may at such time force conversion of the Series B1 Preferred Stock (including accrued and unpaid dividends) into common stock of the Issuer.
( 3 )The Series B1 Preferred Stock has no expiration date; however, the Issuer has the option to redeem the Series B1 Preferred Stock at 110% of the Unit Price ($1.56) plus any accrued and unpaid dividends on such Series B1 Preferred Stock redeemed, at any time after June 20, 2017 and the Issuer is required to redeem the Series B1 Preferred Stock, subject to applicable law and the terms of the Series B1 Preferred Stock, at the Unit Price plus any accrued and unpaid dividends on June 24, 2020.

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