Business Context and Reporting Period
This Form 8-K is a current report filed by Star Gas Partners, L.P. (the Partnership) on September 30, 2015. The filing discloses the entry into a material definitive agreement regarding the extension of a consulting contract.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial figure disclosed relates to the consulting agreement:
- Consulting Fees: $250,000 per annum for Dan Donovan.
Material Changes
The Partnership entered into a First Amendment to a Letter Agreement dated July 22, 2013, with consultant Dan Donovan. The material changes include:
- Term Extension: The agreement term was extended by two years, moving the expiration date from September 30, 2015, to September 30, 2017.
- Compensation: The annual consulting fee remains unchanged at $250,000.
- Role: Mr. Donovan continues to serve as a director of the Partnership's general partner.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of general business risks. The document is strictly limited to the disclosure of the amended contract terms. No unusual items or contingencies were reported.
Investor Verification Checklist
- Verify the total annual cost of the extended consulting agreement ($250,000) against the Partnership's current operating budget.
- Review the full text of the First Amendment (Exhibit 99.1) for any additional covenants or termination clauses not summarized in the 8-K.
- Confirm Mr. Donovan's continued role as a director of the general partner and any potential conflicts of interest.