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.
On July 16, 2018, the board of directors of Green Plains Inc. appointed Martin Salinas, Jr. as an independent director of its general partner, Green Plains Holdings LLC. Mr. Salinas will also serve as a member of the board’s audit and conflicts committees. There are no arrangements or understandings between Mr. Salinas and any other person with respect to his appointment to the board or transactions in which he has an interest requiring disclosure under Item 404(a) of Regulation S-K.
As a member of the board, Mr. Salinas will receive compensation under (i) the Green Plains Partners LP 2015 Long-Term Incentive Plan, which was filed as Exhibit 10.1 to our current report on Form 8-K filed with the SEC on July 1, 2015, and (ii) the Green Plains Holdings LLC Director Compensation Program, which was filed as Exhibit 10.8 to our quarterly report on Form 10-Q for the quarter ended June 30, 2015.
Mr. Salinas served as chief financial officer of Energy Transfer Partners, LP, one of the largest publicly traded master limited partnerships, from 2008 to 2015. Before that, he was controller and vice president of finance from 2004 to 2008. Mr. Salinas began his career at KPMG after earning a bachelor’s degree in Business Administration in Accounting from the University of Texas in San Antonio. He is also a member of the Texas Society of CPAs and advisory council member of University of Texas, San Antonio School of Business. Mr. Salinas is a Certified Public Accountant.
The appointment of Mr. Salinas satisfies Nasdaq Listing Rule 5605(c)(2)(A) which requires the partnership’s audit committee to have three members who satisfy the independence requirements in Listing Rule 5605(a)(2). As disclosed on September 1, 2017, the resignation of John D. Chandler created a vacancy for an independent director on the partnership’s board of directors, conflicts committee and audit committee. The partnership relied on the cure period provided by Listing Rule 5605 (c)(4) to establish compliance since that time.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits. The following exhibits are filed as part of this report.
NumberDescription
99.1Press release, dated July 16, 2018
Green Plains Partners LP ExhibitEX-99.1 2 gpp-20180716xex99_1.htm EX-99.1 Exhibit 991 Exhibit 99.1 FOR IMMEDIATE RELEASE Martin Salinas,…To view the full exhibit click here
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.
