Business Context and Reporting Period
This Form 8-K filing by Suburban Propane Partners, L.P. is dated April 28, 2014. The report discloses the appointment of a new principal accounting officer and details the associated compensatory arrangements.
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: $185,000 per year.
- Annual Incentive Target: 45% of base salary (with a pro-rated adjustment for the 2014 fiscal year).
- Car Allowance: $425 per month.
- Restricted Units Grant: Market value of $150,000, vesting 33.33% annually over three years.
Material Changes
The primary material change is the appointment of Daniel S. Bloomstein as Controller, effective April 28, 2014. Mr. Bloomstein joins from The Access Group, where he served as CFO and Controller. The filing confirms no related-party transactions exceeding $120,000 exist other than the standard compensation package.
Outlook, Risks, and Management Commentary
Management commentary is limited to the background of the new appointee and the terms of his employment. No forward-looking guidance, risk factors, or contingencies regarding the company's operations are disclosed in this specific filing.
Investor Verification Checklist
- Verify the vesting schedule and performance conditions for the $150,000 restricted unit grant.
- Confirm the pro-rated bonus calculation for the 2014 fiscal year.
- Review the Partnership's 2009 Restricted Unit Plan for full terms regarding conversion to Common Units.
- Check for any subsequent filings regarding changes to the executive compensation structure.