Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Termination of Tax Receivable Agreement

Effective July 11, 2019, the Company entered into a TRA Termination and Release Agreement (the “Release Agreement”), which provided for a full and complete termination of any further payment, reimbursement or performance obligation of the Company, Retailco and NuDevco Retail under the TRA, whether past, accrued or yet to arise. Pursuant to the Release Agreement, the Company made a cash payment of approximately $11.2 million on July 15, 2019 to Retailco and NuDevco Retail. In connection with the termination of the TRA, Spark HoldCo made a distribution of approximately $16.3 million on July 15, 2019 to Retailco and NuDevco Retail under the Spark HoldCo Third Amended and Restated Limited Liability Company Agreement, as amended. The total amount of the distribution made to Retailco and NuDevco Retail in connection with the TRA settlement was subsequently loaned back to Spark HoldCo under the Subordinated Debt Facility on July 16, 2019.

Declaration of Dividends

On July 17, 2019, we declared a quarterly dividend of $0.18125 per share to holders of record of our Class A common stock on September 2, 2019, which will be paid on September 16, 2019.

We also declared a quarterly cash dividend in the amount of $0.546875 per share of Series A Preferred Stock. The dividend will be paid on October 15, 2019 to holders of record of the Series A Preferred Stock on October 1, 2019.