8-KLeadership ChangesExhibits & Filings

Energy Transfer LP 8-K Report, Executive Changes (Sep 18, 2018)

Filed September 18, 2018For Securities:ETET-PI

Summary

This 8-K filing by Energy Transfer LP (ET) on September 18, 2018, primarily reports on the ratification of an amendment to the Amended and Restated Energy Transfer Equity, L.P. Long-Term Incentive Plan (the “ETE Plan”). The key change is the extension of the plan's term to December 20, 2027, from its original end date. This plan allows for the granting of various equity-based awards, such as restricted units, phantom units, unit options, and unit appreciation rights, to incentivize and retain key personnel by aligning their interests with those of ETE unit holders. While this filing focuses on an executive compensation and incentive plan, it signifies continued efforts by Energy Transfer to structure its long-term incentives. Investors should note that the details of the plan itself were previously disclosed in ETE's 2017 10-K filing. This update primarily concerns the continuation and formal ratification of this incentive framework, indicating management's commitment to long-term employee engagement and performance through equity-based compensation.

Key Highlights

  • 1Energy Transfer Equity, L.P. (ETE) ratified the adoption of its Amended and Restated Long-Term Incentive Plan (the “ETE Plan”).
  • 2The primary amendment extends the term of the ETE Plan to December 20, 2027.
  • 3The ETE Plan allows the Compensation Committee to grant various equity awards, including restricted units, phantom units, unit options, and unit appreciation rights.
  • 4These awards are intended to incentivize and retain officers and employees.
  • 5The plan's original adoption occurred in December 2017, and this filing ratifies the amended version.
  • 6The detailed terms of the ETE Plan are incorporated by reference from ETE's Form 10-K filed on February 23, 2018.

Frequently Asked Questions

The main purpose of this 8-K filing is to report the ratification of an amendment to Energy Transfer Equity, L.P.'s Long-Term Incentive Plan (the “ETE Plan”), specifically extending its duration.

The most significant change noted is the extension of the ETE Plan's term until December 20, 2027. Other minor changes may exist, but the filing emphasizes the extended duration.

Under the ETE Plan, the ETE Compensation Committee has the discretion to grant awards such as restricted units, phantom units, unit options, and unit appreciation rights, all of which are related to ETE common units.

This filing provides insight into Energy Transfer's approach to executive and employee compensation. By extending the long-term incentive plan, the company signals its intention to continue using equity-based awards to align the interests of its key personnel with those of the unitholders and to foster long-term performance and retention.