f8k082908.htm
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): August 29, 2008 (August 26,
2008)
GENESIS
ENERGY, L.P.
(Exact
name of registrant as specified in its charter)
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Delaware
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1-12295
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76-0513049
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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500
Dallas, Suite 2500, Houston, Texas
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77002
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(Address
of principal executive offices)
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(Zip
Code)
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(713)
860-2500
(Registrant's
telephone number, including area code)
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:
___ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
___ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240-14a-12)
___ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240-14d-2(b))
___ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240-13e-4(c)
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(b) On
August 26, 2008, Genesis Energy, L.P. (“GEL”) issued a press release announcing
that Ross A. Benavides will relinquish his position as Chief Financial Officer
of Genesis Energy, Inc., the general partner of GEL effective October 1, 2008,
and will continue in his position as General Counsel with the title Senior Vice
President and General Counsel. Due to the growth of GEL in the last
two years, the Board of Directors of Genesis Energy, Inc., the general partner
of GEL, determined it was appropriate to separate the positions of Chief
Financial Officer and General Counsel.
(c)
Effective October 1, 2008, Robert V. Deere has been appointed Chief Financial
Officer of Genesis Energy, Inc., the general partner of GEL, by the Board of
Directors of Genesis Energy, Inc.
Mr.
Deere, age 53, served as Vice President, Accounting and Reporting at Royal Dutch
Shell (“Shell”) for the last five years, and in positions of increasing
responsibility with Shell for five years prior to that
appointment. From 1986 to 1998, Mr. Deere served in various roles at
Union Texas Petroleum. Mr. Deere began his career at Price Waterhouse
in 1976. Mr. Deere is a graduate of the University of
Arkansas.
Genesis
Energy, Inc. and Mr. Deere have entered into an oral agreement with respect to
certain of Mr. Deere’s compensation and benefits, pursuant to which Mr. Deere
will be entitled to an annual salary of $369,600 and the same medical, dental,
disability and life insurance benefits as our other employees. We also expect to
enter into a written employment agreement with Mr. Deere by the end of the year
with provisions customary in the industry, which will contemplate increases in
his base salary as GEL achieves certain performance metrics. Additionally, Mr.
Deere will be eligible to earn, together with Mr. Grant E. Sims and Mr. Joseph
A. Blount, our chief executive officer and chief operating officer,
respectively, up to an aggregate 17.2% of our
general partner’s incentive distribution rights (which currently are owned
by a wholly-owned subsidiary of Denbury Resources Inc.). Such general partner
incentive interests will be subject to the terms of the final agreements
between our general partner and Messrs. Sims and Blount and may be earned
if GEL completes accretive transactions with parties other than affiliates
of Genesis Energy, Inc. Mr. Deere will not be eligible to participate in GEL’s
Stock Appreciation Rights Plan, Severance Protection Plan, or 2007 Long-Term
Incentive Plan
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
99.1 Press
Release dated August 26, 2008.
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 thereunto
duly authorized.
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GENESIS
ENERGY, L.P.
(A
Delaware Limited Partnership)
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By:
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GENESIS
ENERGY, INC., as General
Partner
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Date: August
29, 2008
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By:
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Ross
A. Benavides
Chief
Financial Officer
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