SEC Filing Summary: Suburban Propane Partners, L.P.
Business Context and Reporting Period
This Form 8-K, dated May 15, 2018, 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 several shareholder proposals.
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 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 were re-elected for a three-year term. Voting results included:
| Nominee | For | Withheld |
|---|---|---|
| Harold R. Logan, Jr. | 22,367,798 | 886,033 |
| John Hoyt Stookey | 22,148,867 | 1,104,964 |
| Jane Swift | 22,262,133 | 991,698 |
| Lawrence C. Caldwell | 22,274,600 | 979,231 |
| Matthew J. Chanin | 22,466,706 | 787,125 |
| Terence J. Connors | 22,509,341 | 744,490 |
| William M. Landuyt | 22,506,471 | 747,360 |
| Michael A. Stivala | 22,511,723 | 742,108 |
- Independent Auditor Ratification: Unitholders approved the appointment of PricewaterhouseCoopers LLP for the 2018 fiscal year (53,681,531 For; 833,391 Against).
- 2018 Restricted Unit Plan: Approved, authorizing the issuance of up to 1,800,000 Common Units (20,360,348 For; 2,214,892 Against).
- Say-on-Pay: Advisory resolution on executive compensation was approved (20,477,392 For; 2,064,445 Against).
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, risks, or contingencies were disclosed in this document.
Key Facts for Investor Verification
- Confirmation that all eight Board of Supervisors nominees were successfully re-elected.
- Verification of the 1,800,000 Common Unit authorization under the new 2018 Restricted Unit Plan.
- Confirmation of PricewaterhouseCoopers LLP as the independent auditor for the 2018 fiscal year.
- Review of the "Say-on-Pay" vote results to assess shareholder sentiment on executive compensation.