Business Context and Reporting Period
This Form 8-K Current Report was filed by Suburban Propane Partners, L.P. on November 10, 2009. The filing addresses corporate governance changes regarding the appointment of certain officers and their compensatory arrangements.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on personnel changes and compensation details.
Material Changes
- Appointment of Chief Accounting Officer: At the meeting on November 10, 2009, the Compensation Committee transferred the title and responsibilities of Chief Accounting Officer from Michael A. Stivala to Michael A. Kuglin, the Partnership's current Controller.
- Continued Role: Michael A. Stivala will continue to serve as the Partnership's Chief Financial Officer.
- Compensation Adjustment: Mr. Kuglin's base salary for the 2010 fiscal year was set at $205,000. His bonus target under the Incentive Compensation Plan was increased from 55% to 60% of his base salary.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. No material risks or contingencies were disclosed in this report. The document confirms no related-party transactions exceeding $120,000 involving Mr. Kuglin or his immediate family members, other than standard employment compensation.
Key Facts for Investor Verification
- Michael A. Kuglin has been appointed Chief Accounting Officer effective November 10, 2009.
- Mr. Kuglin's 2010 base salary is $205,000 with a 60% bonus target.
- Michael A. Stivala retains the title of Chief Financial Officer.
- A press release dated November 13, 2009, is attached as Exhibit 99.1.