Business Context and Reporting Period
This Form 8-K filing by Suburban Propane Partners, L.P. (Delaware) was submitted on August 6, 2007. The report discloses the appointment of a new principal accounting officer and the promotion of the current Controller to Chief Financial Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details:
- Base Salary: $180,000 per year for the new Controller.
- Bonus Target: 45% of base salary (with a prorated adjustment for the 2007 fiscal year).
- Car Allowance: $425 per month.
- Equity Grant: Restricted units with a market value of $150,000, effective November 1, 2007.
Material Changes
The primary material change is the leadership transition within the finance department:
- Michael Kuglin commenced employment on August 6, 2007, as Controller.
- Michael A. Stivala will be promoted to Chief Financial Officer effective September 30, 2007.
- A two-month transition period is scheduled for Messrs. Stivala and Kuglin to ensure a smooth handover of responsibilities.
Outlook, Risks, and Unusual Items
The filing contains no forward-looking guidance, risk factors, or discussion of unusual items. It notes that there are no related-party transactions exceeding $120,000 involving Mr. Kuglin other than his standard compensation package. The equity grant vests over five years (25% at year 3, 25% at year 4, and 50% at year 5).
Investor Verification Checklist
- Confirm the effective date of Michael Stivala's promotion to CFO (September 30, 2007).
- Verify the vesting schedule and conversion terms of the $150,000 restricted unit grant.
- Review the 2000 Restricted Unit Plan and LTIP-2 for full terms of the equity and long-term incentives.
- Check subsequent filings for the actual number of units granted based on the 20-day average closing price prior to November 1, 2007.