Capital Product Partners L.P. Announces Results of Its Annual Meeting of Limited Partners and Amendment to Its Limited Partnership Agreement
2. The Fourth Amendment (the "Fourth Amendment") to the Second Amended and Restated Agreement of Limited Partnership of the Partnership (the "Partnership Agreement") was approved so as to revise the target distributions to holders of Incentive Distribution Rights (the "IDRs") ("Proposal Two"); and
3. An amendment and restatement of the Partnership's 2008 Omnibus Incentive Compensation Plan amended
No other actions were taken at the meeting.
Proposal One was approved by 97.5% of the Partnership's common units represented at the meeting (excluding common units owned by its sponsor,
Amendment to the Partnership Agreement; Sponsor's Unilateral Undertaking to Effectively Increase First IDR Threshold
Reset of the IDR Thresholds and Sponsor's Unilateral Undertaking. Promptly following the adjournment of the annual meeting of Limited Partners, the Partnership's General Partner and its sponsor, Capital Maritime executed the Fourth Amendment, effective as of
The Fourth Amendment resets the thresholds for the IDRs as follows:
Per LP Unit
Proposal Two was supported by a substantial majority of the Partnership's Limited Partners represented at the meeting. Following the meeting, the Sponsor unilaterally notified the Partnership that it has decided to waive its rights to receive quarterly incentive distributions between
Drop Down Transactions. As described in more detail in the proxy statement for the Partnership's annual meeting of Limited Partners, dated
"We are pleased with the show of support from our investors for the proposal to approve an amendment to our Partnership Agreement to revise the target distributions to holders of incentive distribution rights," said the Chief Executive and Chief Financial Officer of the Partnership's General Partner, Mr.
The statements in this press release that are not historical facts, including the expected vessel acquisitions or as relates to the Partnership's growth strategy, may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common units.
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