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): January 24, 2008

 

NUSTAR ENERGY L.P.

(Exact name of registrant as specified in its charter)

 

Delaware

1-16417

74-2956831

State or other jurisdiction

(Commission File Number)

(IRS Employer

Of incorporation

 

Identification No.)

 

 

2330 N. Loop 1604 West

 

San Antonio, Texas

78248

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (210) 918-2000

 

_______________________

 

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

 

On January 24, 2008, the Compensation Committee (the “Committee”) of the board of directors (the “Board”) of NuStar GP, LLC (the “Company”), the general partner of the general partner of NuStar Energy L.P., approved bonus awards for 2007 for the Company’s principal executive officer, principal financial officer and each of its “named executive officers” (as defined in Item 402(a)(3) of Regulation S-K) pursuant to the terms of the NuStar GP, LLC Annual Bonus Plan.

 

On January 24, 2008, the Committee also approved awards of performance units for each of the Company’s named executive officers pursuant to the terms of the Company’s 2000 Amended and Restated Long-Term Incentive Plan (the “LTIP”). The performance units are payable in NuStar Energy L.P.’s common units (the “Common Units”). The performance units vest annually in one-third increments beginning on the first anniversary of their grant date. Upon vesting, the performance units are converted into a number of Common Units based upon NuStar Energy L.P.’s total unitholder return during rolling three-year periods that end on December 31 of each year following the date of grant. At the end of each performance period, NuStar Energy L.P.’s total unitholder return is compared to its peer group and is ranked by quartile. Holders of the performance units then earn 0 percent, 50 percent, 100 percent or 150 percent of that portion of the initial grant that is vesting, depending upon whether NuStar Energy L.P.’s total unitholder return is in the last, third, second or first quartile, respectively; holders earn 200 percent if NuStar Energy L.P. is the highest ranking entity in the peer group.

 

Name

Title

Performance Units

Curtis V. Anastasio

President and Chief Executive Officer

3,700

Steven A. Blank

Senior Vice President, Chief Financial Officer and Treasurer

1,700

Bradley C. Barron

Senior Vice President, General Counsel and Secretary

1,400

James R. Bluntzer

Senior Vice President – Operations

1,400

Mary F. Morgan

Senior Vice President – Marketing and Business Development

1,400

Thomas R. Shoaf

Vice President and Controller

670

 

On January 24, 2008, the independent directors of the Board ratified and approved both the bonus award and the award of performance units to the Company’s President and Chief Executive Officer.

 

Note: The forms of agreements filed as exhibits to this Current Report, together with the LTIP and the disclosures stated above, contain the material terms and conditions for participation in the compensation arrangements described in this Item. In reliance on Instruction 1 to Item 601(b)(10) of Regulation S-K, the Company is not filing each individual’s personal arrangement under the plans.

 

Item 9.01.    Financial Statements and Exhibits

 

 

 

10.01

NuStar Energy L.P. Annual Bonus Plan, incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 8-K filed February 28, 2007.

 

 

10.02

NuStar GP, LLC Second Amended and Restated 2000 Long-Term Incentive Plan, incorporated by reference to Exhibit 10.01 to the Company’s Quarterly Report on Form 10-K filed August 9, 2007.

 

 

10.03

Form of Performance Award Agreement, incorporated by reference to Exhibit 10.02 to the Company’s Current Report on Form 8-K filed January 27, 2006.



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.

 

 

 

NUSTAR ENERGY L.P.

 

 

 

 

By:

Riverwalk Logistics, L.P.
its general partner

 

 

 

 

 

 

 

By:

NuStar GP, LLC
its general partner

 

 

 

 

 

 

Date: January 28, 2008

By:

/s/ Amy L. Perry

 

Name:

Amy L. Perry

 

Title:

Assistant Secretary