Ciner Resources LP (NYSE:CINR) 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.
As previously disclosed, Ciner Resource Partners LLC (the “General Partner”), the general partner of Ciner Resources LP (the “Partnership”), established the Ciner Resource Partners LLC 2013 Long-Term Incentive Plan (as amended to date, the “LTIP”). The LTIP provides for awards in the form of common units, phantom units, distribution equivalent rights, cash awards and other unit-based awards. Certain employees and officers of the Partnership, its parents and subsidiaries are eligible to participate in the LTIP.
After careful consideration and deliberation, on January 14, 2020, the Board of Directors of the General Partner (the “Board”) approved an updated compensation policy for certain employees, including each of the General Partner’s executive officers, commencing fiscal year 2020, to which an affiliate of the Partnership will provide additional cash consideration as compensation for each of the General Partner’s executive officers and certain employees of the General Partner or its affiliates that provide services to the Partnership in lieu of participation in the LTIP (the “2020 Compensation Policy”). to the 2020 Compensation Policy, as a substitution for each executive officer of the General Partner’s then-current annual target equity award under the LTIP, each of the executive officers of the General Partner who are employed by the General Partner or its affiliates to provide services for the Partnership shall receive an additional amount of cash consideration as part of such executive officer’s base salary that is approximately equivalent to, (i) for each of Messrs. Oðuz Erkan, Eduard Freydel and Chris DeBerry, approximately 50% of each such executive officer’s fiscal year 2019 targeted equity awards under the LTIP, and (ii) for Ms. Marla Nicholson, approximately 50% of Ms. Nicholson’s 2019 targeted equity awards under the LTIP, with such greater percentage for Ms. Nicholson primarily the result of her promotion to Vice President and General Counsel of the General Partner, effective as of October 29, 2019, and increase in base compensation in connection with such promotion. A certain percentage of the additional cash consideration will be allocated to, and reimbursed by, the Partnership for such executive officers’ services to the Partnership based on the portion of their productive time spent providing services to or on behalf of the Partnership.
About Ciner Resources LP (NYSE:CINR)
Ciner Resources LP, formerly OCI Resources LP, owns a controlling interest consisting of 51% membership interest in Ciner Wyoming LLC (Ciner Wyoming). Ciner Wyoming produces soda ash and serves a global market from its facility in the Green River Basin of Wyoming. The Company processes trona ore into soda ash, a raw material in flat glass, container glass, detergents, chemicals, paper and other consumer and industrial products. Its Green River Basin surface operations are situated on approximately 880 acres in Wyoming, and its mining operations consists of over 23,500 acres of leased and licensed subsurface mining area. The Company uses over six continuous mining machines and approximately 10 underground shuttle cars in its mining operations. Its processing assets consist of material sizing units, conveyors, calciners, dissolver circuits, thickener tanks, drum filters, evaporators and rotary dryers. The Company sells soda ash to American Natural Soda Ash Corporation (ANSAC).
An ad to help with our costs