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 Monday, April16, American Midstream GP, LLC (the “General Partner”), the general partner of American Midstream Partners, LP (the “Partnership”) announced that, effective April20, 2018, Karen S. Acree would be appointed as our Vice President and Chief Accounting Officer, succeeding Michael S. Croney, our current Vice President, Chief Accounting Officer and Corporate Controller, whose resignation was received on April 10, 2018. There were no disagreements between Mr.Croney and the General Partner, the Partnership or any officer or director of the General Partner.
Karen S. Acree, 61, has over thirty-five years of experience in financial and management accounting. Ms.Acree previously served as the Chief Accounting Officer for Jones Energy, Inc. in Austin, Texas, from 2015 to 2018. Prior to Jones Energy, Inc., she served as Vice President, Controller and Chief Accounting Officer for W&T Offshore, Inc. from 2007 to 2015. Ms.Acree holds a B.B.A. in Accounting from Texas Tech University and is a Certified Public Accountant licensed in Texas. There are no arrangements or understandings between Ms.Acree and any other person to which she was appointed as the principal accounting officer of the Partnership. There are no family relationships between Ms.Acree and any director or executive officer of the Partnership, and she has no direct or indirect material interest in any “related party” transaction required to be disclosed to Item 404(a) of Regulation S-K.
In connection with Ms.Acree’s employment, Ms.Acree will be paid an annual base salary of $270,000. She will be eligible to participate in the General Partner’s Short Term Incentive Plan (“STIP”), which provides for a discretionary annual bonus based on performance with respect to goals set by the Board. For the fiscal year ending in December31, 2018, Ms.Acree will be eligible under the STIP for a target bonus amount of 60% of her annual base salary. Ms.Acree will also receive a sign-on bonus of $30,000 payable within 30 days of her start date. Beginning in 2019, Ms.Acree will be eligible to participate in the General Partner’s Long Term Incentive Plan (“LTIP”), with a target award of 50% of her annual base salary. Ms.Acree will also receive, within the first 30 days of employment, equity awards under the LTIP of 22,500 phantom units with 25% of the award vesting on April1, 2019 and the remaining 75% vesting in 25% increments on April1 of each succeeding year. Subsequent LTIP opportunities will be subject to guidelines set by the Board. Ms.Acree will also receive a relocation allowance and be eligible to participate in the employee health, welfare and benefit plans of the General Partner on the same terms as the employees of the General Partner.
Item 5.02 Regulation FD Disclosure.
On April16, 2018, the Partnership issued a press release announcing the appointment of Ms.Acree.A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 5.02 Financial Statements and Exhibits.
|99.1||Press release dated April16, 2018.|
American Midstream Partners, LP ExhibitEX-99.1 2 d566267dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 American Midstream Strengthens Management Team with Veteran Chief Accounting Officer Karen Acree HOUSTON April 16,…To view the full exhibit click
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.