TRAVELCENTERS OF AMERICA LLC (NASDAQ:TA) 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.
We have relationships and historical and continuing transactions with RMR LLC and The RMR Group Inc. (“RMR Inc.”) and others related to them. Our other Managing Director, Adam D. Portnoy, as the current sole trustee of ABP Trust, is the controlling shareholder of RMR Inc., and, as the current sole trustee of ABP Trust, beneficially owns all the classA membership units of RMRLLC not owned by RMR Inc. Mr.Adam D. Portnoy is an officer of RMR LLC and a managing director, president and chief executive officer of RMR Inc. Mr.Rebholz and Barry A. Richards, the Company’s President and Chief Operating Officer, William E. Myers, the Company’s Executive Vice President, Chief Financial Officer and Treasurer and Mark R. Young, the Company’s Executive Vice President and General Counsel, are officers and employees of RMR LLC. RMR LLC also provides management services to Hospitality Properties Trust (“HPT”) and HPT’s executive officers are officers and employees of RMR LLC. HPT is
our principal landlord and largest shareholder and, as of December31, 2017, owned 3,420,000 of our Common Shares, representing approximately 8.6% of our outstanding Common Shares. Our Independent Directors also serve as independent directors or independent trustees of other companies to which RMR LLC or its subsidiaries provide management services. Adam D. Portnoy serves as a managing director or managing trustee of almost all of those companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services.
For further information about these and other such relationships and related person transactions, please see our Annual Report on Form10-K for the year ended December31, 2017 (our “Annual Report”), our definitive Proxy Statement for our 2017 Annual Meeting of Shareholders (our “Proxy Statement”), and our other filings with the SEC, including: (i)Notes 7, 10, 11 and 12 to the Consolidated Financial Statements included in our Annual Report, the sections captioned “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Related Party Transactions” and “Warning Concerning Forward Looking Statements” of our Annual Report; and (ii)the section captioned “Related Person Transactions” and the information regarding our Directors and executive officers in our Proxy Statement; each of the sections referenced in (i)and (ii)are incorporated into this Current Report on Form8-K by reference. In addition, please see the section captioned “Risk Factors” of our Annual Report for a description of risks that may arise as a result of these and other related person transactions and relationships. Our filings with the SEC and copies of certain of our agreements with these related parties are publicly available as exhibits to our public filings with the SEC and accessible at the SEC’s website, www.sec.gov.
About TRAVELCENTERS OF AMERICA LLC (NASDAQ:TA)
TravelCenters of America LLC (TravelCenters) operates and franchises approximately 460 travel centers and convenience store locations. The Company’s segments include travel centers and convenience stores. Its customers include trucking fleets and their drivers, independent truck drivers and highway and local motorists. Its travel centers include over 25 acres of land with parking for approximately 185 tractor trailers and over 100 cars; a full service restaurant and quick service restaurants (QSRs) that the Company operates as a franchisee under various brands; a truck repair facility and parts store; multiple diesel and gasoline fueling points, including diesel exhaust fluid (DEF) at the diesel lanes, and a travel/convenience store, game room, lounge and other amenities for professional truck drivers and motorists. Its convenience store includes approximately 10 fueling positions; over 3,100 square feet of interior space on an acre of land, and multiple merchandise and QSR offerings.
An ad to help with our costs