Summary
This 8-K filing from Energy Transfer LP (ET) on December 10, 2007, primarily discloses the discretionary bonuses awarded to its named executive officers for the fiscal year ended August 31, 2007. The company, through its entities ETE and ETP, has determined and reported these bonus amounts, which were paid in December 2007. Investors can use this information to understand executive compensation practices and assess how significant portions of executive pay are tied to performance, as indicated by the bonus structure and other compensation elements like equity awards.
Key Highlights
- 1Discloses discretionary bonus amounts for named executive officers for the fiscal year ended August 31, 2007, paid in December 2007.
- 2Bonus amounts are provided for key executives including John W. McReynolds (President and CFO of ETE), Mackie McCrea (President - Midstream of ETP), R.C. Mills (President - Propane of ETP), Brian J. Jennings (CFO of ETP), Jerry J. Langdon (Chief Administrative and Compliance Officer of ETP), and Thomas P. Mason (General Counsel and Secretary of ETP).
- 3The filing details salary, bonus, and other compensation components, including equity awards and 401(k) contributions, for these executives.
- 4Note (2) clarifies that compensation expense for equity awards is recognized in accordance with SFAS 123(R) and reflects adjustments for unit forfeitures due to performance conditions.
- 5Note (3) explains that certain compensation elements include equity-based awards from an affiliate (ETE) and employer contributions to 401(k) plans.
- 6Several officers (Jennings, Langdon, Mason) had partial year employment in 2007, impacting their reported salary figures.
- 7The filing is signed by John W. McReynolds, President and Chief Financial Officer of ETE, indicating his authorization for the report.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose the discretionary bonuses awarded to Energy Transfer LP's named executive officers for the fiscal year ended August 31, 2007. These bonuses were paid in December 2007.
The bonus amounts represent discretionary bonuses determined by Energy Transfer Equity (ETE) and Energy Transfer Partners (ETP) for the fiscal year ended August 31, 2007. The filing notes that compensation expense for equity awards is determined under SFAS 123(R) and can be affected by performance conditions leading to unit forfeitures.
In addition to salaries and bonuses, the filing provides details on other compensation, including equity awards, non-qualified deferred compensation, and contributions to 401(k) plans for the named executive officers. These are reflected in the 'Total' compensation column.
Yes, the filing notes that Brian J. Jennings (Chief Financial Officer of ETP), Jerry J. Langdon (Chief Administrative and Compliance Officer of ETP), and Thomas P. Mason (General Counsel and Secretary of ETP) began their employment during 2007. Their reported salary reflects only the portion of the year they were employed.