Ferrellgas Partners, L.P. (NYSE:FGP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On November 19, 2019, Ferrellgas Partners, L.P., a Delaware limited partnership (the “Company”) entered into an indemnification agreement (an “Indemnification Agreement”) with its directors and executive officers (each an “Indemnitee”) of the Company’s general partner, Ferrellgas, Inc. (the “General Partner”).
Under the Indemnification Agreement, consistent with Section 6.7 of the Company’s Fifth Amended and Restated Agreement of Limited Partnership, the Company has agreed, among other things, to hold harmless and indemnify each Indemnitee, under the circumstances and to the extent provided therein, to the maximum extent provided by Delaware law, as such may be amended from time to time. The Indemnitee shall be indemnified against all Expenses (as defined therein), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with any such proceeding or any claim, issue or matter therein. Indemnitee shall be entitled to the rights of indemnification as provided if, by reason of Indemnitee’s status as an officer, director, employee, agent or fiduciary of the Company, the Indemnitee is, or is threatened to be made, a party to or participant in any proceeding brought by or in the right of the Company, including, without limitation, all liability arising out of the negligence of or attributed to Indemnitee. Under the Indemnification Agreement, the Company has also agreed to advance to the Indemnitee all expenses incurred by the Indemnitee in connection with any proceeding by reason of the Indemnitee’s status as an officer, director, agent or representative. The Indemnification Agreement also establishes various related procedures and processes and generally requires the maintenance of directors and officers liability insurance coverage to the maximum extent permitted by applicable law.
Each Indemnification Agreement is identical in all material respects. The foregoing summary of the Indemnification Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Indemnification Agreement, a form of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2019.
About Ferrellgas Partners, L.P. (NYSE:FGP)
Ferrellgas Partners, L.P. is engaged in the retail distribution of propane and related equipment sales, and midstream operations, which include crude oil logistics. The Company’s segments include propane and related equipment sales, midstream operations-crude oil logistics, and corporate and other. The propane and related equipment sales segment consists of the distribution of propane and related equipment and supplies. The midstream operations-crude oil logistics segment is engaged in providing crude oil transportation and logistics services. The corporate and other segment includes midstream operations-water solutions. The Company’s two subsidiaries include Ferrellgas Partners Finance Corp. and the operating partnership. Its general partner performs all management functions for the Company and holds general partner interest in Ferrellgas Partners and the operating partnership. It is a distributor of propane and related equipment and supplies to customers in the United States.
