SEC Form 4 · accession 0001209191-16-115130
Energy Transfer LP · ET
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Richard D Brannon
Director
Period of report
Apr 19, 2016
Accepted (ET)
Apr 21, 2016 · 2:24 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001276187
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common UnitsF1 | Apr 19, 2016 | A | 2,500 | $0.00 | A | 40,900 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SERIES A CONVERTIBLE PREFERRED UNITSF2,F3 | $6.56 | holding | — | — | — | — | — | Common Units | — | 38,400 | D |
Explanation of responses
- F1A grant of 2,500 ETE restricted units awarded to the reporting person upon his appointment to the board of directors of LE GP, LLC the general partner of Energy Transfer Equity, L.P. and his subsequent independence determination. These units will vest 60% on the third anniversary of the grant and 40% on the fifth anniversary of the grant contingent only upon his continued service on the board.
- F2On the Conversion Date, each Convertible Unit will automatically convert into common units, the number of which will be determined by dividing (a) the Conversion Value (as defined below) on that date by (b) $6.56. The conversion value of each Convertible Unit (the "Conversion Value") on the transaction date is zero, and the Conversion Value will increase each fiscal quarter in an amount equal to $0.285 less the cash distribution actually paid with respect to each Convertible Unit for such quarter (or, if prior to the closing of the Partnership's acquisition of The Williams Companies, Inc., or earlier termination of the merger agreement relating to such acquisition, with respect to each Participating Common Unit (as defined below)).
- F3The Series A Convertible Preferred Units (the "Convertible Units") representing limited partner interests in Energy Transfer Equity, L.P. (the "Partnership") will automatically convert on the first business day following the date that is the earliest of (a) May 18, 2018, (b) the date upon which all Convertible Units would be convertible into 136,612,021 common units representing limited partner interests in the Partnership ("common units"), (c) the date of a change of control of the Partnership or (d) the date of a dissolution of the Partnership (the "Conversion Date").