BLUEKNIGHT ENERGY PARTNERS, L.P. (NASDAQ:BKEP) 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 April 10, 2019, Blueknight Energy Partners G.P., L.L.C. (the “General Partner”), the general partner of Blueknight Energy Partners, L.P. (the “Partnership”), announced the appointment of D. Andrew Woodward as the Chief Financial Officer of the General Partner, effective as of April 29, 2019. Mr. Woodward, age 36, will serve as the General Partner’s principal financial officer.
The Partnership and Mr. Woodward agreed on an initial compensation package as follows: $350,000 base annual salary; $50,000 initial bonus to be paid following 90 days of employment; $50,000 grant of long-term incentive units to be awarded following 30 days of employment, which will vest June 1, 2022; incentive compensation bonus of $160,000 and a grant of $160,000 of long-term incentive units, both to be awarded as part of the Partnership’s regular March 2020 compensation actions; and make-whole payments, to replace certain lost compensation opportunities with Mr. Woodward’s prior employer, totaling $550,000 to be paid in installments of $150,000, $200,000, and $200,000 on December 31 of 2019, 2020, and 2021, respectively. In addition, Mr. Woodward will be eligible to participate in all benefit programs maintained by the Partnership.
Prior to joining the Partnership, Mr. Woodward served in various financial capacities with Andeavor/Marathon Petroleum Inc. from April 2015 until his appointment by the General Partner, most recently as the Vice President, ANDX Finance and Treasurer and Principal Financial Officer. Prior to joining Andeavor/Marathon, Mr. Woodward served as the Vice President, Investment Banking – Energy Group for RBC Capital Markets, based in Houston, Texas, from July 2011 to April 2015. Mr. Woodward received his Bachelor of Arts in economics and philosophy from Colorado College, and his M.B.A. from the University of Texas at Austin. A copy of the Partnership’s press release announcing the appointment of Mr. Woodward as Chief Financial Officer is furnished as an exhibit to this Current Report.
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Item 9.01. |
Financial Statements and Exhibits. |
(d)Exhibits
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Exchange Act.
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EXHIBIT NUMBER |
DESCRIPTION |
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99.1 |
Press release, dated April 10, 2019.
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Blueknight Energy Partners, L.P. Exhibit
EX-99.1 2 pressrelease-officeannounc.htm EXHIBIT 99.1 Exhibit Exhibit 99.1BLUEKNIGHT ENERGY PARTNERS,…
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About BLUEKNIGHT ENERGY PARTNERS, L.P. (NASDAQ:BKEP)
Blueknight Energy Partners, L.P. is a master limited partnership company. The Company provides integrated terminalling, storage, gathering and transportation services for companies engaged in the production, distribution and marketing of crude oil and liquid asphalt cement. It operates in four segments: asphalt terminalling services, which provides asphalt product and residual fuel terminalling, storage and blending services at its terminalling and storage facilities; crude oil terminalling and storage services, which provides crude oil terminalling and storage services at its terminalling and storage facilities; crude oil pipeline services, which owns and operates pipeline systems, the Mid-Continent system, the East Texas system and Eagle North system, that gather crude oil purchased by its customers and transports it to refiners, and crude oil trucking and producer field services, which uses its owned and leased tanker trucks to gather crude oil for its customers.