UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 7, 2020, GIP III Stetson I, L.P., GIP III Stetson II, L.P., and Enfield Holdings, L.P. (collectively, the “Consenting Majority Unitholders”), as the holders of a majority of the voting power with respect to the outstanding common units (the “common units”) representing limited liability company interests in EnLink Midstream, LLC (“ENLC”), which is the parent of the general partner of EnLink Midstream Partners, LP (the “Company”), approved by written consent an increase in the number of common units (the “Unit Increase”) authorized for issuance under the EnLink Midstream, LLC 2014 Long-Term Incentive Plan, as amended and restated effective March 31, 2020 (the “Current Plan”), together with an amendment and restatement of the Current Plan to effect such Unit Increase (the Current Plan, as so amended and restated, the “Amended Company Plan”). The Unit Increase and the Amended Company Plan were previously approved, on September 17, 2020, by the Board of Directors (the “Board”) of EnLink Midstream Manager, LLC, the managing member of ENLC.
Pursuant to rules adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, on December 8, 2020, a Schedule 14C Information Statement (“Information Statement”) was first sent or given to the unitholders of ENLC, other than the Consenting Majority Unitholders. The Unit Increase and the Amended Company Plan will become effective on December 28, 2020, which is the date that is 20 calendar days after the date the Information Statement was first sent or given to such unitholders.
The Current Plan permits the grant of cash and equity-based awards, which may be awarded in the form of options, restricted unit awards, restricted incentive units, unit appreciation rights, distribution equivalent rights, unit awards, cash awards, and performance awards to the employees, consultants, and independent contractors of ENLC and its affiliates, including the Company, as well as outside directors serving on the Board. The Amended Company Plan will (i) increase the number of common units authorized for issuance by 20,000,000 common units, (ii) amend the term of the Current Plan so that it expires on September 17, 2030, and (iii) make immaterial ministerial changes to the Current Plan. This description of the Amended Company Plan does not purport to be complete and is qualified in its entirety by reference to the Amended Company Plan, a copy of which is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
EXHIBIT NUMBER |
DESCRIPTION |
10.1 | — | EnLink Midstream, LLC 2014 Long-Term Incentive Plan, as amended and restated. |
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and included in Exhibit 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ENLINK MIDSTREAM PARTNERS, LP |
By: | EnLink Midstream GP, LLC, | |
its General Partner |
Date: December 9, 2020 | By: | /s/ Pablo G. Mercado |
Pablo G. Mercado | ||
Executive Vice President and | ||
Chief Financial Officer |