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
On November 23, 2020, Blueknight Energy Partners, L.P. (the “Partnership”) held a special meeting (the “Special Meeting”) of its unitholders and approved an amendment and restatement of the Blueknight Energy Partners G.P., L.L.C. Long-Term Incentive Plan (the “Amended LTIP”). The Amended LTIP increases the number of common units reserved for issuance under the incentive plan by 4,000,000 common units from 4,100,000 common units to 8,100,000 common units. The Amended LTIP became effective on September 9, 2020 subject to the approval by the Partnership’s unitholders, which occurred on November 23, 2020.
Employees, consultants and directors of the Partnership’s general partner and its affiliates who perform services for the Partnership are eligible to receive awards under the Amended LTIP. The Amended LTIP provides for the grant of unit awards, restricted units, phantom units, unit options, unit appreciation rights, distribution equivalent rights, other unit-based awards and cash awards. Subject to adjustment for certain events, an aggregate of 8,100,000 common units may be delivered to awards under the Amended LTIP of which 4,453,982 common units were available for future awards under the Amended LTIP as of October 1, 2020. Common units canceled, forfeited or withheld to satisfy tax withholding obligations will not be considered to be common units delivered under the Amended LTIP for purposes of applying the maximum unit limit under the Amended LTIP; provided, however, that common units delivered or withheld in satisfaction of the exercise or other purchase price of, or in satisfaction of tax withholding obligations for, options or unit appreciation rights will be considered to be common units delivered under the Amended LTIP and will not be available for delivery to other awards. The Amended LTIP will be administered by the Compensation Committee of the General Partner’s board of directors, provided that its authority under the Amended LTIP may be delegated on such terms and conditions as the Compensation Committee may establish consistent with applicable law. The Amended LTIP has been designed to furnish additional compensation to employees, consultants and directors and to align their economic interests with those of common unitholders.
This description of the Amended LTIP is qualified in its entirety by the full and complete terms of the Amended LTIP, a copy of which was filed as Annex A to the Partnership’s Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on October 9, 2020, and is incorporated herein by reference.
The following proposals were adopted at the Special Meeting by the margins indicated.
1. Proposal to approve the amendment and restatement of the Blueknight Energy Partners G.P., L.L.C. Long-Term Incentive Plan to increase the number of common units issuable under such plan by 4,000,000 common units from 4,100,000 common units to 8,100,000 common units and make certain other changes.
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.