Business Context and Reporting Period
This Form 8-K Current Report was filed by CrossAmerica Partners LP on July 25, 2023. The filing primarily addresses corporate governance actions regarding director compensation and the declaration of a quarterly distribution to unitholders.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial data disclosed relates to distributions and director awards:
- Quarterly Distribution: $0.5250 per unit for the second quarter of 2023.
- Annualized Distribution: $2.10 per unit.
- Director Phantom Unit Grant Value: $62,500 per Non-Employee Director.
Material Changes
The distribution declared for the second quarter of 2023 is consistent with the first quarter of 2023, indicating no change in the quarterly payout rate. Additionally, the Board approved new phantom unit grants for six Non-Employee Directors, effective July 25, 2023.
Guidance, Outlook, and Management Commentary
The filing contains no forward-looking guidance, outlook, or management commentary regarding future operational performance or market conditions. The document focuses on the execution of the distribution policy and the implementation of the 2022 Incentive Award Plan for directors.
Key Terms of Director Awards:
- Awards include Distribution Equivalent Rights (DERs) paid quarterly alongside common unit distributions.
- Phantom units vest on the first anniversary of the grant date, conditioned on continuous service.
- Upon vesting, directors may receive Partnership Units or cash at the Board's discretion.
Important Facts for Investor Verification
- Distribution Payment Date: August 11, 2023.
- Record Date: August 4, 2023.
- Directors Receiving Awards: Justin A. Gannon, Thomas E. Kelso, Mickey Kim, Kenneth G. Valosky, Joseph V. Topper, Jr., and John B. Reilly, III.
- Regulation FD Disclosure: The distribution information is furnished under Regulation FD and is not deemed "filed" for Section 18 liability purposes.