Current Report — Form 8-K — Sect. 13 / 15(d) – SEA’34 Filing Table of Contents
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(Address
of principal executive offices) (Zip Code)
i(303)i595-3331
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
i¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i¨ Pre-commencement communications pursuant to Rule 14d-2(b) under Exchange Act (17 CFR 240.14d-2(b))
i¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company i¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class
Trading Symbol(s)
Name of each exchange on which registered
iCommon units representing limited partner interests
iDCP
iNew
York Stock Exchange
i7.875% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
iDCP PRB
iNew
York Stock Exchange
i7.95% Series C Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units
iDCP PRC
iNew
York Stock Exchange
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 9, 2020, the senior executive officers of DCP
Midstream GP, LLC (the “Company”), the general partner of the general partner of DCP Midstream, LP, voluntarily requested a temporary reduction in their annual base salaries (the “Salary Reduction”). The Salary Reduction will result in a 15% reduction in the annual base salary and short-term cash incentive payment, or STI, of Wouter van Kempen, the Chairman of the Board, President and Chief Executive Officer of the Company, and a 10% reduction in the annual base salary and STI of the senior executive officers of the Company who are members of the Company’s executive committee, which includes all of the Company’s
named executive officers. On April 9, 2020, the Compensation Committee of the Board of Directors of DCP Midstream, LLC, the owner of the Company, approved the Salary Reduction.
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.
