SEC Filing Summary: STAR GAS PARTNERS, L.P.
Business Context and Reporting Period
This Form 8-K Current Report was filed by Star Gas Partners, L.P. (the "Partnership") on June 1, 2007, covering events occurring on May 31, 2007. The filing addresses Item 5.02 regarding the appointment of certain officers and their compensatory arrangements.
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 executive compensation and appointments.
Material Changes
The Partnership announced two significant executive appointments effective May 31, 2007:
- Appointment of CEO: Daniel P. Donovan was appointed President and Chief Executive Officer. He entered into a three-year employment agreement ending May 31, 2010.
- Appointment of SVP: Steven Goldman was appointed Senior Vice President of Operations, having previously served as Vice President-Operations of the subsidiary, Petro Holdings, Inc.
Guidance, Outlook, and Management Commentary
The filing details the following compensation terms:
- Mr. Donovan: Annual salary of $375,000. The agreement allows termination by either party at any time. Severance of one year's salary is payable if terminated without cause or if Mr. Donovan resigns for good reason.
- Mr. Goldman: Annual salary of $275,000. Under his existing agreement, he is entitled to one year's salary as severance if terminated without cause or if he resigns for good reason.
The filing does not contain forward-looking guidance, risk factors, or discussion of unusual items beyond the executive appointments.
Key Facts for Investor Verification
- Verify the full text of the employment agreement for Daniel P. Donovan filed as Exhibit 99.1.
- Confirm the specific definitions of "cause" and "good reason" within the employment contracts to assess potential severance liabilities.
- Review the Partnership's prior 10-K or 10-Q filings for baseline financial data, as this 8-K contains no financial performance metrics.