USD Partners LP (NYSE:USDP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On April 23, 2020, Thomas Lane resigned from the board of directors of USD Partners GP LLC (“USDP GP”), the general partner of USD Partners LP (the “Partnership”), and concurrently, Energy Capital Partners (“ECP”) designated Francesco Ciabatti as a director of the board of directors of USDP GP (the “Board”) to replace Thomas Lane.
Mr. Ciabatti was designated as a member of the Board to rights granted to ECP under the Fourth Amended and Restated Limited Liability Company Agreement of US Development Group LLC. US Development Group LLC indirectly owns 50% of USDP GP. There are no other arrangements or understanding between Mr. Ciabatti and any other persons to which Mr. Ciabatti was selected as a director. As a member of the board of directors of USDP GP appointed by ECP, Mr. Ciabatti is not compensated to the director compensation policy adopted by USDP GP. Mr. Ciabatti does not have any direct or indirect material interest in any transaction or series of similar transactions contemplated by Item 404(a) of Regulation S-K. Mr. Ciabatti is not expected to be named to any committee of the Board at this time.
Mr. Ciabatti joined ECP in 2013. He is currently serving as a Vice President at ECP and is actively involved in several of ECP’s portfolio companies, including US Development Group, Transit Energy Group, Summit Midstream Partners and CIG Logistics. Prior to joining ECP, Mr. Ciabatti was an Analyst in the Natural Resources Investment Banking Group at Barclays. Mr. Ciabatti received a B.A. in Economics and Political Science from Yale University. Because of Mr. Ciabatti’s familiarity with the Partnership’s business, broad knowledge of the industry, directorship experience and experience in finance, we believe that Mr. Ciabatti is well qualified to serve on our board of directors.
About USD Partners LP (NYSE:USDP)
USD Partners LP (USD Partners) is a fee-based, master limited partnership formed by US Development Group LLC (USD) to acquire, develop and operate energy-related logistics assets, including rail terminals and other midstream infrastructure. The Company conducts its business through two segments: Terminalling services and Fleet services. Its Terminalling services segment consists operations of Hardisty terminal, Casper terminal and Ethanol terminals. The Fleet services segment provides railcars and fleet services related to the transportation of liquid hydrocarbons and biofuels by rail. Its fleet consists of approximately 3,310 railcars, which it leased from various railcar manufacturers and financial entities. The Company’s principal assets consist of a crude oil origination terminal in Hardisty, Alberta, Canada; a crude oil terminal in Casper, Wyoming, and two unit train-capable ethanol destination terminals in San Antonio, Texas and West Colton, California.
