AmeriGas Partners, L.P. (NYSE:APU) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 13, 2019, the Board of Directors of AmeriGas Propane, Inc. (the “General Partner”), the general partner of AmeriGas Partners, L.P. (“AmeriGas Partners”), appointed Craig Dadamo, age 35, to serve as Controller and Chief Accounting Officer of the General Partner, effective March 18, 2019.Mr. Dadamo succeeds Laurie A. Bergman, who, as previously announced, was appointed to serve as the Vice President, Chief Accounting Officer and Corporate Controller of UGI Corporation, the parent of the General Partner, effective February 11, 2019.
Mr. Dadamo currently serves as the General Partner’s Assistant Controller, a position that he has held since 2017.He joined the General Partner in 2014 as Director, Financial Reporting and SOX Compliance.Prior to joining the General Partner, Mr. Dadamo served as a divisional financial controller at CTDI (a global engineering, repair, and logistics company) from 2013 to 2014, Audit Manager at The Campbell Soup Company from 2009 to 2013, and Senior Associate at KPMG from 2006 to 2009.
Mr. Dadamo will participate in the General Partner’s executive annual bonus plan as well as the AmeriGas Propane, Inc. 2010 Long-Term Incentive Plan On Behalf of AmeriGas Partners, L.P. and the UGI Corporation 2013 Omnibus Incentive Compensation Plan.The General Partner’s Compensation/Pension Committee approved a long-term equity award for Mr. Dadamo with a total value of $98,000.Approximately 30% of the award will consist of UGI Corporation stock options and 70% of the award will consist of AmeriGas Partners, L.P. performance units with dividend equivalents that may be earned at the end of the 2019-2021 measurement period.Each performance unit represents the right of the recipient to receive a Common Unit and cash equal to distributions paid during the performance period if specified performance goals and other conditions are met.
Mr. Dadamo will participate in the General Partner’s benefit plans, including the AmeriGas Propane, Inc. Supplemental Executive Retirement Plan (the “SERP”) and the AmeriGas Propane, Inc. Executive Employee Severance Plan (the “Severance Plan”).Descriptions of the General Partner’s SERP and Severance Plan are included in Item 11, Executive Compensation, of AmeriGas Partners’ Annual Report on Form 10-K for the fiscal year ended September 30, 2018.
In order to receive benefits under the Severance Plan, Mr. Dadamo is required to execute a release discharging the General Partner and its subsidiaries from liability for any claims he may have against any of them, other than claims for amounts or benefits due him under any plan, program or contract provided by or entered into with the General Partner or its subsidiaries.The Severance Plan also requires Mr. Dadamo to ratify any post-employment activities agreement in effect and to cooperate in attending to matters pending at the time of termination of employment.
In addition to the benefits set forth above, company-paid life and disability insurance is generally available to all employees.Mr. Dadamo will also be eligible for certain executive perquisites.
About AmeriGas Partners, L.P. (NYSE:APU)
AmeriGas Partners, L.P. is a holding company. The Company is a retail propane distributor in the United States. It serves approximately two million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 2,000 propane distribution locations. It operates through the segment that engages in the distribution of propane and related equipment and supplies. The Company conducts its business through its subsidiary, AmeriGas Propane, L.P. The Partnership also sells, installs and services propane appliances, including heating systems, and operates a residential heating, ventilation, air conditioning, plumbing, and related services business in certain counties of Pennsylvania, Delaware, and Maryland. The Partnership operates as an interstate carrier in all states across the continental United States. The Company’s AmeriGas Cylinder Exchange program enables consumers to purchase or exchange propane cylinders at retail locations.