Business Context and Reporting Period
This Form 8-K is a current report filed by Lehigh Gas Partners LP (not Crossamerica Partners LP as noted in metadata) on June 11, 2013, covering events occurring on June 7, 2013. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly administrative and does not contain financial performance data.
Material Changes
- Resignation: James J. Devlin, Jr. resigned as Chief Accounting Officer effective June 7, 2013, to pursue an opportunity with an affiliate of the Partnership.
- Appointment: David A. Sheaffer was appointed Chief Accounting Officer effective June 7, 2013.
- Compensation: Mr. Sheaffer was granted 3,000 Phantom Units under the Performance-Based Equity Awards Program, vesting in three equal tranches on March 15, 2014, 2015, and 2016.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, or discussion of risks and contingencies. It is limited to the disclosure of personnel changes and associated compensation arrangements.
Investor Verification Checklist
- Verify the exact nature of the "affiliate" opportunity pursued by the departing Chief Accounting Officer.
- Confirm the vesting schedule and terms of the 3,000 Phantom Units granted to the new Chief Accounting Officer.
- Review the background of David A. Sheaffer, specifically his tenure as Director of Financial Reporting since November 2012.