Business Context and Reporting Period
This Form 8-K filing by Kinetik Holdings Inc. (KNTK) reports a corporate governance event dated March 9, 2023. The Company is incorporated in Delaware and its principal executive offices are located in Houston, Texas.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a change in board composition and does not contain financial performance data.
Material Changes
- Resignation: Joseph Payne resigned as a member of the Board of Directors effective immediately on March 9, 2023. Mr. Payne served as a designee of Buzzard Midstream LLC ("ISQ").
- Appointment: Jesse Krynak was appointed to fill the vacancy created by Mr. Payne's resignation, effective immediately on March 9, 2023, pursuant to the Amended and Restated Stockholders Agreement.
- Compensation: Mr. Krynak will not receive compensation for his service on the Board.
Outlook, Risks, and Management Commentary
Mr. Payne expressed no disagreement with the Company on any matter relating to operations, policies, or practices. Mr. Krynak has no direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K. He will enter into a standard form indemnification agreement consistent with other directors and officers.
Key Facts for Investor Verification
- Verify the terms of the Amended and Restated Stockholders Agreement regarding ISQ's right to designate a director.
- Confirm Jesse Krynak's background and qualifications as a new board member.
- Review the standard form indemnification agreement referenced in the filing (Exhibit 10.3 to the February 28, 2022, 8-K).
- Monitor for any future filings regarding compensation arrangements for Mr. Krynak, as none are currently in place.