SUNOCO LP (NYSE:SUN) 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.
Sunoco GP LLC Annual Bonus Plan
On July 10, 2018, the Compensation Committee (the “Committee”) of the board of directors of Sunoco GP LLC (the “Company”), the general partner of Sunoco LP (the “Partnership”) approved and adopted the terms of the Company’s Annual Bonus Plan (the “Bonus Plan”). The Bonus Plan is a discretionary annual cash bonus plan available to all employees of the Company and its subsidiaries, including its executive officers. The purpose of the Bonus Plan is to reward employees for contributions towards the Partnership’s business goals and to aid the Company in motivating employees. The Bonus Plan is administered by the Committee and the Committee has the authority to establish and interpret the rules and regulations relating to the Bonus Plan, to select participants, to determine and approve the size of any actual award amount, to make all determinations, including factual determinations, under the Bonus Plan, and to take all other actions necessary or appropriate for the proper administration of the Bonus Plan.
For each calendar year, or any other period designated by the Committee (the “Performance Period”), the Committee will evaluate and determine an overall funded cash bonus pool based on performance of (i) an internal Adjusted EBITDA target (“Adjusted EBITDA Target”), (ii) an internal distributable cash flow target (“DCF Target”) and (iii) performance of each department compared to the applicable departmental budget (“Departmental Budget Target”). The performance criteria are weighted 60% on the achievement of the Adjusted EBITDA Target, 20% on the achievement of the DCF Target and 20% on the achievement of the Departmental Budget Target (collectively “Budget Targets”). The total amount of cash to be allocated to the funded bonus pool will range from 0% to 120% for each of the budgeted DCF Target and Adjusted EBITDA Target and will range from 0% to 50% of the Departmental Budget Target. While the funded bonus pool will reflect an aggregation of performance under each target, in the event performance under the Adjusted EBITDA Target is below 80% of its target, no bonus pool will be funded. If the bonus pool is funded, a participant may earn a cash award for the Performance Period based upon the level of attainment of the Budget Targets and his or her individual performance. Awards are paid in cash as soon as practicable after the end of the Performance Period but in no event later than two and one-half months after the end of the Performance Period.
All employees of the Company and its subsidiaries previously participated under the Amended and Restated Energy Transfer Partners, L.L.C. Annual Bonus Plan and will now participate under the Bonus Plan.
This foregoing brief description of the Bonus Plan is qualified in its entirety by reference to the text of the Bonus Plan which is filed as Exhibit10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 10.1 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
Sunoco GP LLC Annual Bonus Plan
Sunoco LP ExhibitEX-10.1 2 ex101sunbonusplan.htm EXHIBIT 10.1 Exhibit Exhibit 10.1==========================================================================SUNOCO GP LLCANNUAL BONUS PLAN==========================================================================SUNOCO GP LLCANNUAL BONUS PLAN1.Purpose. The purpose of this Plan is to motivate management and the employees who perform services for the Partnership and/or its affiliates and subsidiaries to earn annual cash awards through the achievement of performance and target goals.2.Definitions. As used in this Plan,…To view the full exhibit click
About SUNOCO LP (NYSE:SUN)
Sunoco LP, formerly Susser Petroleum Partners LP, is engaged in the retail sale of motor fuels and merchandise through the Company-operated convenience stores and retail fuel sites, as well as the wholesale distribution of motor fuels to convenience stores, independent dealers, commercial customers and distributors. The Company operates through two segments: wholesale and retail. The Wholesale operations segment sells motor fuel to its retail segment and external customers. The Retail operations segment operates convenience stores selling a range of merchandise, food items, services and motor fuel. It operates over 900 convenience stores and fuel outlets in over eight states. It distributes over 7.6 billion gallons of motor fuel through its convenience stores and consignment locations, contracted independent convenience store operators, and other commercial customers. Its retail convenience stores operate under brands, including Stripes and Aloha Island Mart.