GREEN PLAINS PARTNERS LP (NASDAQ:GPP) 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; CompensatoryArrangements of Certain Officers.
(f) On February 14, 2018, Green Plains Partners LPfiled its 2017Annual Report Form 10-K and indicated in the 2017 Executive Compensation Summary of Item 11that amounts related to our parent’s incentive compensation plan had not been finalized. These amounts have since been finalized and an updated 2017 Executive Compensation Summary is shown below:
2017 Executive Compensation Summary
The following table provides certain compensation information for our Named Executive Officers (NEOs) for the years ended December 31, 2017 and 2016:
|
Name and principal position |
Year |
Salary (1) |
Bonus (1)(2) |
Stock awards (1)(3) |
Non-equity incentive plan comp. (1)(2) |
All other comp. (1)(4) |
Total |
||||||
|
Todd Becker, President and Chief Executive Officer |
2017 |
$ |
22,725 |
$ |
29,002 |
$ |
139,487 |
$ |
– |
$ |
3,792 |
$ |
195,006 |
|
2016 |
22,916 |
– |
130,947 | 79,118 | 3,795 | 236,776 | |||||||
|
Jerry Peters, Chief Financial Officer (5) |
2017 |
11,363 | 3,409 |
– |
– |
63,157 |
(7) |
77,929 | |||||
|
2016 |
15,004 |
– |
21,825 | 14,186 | 502 | 51,517 | |||||||
|
John Neppl, Chief Financial Officer (6) |
2017 |
5,383 | 3,679 | 25,972 |
– |
183 | 35,217 | ||||||
|
2016 |
– |
– |
– |
– |
– |
– |
|||||||
|
Jeffrey Briggs, Chief Operating Officer |
2017 |
15,150 | 6,926 | 25,031 |
– |
494 | 47,601 | ||||||
|
2016 |
15,004 |
– |
21,825 | 16,226 | 483 | 53,538 | |||||||
|
(1) The amounts shown above reflect compensation allocated to us from our parent for the periods presented. Per our omnibus agreement percentage allocations of approximately 4.33% and 4.36% were applied to compensation for the full year 2017 and 2016, respectively. (2) "Bonus" amounts relate to discretionary cash bonuses.“Non-equity incentive plan compensation” amounts were awarded to our parent's Umbrella Short-Term Incentive Plan. (3) "Stock awards" were awarded to our parent's 2009 Equity Incentive Plan, as amended. A column for "Option Awards" has been omitted from this table because no compensation is reportable thereunder. (4) “All other compensation" generally consists of our parent's match to the executive officer's 401(k) retirement plan and imputed income on Company-paid life insurance. (5) Mr. Peters served as our Chief Financial Officer from June 25, 2015 through his retirement on September 11, 2017. (6) Mr. Neppl became our Chief Financial Officer effective September 11, 2017. (7) Amount includes the value of accelerated vesting of outstanding restricted stock unit awards and other amounts earned by Mr. Peters upon his retirement to his employment agreement. |
About GREEN PLAINS PARTNERS LP (NASDAQ:GPP)
Green Plains Partners LP provides fee-based fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. The Company’s parent company is Green Plains Inc. (Green Plains). The Company was formed by Green Plains, a vertically integrated ethanol producer, to support its marketing and distribution activities as its primary downstream logistics provider. The Company’s ethanol storage assets are the principal method of storing the ethanol produced at its parent’s ethanol production plants. The Company owns approximately 30 ethanol storage facilities and approximately 50 acres of land. The Company’s storage tanks are located at its parent’s ethanol production plants. The Company’s ethanol storage tanks have combined storage capacity of approximately 31.8 million gallons (mmg) and an aggregate throughput capacity of approximately 1,670 million gallons per year.