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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 5, 2017, William C. Gautreaux resigned as Chief Marketing Officer and President, Supply and Logistics Group of Crestwood Equity GP LLC, the general partner of Crestwood Equity Partners LP (the “Partnership”). Mr. Gautreaux’s resignation is effective as of June 30, 2017.
In connection with his resignation, Mr. Gautreaux entered into a Separation Agreement and Release with Crestwood Operations LLC, an affiliate of the Partnership (“Crestwood Operations”), dated as of June 8, 2017 (the “Separation Agreement”). Under the Separation Agreement, Mr. Gautreaux will receive (i) $1,741,826 of severance payments to be allocated over 18 months after his separation date, (ii) reimbursement for the employer contribution portion of elected COBRA coverage for a period of up to 18 months and (iii) accelerated vesting of all unvested restricted units and performance units. In addition, to the Separation Agreement, certain provisions of the Employment Agreement between Mr. Gautreaux and Crestwood Operations, dated January 21, 2014, as amended will remain in effect after June 30, 2017, including the provisions contained therein related to non-competition, non-solicitation, non-use and non-disclosure of confidential information, ownership and assignment of intangible rights, and non-disparagement.
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.