Business Context and Reporting Period
This Form 8-K filing by Sunoco LP, dated September 22, 2015, reports on events occurring on September 18, 2015. The filing addresses the departure of a senior executive officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial figure disclosed is a severance payment of $166,618.36 (gross) to the departing executive.
Material Changes
Clare P. McGrory, Executive Vice President, Chief Financial Officer, and Treasurer of Sunoco GP LLC (the general partner of Sunoco LP), notified the company of her resignation effective October 30, 2015. She is leaving to pursue other career interests.
Management Commentary and Agreements
On September 21, 2015, the company and Ms. McGrory entered into a Non-Solicitation/Non-Hire Agreement and Full Release of Claims. Key terms include:
- A lump sum gross payment of $166,618.36, subject to payroll deductions.
- A standard release of claims against the Company and its affiliates, including Energy Transfer Equity, L.P. and Sunoco, Inc.
- Mutual non-disparagement provisions.
- Confirmation of confidentiality obligations.
- A non-solicitation and non-hire agreement effective until March 31, 2017.
Investor Verification Checklist
- Confirm the appointment of an interim or permanent replacement for the Chief Financial Officer role.
- Verify the impact of the CFO departure on upcoming financial reporting cycles.
- Review the specific terms of the non-solicitation agreement regarding the company's affiliates.