Business Context and Reporting Period
This Form 8-K filing by Suburban Propane Partners, L.P. is dated January 22, 2014. The report amends and supplements a previous filing from November 14, 2013, regarding the promotion of Michael A. Stivala from Chief Financial Officer to President, effective April 1, 2014.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation adjustments.
Material Changes
The primary material change is the determination of compensation for Michael A. Stivala in his new role as President:
- Base Salary: Increased from $300,000 to $425,000 annually, effective April 1, 2014.
- Bonus Target: Increased from 80% to 100% of base salary for the 2014 fiscal year under the Incentive Compensation Plan.
- Equity Grant: Approved a grant of restricted units with a market value of $1,000,000, effective April 1, 2014.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The equity grant is subject to a vesting schedule where 33.33% of the restricted units vest at the end of each of the first three anniversaries of the grant date. Upon vesting, these units convert automatically into Common Units of the Partnership.
Investor Verification Points
- Confirm the exact number of restricted units granted, which depends on the average closing price of Common Units over the 20 trading days prior to April 1, 2014.
- Verify the effective date of the salary increase and bonus target adjustment (April 1, 2014).
- Review the Partnership's 2009 Restricted Unit Plan for specific terms regarding the conversion of restricted units to Common Units.