CRESTWOOD EQUITY PARTNERS LP (NYSE:CEQP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On May10, 2018, the board of directors (the “Board”) of Crestwood Equity GP LLC (the “General Partner”), the general partner of Crestwood Equity Partners LP (the “Partnership”), approved the Crestwood Equity Partners LP 2018 Long-Term Incentive Plan (the “LTIP”). The LTIP will become effective by its terms on August14, 2018 (the “Effective Date”). The LTIP authorizes 5,000,000 common units to be available for delivery with respect to awards thereunder and was adopted because the currently effective Crestwood Equity Partners LP Long-Term Incentive Plan, which became effective on August14, 2008, is expiring on the Effective Date.
The purpose of the LTIP is to promote the interests of the Partnership, the General Partner and their respective affiliates by providing employees, officers and directors incentive compensation awards that are denominated in or based on the Partnership’s common units. In furtherance of such purpose, the LTIP provides for the issuance of a variety of equity-based grants, including grants of (i)options, (ii) unit appreciation rights, (iii)restricted units, (iv)phantom units, (v)cash awards, (vi)performance awards, (vii)unrestricted units, (viii)substitute awards and (ix)other unit-based awards (collectively referred to as “Awards”). In addition, eligible participants may receive distribution equivalent rights tandem to any Award other than a grant of restricted units or unrestricted units.
The LTIP will be administered by a committee (the “Committee”) of the Board of Directors of the General Partner (the “Board”), unless the Board declines to appoint such a Committee, in which case, the Board shall serve as the Committee and administer the LTIP. The Committee has broad discretion to administer the LTIP, interpret its provisions, and adopt policies for implementing the LTIP. This discretion includes the power to designate participants; determine the type or types of Awards to be granted to a participant; determine the number of common units to be covered by Awards; determine the terms and conditions of any Award; determine whether, to what extent, and under what circumstances Awards may be settled (including settlement in cash), exercised, canceled, or forfeited; interpret and administer the LTIP and any instrument or agreement relating to an Award; establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the LTIP; and make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the LTIP. The LTIP will terminate on the earliest of (i)the date terminated by the Board, (ii)the date all available common units under the LTIP have been paid or issued, or (iii)August14, 2028.
The foregoing description of the LTIP in this Current Report on Form 8-K does not purport to be complete and is qualified in its entirety by reference to the full text of the LTIP, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 5.02 | Financial Statements and Exhibits. |
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Crestwood Equity Partners LP ExhibitEX-10.1 2 d581816dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 CRESTWOOD EQUITY PARTNERS LP 2018 LONG TERM INCENTIVE PLAN 1. Purpose of the Plan. The Crestwood Equity Partners LP 2018 Long Term Incentive Plan (the Plan) has been adopted on May 10,…To view the full exhibit click here
About CRESTWOOD EQUITY PARTNERS LP (NYSE:CEQP)
Crestwood Equity Partners LP is a holding and master limited partnership (MLP) company. The Company develops, acquires, owns or controls, and operates assets and operations within the energy midstream sector. Its segments include gathering and processing (G&P), which includes its natural gas, crude oil and produced water G&P operations; storage and transportation, which includes its natural gas and crude oil storage and transportation operations, and marketing, supply and logistics, which includes its natural gas liquid (NGL) supply and logistics business, crude oil storage and rail loading facilities and fleet, and salt production business. It provides infrastructure solutions to service natural gas and crude oil shale plays across the United States. It owns and operates a portfolio of crude oil and natural gas gathering, processing, storage and transportation assets. The Company’s operating assets are owned by or through its subsidiary, Crestwood Midstream Partners LP.