Business Context and Reporting Period
This Form 8-K is a current report filed by Altus Midstream Company (not Kinetik Holdings Inc.) on May 30, 2019. The filing documents events occurring at the Company's 2019 annual meeting of stockholders held on the same date.
Key Financial Metrics
This filing is a corporate governance report and does not contain financial performance data. The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Corporate Actions
- Compensation Plan Approval: Stockholders approved the 2019 Omnibus Compensation Plan, authorizing up to 11,239,395 shares of Class A common stock for awards.
- Deferred Delivery Plan: The Deferred Delivery Plan became effective, allowing key employees to defer income from restricted stock units into deferred units that accrue earnings equivalent to dividends.
- Director Elections: Twelve nominees were elected to the Board of Directors for one-year terms expiring at the 2020 annual meeting.
- Auditor Ratification: Ernst & Young LLP was ratified as the independent auditor for fiscal year 2019.
Voting Results and Shareholder Participation
At the annual meeting, 308,857,611 shares (95.05% of eligible shares) were voted. Key voting outcomes included:
- Director Elections: All nominees received significant "For" votes, ranging from approximately 296.7 million to 303.3 million. "Withheld" votes ranged from approximately 700,000 to 7.3 million per nominee.
- Auditor Ratification: Approved with 308,809,804 votes "For" and only 7,007 votes "Against."
- Compensation Plan: Approved with 293,744,979 votes "For" and 10,209,323 votes "Against."
Outlook, Risks, and Contingencies
The filing does not contain management commentary on future outlook, specific risks, or contingencies beyond the standard incorporation of the compensation plan documents by reference.
Investor Verification Checklist
- Verify the exact terms of the 2019 Omnibus Compensation Plan in Exhibit 10.1.
- Review the Deferred Delivery Plan (Exhibit 10.2) for specific eligibility and distribution rules.
- Confirm the composition of the newly elected Board of Directors and their tenure terms.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.