Southcross Energy Partners, L.P. (NYSE:SXE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On March 27, 2017 (the Effective Date), Southcross Energy
Partners GP, LLC (the General Partner), the general partner of
Southcross Energy Partners, L.P., (the Partnership) approved
separate contingent bonus agreements with a group of individuals
which includes key employees, including each of Bruce A.
Williamson, Brett M. Allan and Joel D. Moxley (each of whom is a
named executive officer of the General Partner).
Under such bonus agreements, a form of which is attached hereto
(the Form of Bonus Agreement), certain individuals and key
employees of our General Partner (which includes our named
executive officers), will be eligible to receive a cash bonus
payment in the event of a Change of Control (as such term is
defined in the Form of Bonus Agreement), so long as such employee
remains employed by the General Partner as of the Change of
Control. The amounts to be paid to such individuals and key
employees will be determined by the board of the General Partner
in its discretion, including factors as provided in the Form of
Bonus Agreement. Accordingly it is not possible at the time of
filing of this Form 8-K to determine the amount payable to
participants, including the named executive officers listed
above. However, the estimated aggregate payment to this group of
individuals and key employees as a group to such contingent bonus
agreements is estimated to be between four and eight million
dollars and it is contemplated that any payment will be allocated
in the ordinary course between the Partnership and Southcross
The foregoing description of the Form of Bonus Agreement is
qualified in its entirety by reference to the full text of the
Form of Bonus Agreement, which is attached as Exhibit 10.1 to
this Current Report and incorporated herein by reference.
Item9.01 Financial Statements and Exhibits.
Form of Bonus Agreement by and between Southcross Energy
Partners GP, LLC and certain key employees.
About Southcross Energy Partners, L.P. (NYSE:SXE)
Southcross Energy Partners, L.P. is a limited partnership. The Company provides natural gas gathering, processing, treating, compression and transportation services, and natural gas liquid (NGL) fractionation and transportation services. Its products include Ethane, Propane, Normal Butane, Isobutane and Natural Gasoline. The Company’s assets are located in South Texas, Mississippi and Alabama and include over four gas-processing plants, approximately two fractionation facilities and approximately 3,140 miles of pipeline. The Company’s assets in the South Texas region are located between Conroe and Webb and Dimmitt Counties near the Texas-Mexico border and include Woodsboro processing plant, Bonnie View NGL fractionation facility, and Gregory processing plant and NGL fractionation facility. The Company’s assets in the Mississippi region are located principally in the southern half of the state and consist of the intrastate pipeline system in Mississippi. Southcross Energy Partners, L.P. (NYSE:SXE) Recent Trading Information
Southcross Energy Partners, L.P. (NYSE:SXE) closed its last trading session down -0.03 at 3.12 with 72,537 shares trading hands.