DOES THE PARTNERSHIP HAVE SUCCESSOR MANAGEMENT PLANS?
What plans are in place for Steve Dillaway’s retirement? In January 2001, pursuant to the Limited Partners approved restructuring of the General Partner’s interest, the GP’s share of net profits remained the same, but was divided between Steve Dillaway, an individual, and Corporate GP, a California corporation. Establishment of Corporate GP eliminated the need to dissolve the Partnership or find a new GP in the event of the death, disability, or retirement of Steve Dillaway. In 2006, the Partnership Agreement was amended to provide that in the event of Steve Dillaway’s death, disability or retirement, his GP interest would be converted to a Preferred Limited Partner interest. Also in 2006, the Limited Partners Committee was expanded to not less than three nor more than seven members. In 2007, the Partnership’s CFO Laurie Dunlop and President John Lloyd were granted stock options in Corporate GP.
