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CVRR > SEC Filings for CVRR > Form 8-K on 5-Dec-2013All Recent SEC Filings

Show all filings for CVR REFINING, LP



Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Compensatory Arrangements of Certain Officers

CVR Energy, Inc. ("CVR Energy") indirectly owns 100% of CVR Refining GP, LLC ("CVR Refining GP"), the general partner of CVR Refining, LP (the "Partnership"). In addition, CVR Energy indirectly owns approximately 71% of the common units representing limited partner interests of the Partnership. The Partnership obtains certain management and other services from CVR Energy pursuant to a Services Agreement between the Partnership, CVR Refining GP and CVR Energy dated December 31, 2012 (the "Services Agreement"). In accordance with the Services Agreement, CVR Energy provides the Partnership with, among other things, services from CVR Energy employees in capacities equivalent to the capacities of executive officers, including, without limitation, a chief operating officer. Stanley A. Riemann serves as CVR Refining GP's chief operating officer under this arrangement, and he is also a named executive officer of CVR Refining GP.

On November 29, 2013, CVR Energy entered into an employment letter agreement (the "Letter Agreement") with Mr. Riemann to set forth the terms of Mr. Riemann's continued employment as the chief operating officer of CVR Energy from January 1, 2014, the date upon which Mr. Riemann's existing Third Amended and Restated Employment Agreement dated January 1, 2011 (the "Existing Agreement") with CVR Energy will expire, until June 30, 2014 (the "Additional Employment Period"), the date upon which Mr. Riemann has indicated his intent to retire from CVR Energy. Under the Letter Agreement, Mr. Riemann's base salary will continue for the Additional Employment Period at the rate in effect immediately prior to the first day of the Additional Employment Period. In addition, provided that Mr. Riemann remains employed throughout the Additional Employment Period (or is terminated by CVR Energy without cause), and subject to Mr. Riemann's execution of a release of claims (the "Release"): (a) Mr. Riemann will be entitled to receive a pro-rata bonus based on the actual performance of CVR Energy for 2014, payable when bonuses for 2014 are paid generally to CVR Energy's executive officers; and (b) Mr. Riemann will receive a cash payment of $600,000 within 30 days following the date that the Release becomes effective. In addition, Mr. Riemann remains subject to the restrictive covenant obligations contained in the Existing Agreement.

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