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.
Departure and Appointment of Chief Financial Officer
On November 28, 2022, EnLink Midstream, LLC (the “Company”) announced that on November 27, 2022, Pablo G. Mercado departed from his position as Executive Vice President and Chief Financial Officer of EnLink Midstream Manager, LLC (the “Manager”), the managing member of the Company and will leave the Company.
Also, on November 28, 2022, the Company announced the appointment of Benjamin D. Lamb as Executive Vice President and Chief Financial Officer of the Manager effective as of such date. Prior to such date, Mr. Lamb served as the Company’s Executive Vice President and Chief Operating Officer. Mr. Lamb’s compensation did not change as a result of his appointment as Executive Vice President and Chief Financial Officer. Biographical information for Mr. Lamb, age 43, and a discussion of his 2022 compensation may be found in Item 10 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”), which information is incorporated herein by reference.
Mr. Mercado’s departure will constitute a “Qualifying Termination” under the terms of his Severance Agreement, and under the terms of the outstanding restricted incentive units (including performance-based restricted incentive units) granted to Mr. Mercado under the Company’s 2014 Long-Term Incentive Plan.
Appointment of Chief Operating Officer
Also, on November 28, 2022, the Company announced the appointment of Walter Pinto as Executive Vice President and Chief Operating Officer effective as of such date. Prior to such date, Mr. Pinto served as the Company’s Senior Vice President of Operational Excellence.
In connection with his appointment as Executive Vice President and Chief Operating Officer, the Board of Directors of the Manager (the “Manager Board”) approved the following with respect to Mr. Pinto’s compensation (1) an annual base salary of $486,000 and (2) a target percentage for the short-term incentive program (the “STI Program”) of 90%. A description of the STI Program is provided in the Company’s 2021 Form 10-K. As an executive officer, Mr. Pinto will also be eligible for future awards under the Company’s 2014 Long-Term Incentive Plan. The Governance and Compensation Committee of the Manager Board recommended that the Manager Board approve the foregoing compensation.
Mr. Pinto, age 59, joined the Company in March 2020 as Senior Vice President of Operational Excellence, leading the Company’s optimization of its operational and business performance. From February 2019 until he joined the Company, Mr. Pinto served as a Senior Advisor to Hastings Equity Partners, a private equity firm, supporting Hastings in the sourcing, diligence, and stewardship of existing portfolio companies and new opportunities. Prior to February 2019, Mr. Pinto spent 25 years at LyondellBasell Industries in various roles, including as Senior Director, Global Projects, Engineering, Turnarounds, Reliability, and Maintenance from January 2017, as well as the head of several manufacturing complexes.
Mr. Pinto has served as a board member of industrial service companies and several trade and community organizations. He received a Master of Science in mechanical engineering from the University of Wisconsin, Milwaukee, and a Bachelor of Science in mechanical engineering from National Institute of Technology in India.
Other Agreements
The Company has a practice of entering into change of control agreements, severance agreements and indemnification agreements with each of the Manager’s executive officers. Both Mr. Lamb and Mr. Pinto currently have a change of control agreement and severance agreement, and Mr. Lamb has an indemnification agreement, with the Company. Mr. Pinto will enter into an amendment of his current change of control agreement and severance agreement to reflect an increase in the benefits payable thereunder consistent with other executive officers. For more information on the change of control agreement and severance agreements, see the Company’s 2021 Form 10-K.
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Mr. Pinto has also entered into an indemnification agreement (the “Indemnification Agreement”) with the Company. Under the terms of the Indemnification Agreement, the Company has agreed to indemnify and hold Mr. Pinto (the “Indemnitee”) harmless, subject to certain conditions, from and against any and all losses, claims, damages, liabilities, judgments, fines, taxes (including ERISA excise taxes), penalties (whether civil, criminal, or other), interest, assessments, amounts paid or payable in settlements, or other amounts and any and all “expenses” (as defined in the Indemnification Agreement) arising from any and all threatened, pending, or completed claims, demands, actions, suits, proceedings, or alternative dispute mechanisms, whether civil, criminal, administrative, arbitrative, investigative, or otherwise, whether made pursuant to federal, state, or local law, whether formal or informal, and including appeals (each, a “proceeding”), in each case, in which the Indemnitee may be involved, or is threatened to be involved, as a party, a witness, or otherwise, including any inquiries, hearings, or investigations that the Indemnitee determines might lead to the institution of any proceeding, related to the fact that the Indemnitee is or was a director, manager, or officer of the Company or the Manager, or is or was serving at the request of the Company or the Manager, each as applicable, as a manager, managing member, general partner, director, officer, fiduciary, trustee, or agent of any other entity, organization, or person of any nature, including service with respect to employee benefit plans, or by reason of an action or inaction by the Indemnitee in any such capacity on behalf of, for the benefit of, or at the request of the Company or the Managing Member. The Company has also agreed to advance the expenses of the Indemnitee relating to the foregoing. To the extent that a change in the laws of the State of Delaware permits greater indemnification under any statute, agreement, organizational document, or governing document than would be afforded under the Indemnification Agreement as of the date of the Indemnification Agreements, the Indemnitee shall enjoy the greater benefits so afforded by such change.
The foregoing description of the Indemnification Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Form of Indemnification Agreement, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on July 23, 2018, and which is incorporated herein by reference.
Item 7.01. | Regulation FD Disclosure. |
On November 28, 2022, the Company issued a press release announcing the appointments and departure described in Item 5.02 of this Current Report on Form 8-K (the “Current Report”). A copy of the press release is furnished as Exhibit 99.1 to this Current Report. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in the attached exhibit shall be deemed to be furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
EXHIBIT NUMBER |
DESCRIPTION | ||
99.1 | — | Press release dated November 28, 2022. | |
104 | — | Cover Page Interactive Data File. |
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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, LLC | ||
By: |
EnLink Midstream Manager, LLC, | |
Date: November 28, 2022 | By: | /s/ Jesse Arenivas |
Jesse Arenivas | ||
Chief Executive Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
November 28, 2022
Investor Relations: Brian Brungardt, Director of Investor Relations, 214-721-9353, brian.brungardt@enlink.com
Media Relations: Megan Wright, Director of Corporate Communications, 214-721-9694, megan.wright@enlink.com
EnLink Midstream Announces Executive Leadership Changes
Benjamin D. Lamb Named Executive Vice President and Chief Financial Officer
Walter Pinto Appointed to Executive Vice President and Chief Operating Officer
DALLAS, November 28 — EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today that the EnLink Board of Directors (Board) have appointed Benjamin D. Lamb as Executive Vice President and Chief Financial Officer (CFO) and Walter Pinto as Executive Vice President and Chief Operating Officer (COO).
As part of this change, EnLink announced that its commercial and business development teams, previously overseen by the COO, will be led by a Chief Commercial Officer (CCO) to be hired from outside of EnLink. The CCO will join the EnLink Executive Leadership Team and will focus on strategically growing the company’s strong gathering and processing segments alongside its new carbon capture transportation business. EnLink’s commercial and business development teams will report directly to Chief Executive Officer Jesse Arenivas until the CCO is hired to ensure continued focus on growth.
“This is a time of opportunity for EnLink. We have built significant momentum across our business segments and are in a position of strength that we plan to capitalize on,” Arenivas said. “Redefining the COO’s responsibilities and adding a CCO will bring a sharpened focus to each role within the Executive Leadership Team and an increased intensity to strategic growth.
“Ben is the right leader for the CFO role. He possesses a deep financial acumen and brings unique, highly valuable experience from leading our commercial, business development, and operations teams for years. This combination will greatly inform our capital allocation decisions as we grow the company.
“Walter has evolved EnLink’s way of operating through process improvements and new technologies that optimize performance, as well as overseeing our award-winning safety program. He is a natural fit to become COO and join the Executive Leadership Team.”
The Board is thankful to former CFO Pablo Mercado for his service to EnLink and wishes him luck in his future endeavors.
Benjamin D. Lamb
Lamb most recently served as EnLink Executive Vice President and COO, overseeing operations and commercial activity, including the development of EnLink’s Carbon Solutions team and several transformative acquisitions that grew EnLink’s asset base. He has been a part of the Executive Leadership Team since 2016.
Lamb has played a key role in every acquisition and major deal, as well as the development and execution of the company’s strategic plans, since joining the company in 2012. He also held several leadership roles in the company’s financial organization, including Senior Vice President of Finance and Corporate Development.
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Prior to EnLink, Lamb worked in the investment banking industry advising executives and boards of major corporations on critical strategic and financial decisions, including mergers, acquisitions, corporate and financial restructurings and financings in the debt, equity, and bank capital markets.
Lamb earned a Bachelor of Business Administration in finance, economics, and international business from Baylor University.
Walter Pinto
Prior to becoming COO, Pinto was EnLink Senior Vice President of Operational Excellence, a role he took on in early 2020 when joining the company and one in which he oversaw the optimization of operations across the company, as well as environmental and safety efforts.
Prior to joining EnLink, Pinto served as a Senior Advisor of Hastings Equity Partners, a private equity firm, supporting Hastings in the sourcing, diligence, and stewardship of existing portfolio companies and new opportunities. He previously spent 25 years at LyondellBasell Industries in various roles, including as Senior Director, Global Projects, Engineering, Turnarounds, Reliability, and Maintenance and as head of several manufacturing complexes.
He has served as a board member of industrial service companies and several trade and community organizations. He received a Master of Science in mechanical engineering from the University of Wisconsin, Milwaukee, and a Bachelor of Science in mechanical engineering from the National Institute of Technology in India.
About EnLink Midstream
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, NGL capabilities, and carbon capture, transportation, and sequestration. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drive competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this press release constitute “forward-looking statements”. Although these statements reflect the current views, assumptions, and expectations of EnLink's management, the matters addressed herein involve certain assumptions, risks, and uncertainties that could cause actual activities, performance, outcomes, and results to differ materially from those indicated. An extensive list of factors that can affect EnLink's business are discussed in EnLink's filings with the Securities and Exchange Commission, including EnLink's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. EnLink does not assume any obligation to update any forward-looking statements.
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Cover |
Nov. 27, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 27, 2022 |
Entity File Number | 001-36336 |
Entity Registrant Name | ENLINK MIDSTREAM, LLC |
Entity Central Index Key | 0001592000 |
Entity Tax Identification Number | 46-4108528 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 1722 ROUTH STREET |
Entity Address, Address Line Two | SUITE 1300 |
Entity Address, City or Town | DALLAS |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75201 |
City Area Code | 214 |
Local Phone Number | 953-9500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Units Representing Limited Liability Company Interests |
Trading Symbol | ENLC |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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