SEC Filing Summary: Suburban Propane Partners, L.P. (SPH)
Business Context and Reporting Period
This Form 8-K, dated May 21, 2024, reports on the results of the Partnership's regular Tri-Annual Meeting of Unitholders held on that date. The filing details the election of the Board of Supervisors and the approval of key corporate governance proposals.
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 corporate governance and voting outcomes rather than financial performance.
Material Changes and Voting Results
The following material actions were taken by Unitholders at the meeting:
- Board of Supervisors Election: All eight nominees proposed by the Board were re-elected for a three-year term. Voting results included:
- Amy M. Adams: 29,781,264 For; 735,988 Withheld
- Matthew J. Chanin: 29,527,774 For; 989,478 Withheld
- Terence J. Connors: 29,728,369 For; 788,883 Withheld
- William M. Landuyt: 29,803,998 For; 713,254 Withheld
- Harold R. Logan, Jr.: 29,483,910 For; 1,033,342 Withheld
- Rommel M. Oates: 29,816,080 For; 701,172 Withheld
- Michael A. Stivala: 29,655,098 For; 862,154 Withheld
- Jane Swift: 29,499,215 For; 1,018,037 Withheld
- Independent Auditor Ratification: Unitholders ratified the appointment of PricewaterhouseCoopers LLP for the 2024 fiscal year (49,264,839 For; 799,903 Against; 353,489 Abstain).
- Restricted Unit Plan Approval: The Amended and Restated 2018 Restricted Unit Plan was approved (27,773,159 For; 2,264,711 Against; 479,382 Abstain).
- Say-on-Pay Resolution: The advisory resolution on executive compensation was approved (28,169,102 For; 1,699,005 Against; 649,145 Abstain).
Guidance, Outlook, and Risks
The filing notes that due to the Partnership's agreement requiring Tri-Annual Meetings, no proposal regarding the frequency of Say-on-Pay resolutions was presented. The Partnership will continue to include a Say-on-Pay proposal at each Tri-Annual Meeting as required by applicable law. No specific financial guidance, outlook, or new risk factors were disclosed in this document.
Key Facts for Investor Verification
- Verify the re-election of all eight Board of Supervisors nominees and the specific vote counts for each.
- Confirm the ratification of PricewaterhouseCoopers LLP as the independent auditor for 2024.
- Note the approval of the Amended and Restated 2018 Restricted Unit Plan, which may impact future equity compensation.
- Review the "Say-on-Pay" vote results to gauge shareholder sentiment on executive compensation.
- Check subsequent filings (e.g., 10-Q or 10-K) for financial performance data, as this 8-K contains no financial metrics.