UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported): December 11, 2019
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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 11, 2019, Brian Frederick elected to leave DCP Midstream GP, LLC (the “Company”), the general partner of the general partner of DCP Midstream, LP, and resign as its President, Asset Operations. Mr. Frederick will remain with the Company through December 31, 2019.
In connection with Mr. Frederick’s departure, he and DCP Services, LLC, an affiliate of the Company, entered into a separation agreement, waiver and release dated December 11, 2019 (the “Separation Agreement”). Pursuant to the terms of the Separation Agreement, Mr. Frederick will be entitled to receive (i) severance pay in the aggregate amount of $603,330, (ii) short term incentive payment for fiscal year 2019, pursuant to the DCP Services, LLC Short-Term Incentive plan (“STI plan”), based on Mr. Frederick’s actual earnings and in accordance with the performance conditions under the STI plan, (iii) vesting of outstanding time-vested restricted phantom units issued to Mr. Frederick pursuant to the DCP Services, LLC 2008 Long-Term Incentive Plan (“LTIP”), which have been held by Mr. Frederick for at least one year, and (iv) pro rata vesting of outstanding strategic performance units issued to Mr. Frederick pursuant to the LTIP, which have been held by Mr. Frederick for at least one year.
SIGNATURE
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.
| Date: December 13, 2019 | DCP MIDSTREAM, LP | ||||
By: DCP MIDSTREAM GP, LP | |||||
its general partner | |||||
By: DCP MIDSTREAM GP, LLC | |||||
its general partner | |||||
By: /s/ Sean P. O’Brien | |||||
Sean P. O’Brien | |||||
Group Vice President and Chief Financial Officer | |||||