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 Officers
Item5.02 Departure of Directors or Certain Officers: Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Effective March6, 2017, Rene L. Casadaban was appointed Senior
Vice President and Chief Operating Officer of American Midstream
GP, LLC, the general partner (the General Partner) of American
Midstream Partners, LP (the Partnership). In connection with
Mr.Casadabans appointment as Senior Vice President and Chief
Operating Officer, Mr.Casadaban will be paid an annual base
salary of $305,000. He will be eligible to participate in the
General Partners Short Term Incentive Plan (STIP), which provides
for a discretionary annual bonus based on performance with
respect to goals set by the General Partners Board of Directors
(the Board). For the fiscal year ending in December31, 2017,
Mr.Casadaban will be eligible under the STIP for a target bonus
amount of 75% of his annual base salary. Mr.Casadaban will also
be eligible to participate in the General Partners Long Term
Incentive Plan (LTIP), with a target award of 150% of his annual
base salary. The award under the LTIP vests in 25% increments on
the first, second, third and fourth anniversary date of the LTIP
grant agreement. Mr.Casadaban will also receive, within the first
30 days of employment, equity awards under the LTIP of 15,000
phantom units and 15,000 option units (with a strike price equal
to the AMID NYSE common unit closing price on the last trading
day prior to the date of grant). Such equity awards will also
vest in 25% annual increments over a four-year period.
Mr.Casadabans participation in the incentive plans will be
subject to his continued employment at the time of payment or the
scheduled date of vesting, as applicable.
Mr.Casadaban, 48, has 26 years of midstream project management
and business development experience for onshore, offshore and
deepwater pipeline systems. Mr.Casadaban is the former Chief
Operating Officer for Summit Midstream Partners, LP (Summit).
Prior to joining Summit, Mr.Casadaban worked for Enterprise
Products Partners LP as the Director for Deepwater Business
Development of floating production platforms and offshore
pipelines. Mr.Casadaban has also served as an independent
consultant to ExxonMobil Corporation and GulfTerra Energy
Partners, LP for Gulf of Mexico and international pipeline
projects. At Land and Marine Engineering Limited, Mr.Casadaban
was responsible for managing domestic and international pipeline
river crossings and beach approaches by horizontal directional
drilling. Mr.Casadaban began his career as a Field Engineer for
McDermott International Inc. He currently serves on the Board of
Angel Reach and is a graduate of Auburn University with a
Bachelor of Science in Building Construction.
There are no arrangements or understandings between Mr.Casadaban
and any other person to which Mr.Casadaban was appointed to serve
as Senior Vice President and Chief Operating Officer of the
Partnership. There are no family relationships between
Mr.Casadaban and any director or executive officer of the
Partnership, and Mr.Casadaban has no direct or indirect material
interest in any related party transaction required to be
disclosed to Item404(a) of Regulation S-K.
A copy of the press release announcing Mr.Casadabans appointment
is attached hereto as Exhibit 99.1.
Item9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
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ExhibitNumber |
Description |
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| 99.1 |
American Midstream Partners, LP press release dated March 6, 2017 |
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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 up +0.45 at 16.70 with 117,126 shares trading hands.