Business Context and Reporting Period
This Form 8-K Current Report was filed by CrossAmerica Partners LP on December 14, 2015, regarding an event that occurred on December 10, 2015. The filing pertains to the compensation arrangements of the company's Non-Employee Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to director compensation: a phantom unit grant with a Fair Market Value of $70,000 per director.
Material Changes
There are no material changes to financial operations or results reported in this filing. The document solely reports the approval and grant of equity-based compensation to four Non-Employee Directors: Joseph V. Topper, Jr., Justin A. Gannon, Gene Edwards, and John B. Reilly, III.
Guidance, Outlook, and Management Commentary
The filing contains no guidance, outlook, or management commentary regarding future business performance. It details the terms of the Phantom Unit Award Agreements under the Lehigh Gas Partners LP 2012 Incentive Award Plan:
- Grant Date: December 10, 2015.
- Value: $70,000 per director.
- Vesting: Fully vests on the first anniversary of the Grant Date, conditioned on continuous service.
- Payout: Upon vesting, directors receive either Partnership Units or cash equal to the Fair Market Value of a Partnership Unit, at the Board's discretion.
- Distribution Equivalent Rights (DERs): Entitle holders to quarterly payments matching distributions paid to common unit holders.
Investor Verification Checklist
- Verify the total number of Non-Employee Directors to calculate the aggregate cost of the $70,000 grants.
- Confirm the current Fair Market Value of Partnership Units to estimate the number of units or cash equivalent to be issued upon vesting.
- Review the Lehigh Gas Partners LP 2012 Incentive Award Plan for any additional restrictions or tax implications not detailed in this summary.
- Monitor future filings for the actual vesting and payout of these phantom units in December 2016.