Business Context and Reporting Period
This Form 8-K was filed by USA Compression Partners, LP on February 12, 2013. The report discloses corporate governance changes regarding the Board of Directors of the General Partner (USA Compression GP, LLC).
Key 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 personnel appointments and compensation arrangements.
Material Changes
- Board Expansion: The Board of Managers increased the size of the GP Board to seven members.
- New Appointment: William G. Manias was appointed as the seventh member of the GP Board, effective immediately.
- Committee Assignment: Mr. Manias was appointed to the Audit Committee of the GP Board.
- Independence Status: Mr. Manias qualifies as the General Partner's second independent director under SEC and NYSE rules.
Compensation and Governance
- Cash Retainer: Mr. Manias will receive an annual cash retainer of $75,000 for his services on the GP Board.
- Equity Incentives: He is eligible to receive phantom unit grants under the USA Compression Partners, LP, 2013 Long-Term Incentive Plan.
- Relationships: There are no undisclosed relationships between Mr. Manias and the General Partner requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the total number of directors on the GP Board is now seven.
- Confirm William G. Manias' independence status as the second independent director.
- Review the terms of the 2013 Long-Term Incentive Plan regarding phantom unit grants.
- Check for any subsequent filings regarding the composition of the Audit Committee.