CHESAPEAKE UTILITIES CORPORATION (NYSE:CPK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
> On October 9, 2019, Stephen C. Thompson notified Chesapeake Utilities Corporation (the “Company”) of his intent to retire from his position as a Senior Vice President, effective as of the close of business on December 31, 2019. On the same date, and in recognition and appreciation of Mr. Thompson’s many years of service, the Company and Mr. Thompson entered into a Retirement Agreement (the “Agreement”), to which the Company agreed to waive the minimum retirement age for purposes of his outstanding Performance Stock Award Agreements (the “Award Agreements”) issued under the 2013 Stock and Incentive Compensation Plan (the “Equity Plan”). Thus, Mr. Thompson will receive all of the payments and benefits to which he is entitled upon a voluntary retirement under the terms and conditions of (i) his employment agreement, (ii) the Equity Plan and each of his outstanding Award Agreements, without regard to Mr. Thompson’s age as of the date of his retirement, and (iii) the Company’s Deferred Compensation Plan.
The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019.
Item 8.01 Other Events.
On October 9, 2019, the Company announced that it is exiting the natural gas marketing business through the sale of the majority of the assets of Peninsula Energy Services Company, Inc. (“PESCO”). The Company has executed three separate transactions to sell PESCO’s assets and contracts. The Company expects to recognize a gain from the sale of the assets in 2019 upon the closing of the transactions. Additional information about the three transactions was included in the Company’s press release issued on October 9, 2019.
Further information will be also provided in the Company’s third quarter earnings press release and Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 as well as in subsequent filings.
About CHESAPEAKE UTILITIES CORPORATION (NYSE:CPK)
Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company, through its operating divisions and subsidiaries, is engaged in regulated and unregulated energy businesses. It provides natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service. It operates through two segments: Regulated Energy and Unregulated Energy. The Regulated Energy segment includes its natural gas distribution, natural gas transmission and electric distribution operations. The Unregulated Energy segment includes its propane distribution, propane wholesale marketing, natural gas marketing and natural gas supply, gathering and processing services, which are unregulated as to their rates and services. Also included in the Unregulated Energy segment are other unregulated energy services, such as energy-related merchandise sales and heating, ventilation and air conditioning plumbing and electrical services.
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