AMERICAN MIDSTREAM PARTNERS, LP (NYSE:AMID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers: Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 6, 2017, Matthew W. Rowland resigned as Senior Vice President and Chief Operating Officer of American Midstream Partners, LP (the “Partnership”), such resignation to be effective on the date on which the employment of a new Chief Operating Officer becomes effective but no later than March 1, 2017 (the “Effective Date”). In connection with the resignation, the Partnership and Mr. Rowland entered into a Separation Agreement and Release (the “Separation Agreement”), to which Mr. Rowland shall provide transition services to the Partnership for the 12 months following the Effective Date.
Under the terms of the Separation Agreement, the Partnership agreed to pay Mr. Rowland (i) his 2016 base salary, less any applicable federal, state, and local withholdings, taxes and any other deductions required by law, for 12 months after the Effective Date in accordance with the Partnership’s normal payroll practices and (ii) his 2016 bonus at 50% of the target. Mr. Rowland will not forfeit any unvested units on the Effective Date and instead, such units will continue to vest to the Partnership’s Third Amended and Restated Long Term Incentive Plan until such units have fully vested. Additionally, to the extent that Mr. Rowland is eligible for and elects to continue coverage under the Partnership’s medical, vision and dental benefit plans, the Partnership will pay the monthly premium for such plans in accordance with the regularly scheduled premium due dates until 12 months after the Effective Date. The Separation Agreement also provides that Mr. Rowland must comply with certain provisions related to the protection of confidential information. There were no disagreements between Mr. Rowland and the General Partner, the Partnership or any officer or Director of the General Partner which led to Mr. Rowland’s resignation.
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About AMERICAN MIDSTREAM PARTNERS, LP (NYSE:AMID)
American Midstream Partners, LP owns, operates, develops and acquires a portfolio of midstream energy assets. The Company is engaged in the business of gathering, treating, processing and transporting natural gas; gathering, transporting, storing, treating and fractionating natural gas liquids (NGLs); gathering, storing and transporting crude oil and condensates, and storing specialty chemical products. It operates through three segments: Gathering and Processing, Transmission and Terminals. The Gathering and Processing Segment consists of midstream natural gas systems that provide services, such as gathering, compression, treating, processing, fractionating, transportation, and sale of natural gas, NGLs and condensate. Its Transmission Segment consists of interstate and intrastate pipelines that transport natural gas from interconnection points on other pipelines or production points to customers. Its Terminals segment provides above-ground storage services at its marine terminals. AMERICAN MIDSTREAM PARTNERS, LP (NYSE:AMID) Recent Trading Information
AMERICAN MIDSTREAM PARTNERS, LP (NYSE:AMID) closed its last trading session down -0.50 at 17.80 with 158,000 shares trading hands.