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splp20161213_8k.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): December 7, 2016

 

 

STEEL PARTNERS HOLDINGS L.P.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware

001-35493

13-3727655

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

 

 

590 Madison Avenue, 32nd Floor, New York, New York

10022

(Address of principal executive offices)

(Zip Code)

 

Registrant's telephone number, including area code: (212) 520-2300

 

 

N/A

(Former name or former address, if changed since last report.)

 

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 (see General Instruction A.2. below):

 

☐ 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 8.01. Other Events.

 

On December 7, 2016, the Board of Directors of the general partner of Steel Partners Holdings L.P. (the “Company”) approved the repurchase of up to 2,000,000 of the Company’s common units (the “Repurchase Program”). The Repurchase Program supersedes and cancels, to the extent any amounts remain available, all previously approved repurchase programs. Any purchases made under the Repurchase Program will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market, in compliance with applicable laws and regulations. In connection with the Repurchase Program, the Company may enter into a Stock Purchase Plan in conformity with the provisions of Rule 10b5-1 and Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Repurchase Program has no termination date.

 

On December 8, 2016, the Company issued a press release providing information regarding an inducement grant to William Fejes, Jr. in accordance with New York Stock Exchange Rule 303A.08. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K, and the information contained therein is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d)           Exhibits.

 

Exhibit

No.

 

Description

 

 

 

99.1

 

Press Release of Steel Partners Holdings L.P., dated December 8, 2016

 

 
 
 

 

SIGNATURES

 

Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

December 13, 2016

STEEL PARTNERS HOLDINGS L.P.

 

 

 

By:

Steel Partners Holdings GP Inc.,

 

 

its General Partner

 

 

 

     

 

 

 

By:

  /s/ Douglas B. Woodworth 

 

 

Douglas B. Woodworth

 

 

Chief Financial Officer

 

ex99-1.htm

Exhibit 99.1

 

Steel Partners Holdings Reports Inducement Grant 

In Connection with Appointment of Handy & Harman Executive

 

 

NEW YORK, N.Y. — December 8, 2016--Steel Partners Holdings L.P. (NYSE:SPLP), a diversified global holding company, today reported, as required by the New York Stock Exchange, that an equity inducement award has been made to William Fejes, Jr. in connection with his previously announced appointment as Senior Vice President of Steel Partners’ subsidiary, Handy & Harman Ltd. (HNH) (NASDAQ:HNH), and as President and Chief Executive Officer of HNH’s principal operating subsidiary, Handy & Harman Group. Steel Partners owns approximately 70% of HNH.

 

Steel Partners granted Fejes 130,000 restricted common units. Such units will vest in the amounts of 20,000 units in each of years one to three and 10,000 units in years four to ten.

 

The inducement grant was approved and granted by the independent compensation committee of Steel Partners’ general partner as an inducement that is material to Fejes’ acceptance of employment. Steel Partners is providing information regarding the inducement grant in accordance with New York Stock Exchange Rule 303A.08.

 

“Bill Fejes demonstrated outstanding leadership in his prior role as CEO of SL Industries and in his prior 18-year career with Danaher Corporation,” said Warren Lichtenstein, Executive Chairman of Steel Partners. “The management transition at HNH has been completed, with Bill succeeding former CEO Jeffrey A. Svoboda, who is now serving as Steel Partners’ Vice Chairman.”

 

About Steel Partners Holdings L.P. 

 

Steel Partners Holdings L.P. is a diversified global holding company that engages in multiple businesses through consolidated subsidiaries, associated companies and other interests. It owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.

 

 

About Handy & Harman Ltd.

  

Handy & Harman Ltd. (www.handyharman.com) is a diversified manufacturer of engineered niche industrial products, with leading market positions in many of the markets it serves. Through its wholly-owned operating subsidiaries, HNH focuses on high margin products and innovative technology and serves customers across a wide range of end markets. HNH's diverse product offerings are marketed throughout the United States and internationally.

 

For more information, contact:
PondelWilkinson Inc.
Roger S. Pondel, 310-279-5965
rpondel@pondel.com