StoneMor Partners L.P. (NYSE:STON) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective April 16, 2017, Leo J. Pound was appointed Acting Chief
Operating Officer of StoneMor GP LLC (StoneMor GP), the general
partner of StoneMor Partners L.P. (the Partnership). Mr.Pound
will remain a member of the Board of Directors of StoneMor GP
(the Board), but has stepped down as a member of the Audit
Committee of the Board in connection with his appointment as
Acting Chief Operating Officer. Martin R. Lautman, Ph.D. was
appointed as Mr.Pounds replacement on the Audit Committee.
Mr.Pound, age 62, has served on the Board since August 2014.
Mr.Pound has been a Principal of Pound Consulting Inc., which
provides management-consulting services to both public and
private enterprises, since July 2000. From February 1999 to July
2000, Mr.Pound was Chief Financial Officer of Marble Crafters, a
stone importer and fabricator. From October 1995 to February
1999, he was Chief Financial Officer of Jos. H. Stomel Sons, a
wholesale distributor. Since 2013, Mr.Pound has served as the
Chairman of the Audit Committee of Alliance Holdings, a private
equity firm. From 2012 through December 2015, Mr.Pound had been a
director at Turner Long/Short Equity Offshore, an investment
partnership managed by Turner Investments, Inc. He also serves as
the Chairman of the Audit Committee and as a member of the
Compensation Committee and Nominating Committee of Nixon Uniform
Service Medical Wear, a textile rental company. In December 2015,
Mr.Pound joined the Board of Directors of Empire Petroleum
Partners, a private wholesale fuel distributor. He is also the
Chairman of the Audit Committee at Empire Petroleum Partners.
Mr.Pound previously served on the Board of Directors of NCO
Group, Inc., an international provider of business process
outsourcing services, from 2000 until 2011. Mr.Pound chaired the
Audit Committee and was a member of the Nominating and Corporate
Governance Committee of the Board of Directors of NCO Group, Inc.
Mr.Pound is a Certified Public Accountant and a member of the
American and Pennsylvania Institutes of Certified Public
Accountants. Mr.Pound received a degree in Business
Administration from LaSalle University where he majored in
Accounting.
In connection with Mr.Pounds appointment as Acting Chief
Operating Officer, StoneMor GP and Mr.Pound entered into an oral
agreement to which Mr.Pound is entitled to receive a monthly
salary of $70,000 for his employment as Acting Chief Operating
Officer, which amount will be pro-rated for any partial month of
employment in such capacity.
Mr.Pounds employment with StoneMor GP as Acting Chief Operating
Officer is terminable by him or the Board at any time (for any
reason or no reason).
There are no understandings or arrangements between Mr.Pound and
any other person to which Mr.Pound was selected as Acting Chief
Operating Officer.
A summary of the oral agreement between Mr.Pound and StoneMor GP
with respect to his appointment as Acting Chief Operating Officer
is attached hereto as Exhibit 10.1.
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| Item7.01 | Regulation FD Disclosure |
On April17, 2017, the Partnership issued a press release
announcing Mr.Pounds appointment as Acting Chief Operating
Officer and certain other matters. A copy of the press release is
furnished as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
The information in this Item7.01, including Exhibit 99.1
incorporated by reference herein, is being furnished and shall
not be deemed to be filed for the purposes of Section18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act),
or otherwise subject to the liabilities of that Section, nor
shall it be incorporated by reference into any filing made by the
Partnership to the Securities Act of 1933, as amended (the
Securities Act), or the Exchange Act, other than to the extent
that such filing incorporates any or all of such information by
express reference thereto.
| Item9.01 | Financial Statements and Exhibits |
| (d) | Exhibits. |
|
Exhibit Number |
Description |
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| 10.1 |
Summary of Oral Agreement between StoneMor GP LLC and Leo J. Pound. * |
|
| 99.1 | Press Release dated April 17, 2017. ** |
* Filed herewith.
** Furnished herewith.
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About StoneMor Partners L.P. (NYSE:STON)
StoneMor Partners L.P. owns and operates cemeteries and funeral homes. The Company operates through two segments: Cemetery Operations and Funeral Homes. Its Cemetery Operations segment sells interment rights, caskets, burial vaults, cremation niches, markers and other cemetery related merchandise. Its Funeral Homes segment offers a range of services, including family consultation, final expense insurance products, the removal and preparation of remains, provision of caskets and related funeral merchandise, the use of funeral home facilities for visitation, worship and performance of funeral services, and transportation services. It sells cemetery products and services both at the time of death, which it refers to as at-need, and prior to the time of death, which it refers to as pre-need. It operates approximately 310 cemeteries in over 30 states and Puerto Rico, and approximately 100 funeral homes in over 20 states and Puerto Rico. StoneMor Partners L.P. (NYSE:STON) Recent Trading Information
StoneMor Partners L.P. (NYSE:STON) closed its last trading session up +0.12 at 7.89 with 189,208 shares trading hands.
