Company: SREA
Filing Date: 2025-09-23
Form Type: 8-K
Source: 0001032208-25-000055
Chunk: 2

Company: SEMPRA
Filing Date: 2025-09-23
Form: 8-K
Item: Item 8.01
Chunk 2
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state income tax apportionment, and (iii) account for valuation allowances against certain tax attribute carryforwards. The amount of this charge is based on certain assumptions and may differ substantially from the estimate stated above in the current quarter, in subsequent quarters and at the Closing due to, among other things, changes to current carrying values, changes in forecasted taxable income, purchase price adjustments, and changes to tax positions and other assumptions.

Post-Closing Limited Partnership Agreement

At the Closing, Sempra, the KKR Partners and a wholly owned affiliate of Abu Dhabi Investment Authority (“ ADIA”) that is the other limited partner of Sempra Infrastructure Partners will enter into an amended and restated limited partnership agreement of Sempra Infrastructure Partners (the “ A& R LPA”) to govern their respective rights and obligations. The A& R LPA provides that the KKR Partners will have the right to appoint four managers, Sempra will have the right to appoint two managers and ADIA will have the right to appoint one manager to the Sempra Infrastructure Partners board of managers. Matters are generally decided by majority vote based on the limited partners’ ownership percentages.

The KKR Partners collectively will generally have control of Sempra Infrastructure Partners as the 65% owner, subject to certain minority consent rights so long as the minority partners maintain specified ownership thresholds. Subject to exceptions and limitations, Sempra Infrastructure Partners will be prohibited from taking certain actions without Sempra’s prior approval, including, among others: (i) redeeming units or making distributions to its limited partners other than on a pro rata basis or as expressly permitted under the A& R LPA; (ii) under certain circumstances, transferring, disposing or issuing equity securities in any subsidiary undertaking or owning a project that has reached a positive final investment decision (“ FID”) (iii) appointing a replacement Chief Executive Officer; (iv) approving certain capital expenditures; and (v) reaching positive FID on any project.

The A& R LPA requires Sempra Infrastructure Partners to distribute quarterly at least 85% of its and its subsidiaries’ distributable cash flow, subject to certain exceptions and reserves. Generally, distributions will be made to the limited partners on a pro rata basis in accordance with their respective ownership interests, except that the KKR Partners will be entitled to a post-Closing distribution of an additional 45% of the expansion true-up payment to be received by Sempra Infrastructure Partners described below under “ PA LNG Phase 2 Project - Final Investment Decision”, reflecting their