GLOBAL PARTNERS LP (NYSE:GLP) 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 October8, 2018, the Board of Directors (the “Board”) of Global GP LLC (the “General Partner”), the managing general partner of Global Partners LP (the “Partnership”), adopted the Global Partners LP 2018 Long-Term Cash Incentive Plan (the “Plan”) and a form of award agreement thereunder (the “FormAward Agreement”). The Plan provides that the Compensation Committee of the Board (the “Committee”), or any other committee of the Board designated by the Board to administer the Plan, may grant cash awards to independent directors of the General Partner or individuals who provide services to the Partnership or an affiliate of the Partnership, including the Partnership’s executive officers. The terms of each award granted under the Plan may vary and will be established by the Committee at the time of grant.
In the event of a Change of Control (as defined in the Plan), all outstanding awards under the Plan will vest and be paid no later than two and a half months following the Change of Control. Upon a transaction that does not constitute a Change of Control, the Committee may accelerate the vesting and payment of awards granted under the Plan or provide for the surviving entity in the transaction to assume the awards. The FormAward Agreement provides that unless otherwise determined by the Board, a participant in the Plan will forfeit any unvested portion of his or her award on the date the participant ceases providing services to the Partnership and/or its affiliates. The Plan and the FormAward Agreement provide the Board and the Committee with broad administrative powers, including, but not limited to, the flexibility to accelerate or modify the vesting of an award in the event of the holder’s death, disability, or termination of employment.
On October8, 2018 the Board granted awards under the Plan to each of the Partnership’s executive officers in recognition of their respective contributions to the Partnership’s 2017 financial results in the following amounts: $2,700,000 for Eric Slifka; $900,000 for Mark A. Romaine; $750,000 for Edward J. Faneuil; $750,000 for Daphne H. Foster; $400,000 for Andrew P. Slifka; and $275,000 for Matthew Spencer (the “Awards”). The Awards will vest as follows: 20% on October1, 2021, 30% on October1, 2022 and 50% on October1, 2023. Each Award was granted subject to the FormAward Agreement.
The foregoing description of the Plan and the FormAward Agreement is not complete and is qualified in its entirety by reference to the full text of the Plan and the FormAward Agreement, which are attached as Exhibits 10.1 and 10.2 to this Current Report on Form8-K and incorporated in this Item 5.02 by reference.
Item 9.01 Financial Statements and Exhibits.