SEC Form 4 · accession 0001209191-18-032776
Energy Transfer LP · ET
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John W McReynolds
Officer — President · Director
Period of report
May 21, 2018
Accepted (ET)
May 23, 2018 · 8:02 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 | May 21, 2018 | C | 122,158 | — | A | 630,958 | D | |
| Common UnitsF1,F2 | May 21, 2018 | C | 2,056,313 | — | A | 12,142,593 | I | By: McReynolds Equity Partners, L.P. |
| Common UnitsF1,F2 | May 21, 2018 | C | 2,955,200 | — | A | 17,455,608 | I | By: McReynolds Energy Partners, L.P. |
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 UnitsF1 | $6.56 | May 21, 2018 | C | 508,800 | D | — | — | Common Units | 122,158 | 0 | D |
| Series A Convertible Preferred UnitsF1,F2 | $6.56 | May 21, 2018 | C | 8,564,710 | D | — | — | Common Units | 2,056,313 | 0 | I |
| Series A Convertible Preferred UnitsF1,F2 | $6.56 | May 21, 2018 | C | 12,308,645 | D | — | — | Common Units | 2,955,200 | 0 | I |
Explanation of responses
- F1On May 21, 2018 (the "Conversion Date"), the Series A Convertible Preferred Units (the "Convertible Units") representing limited partner interests in Energy Transfer Equity, L.P. (the "Partnership") automatically converted into a number of common units representing limited partner interests in the Partnership ("common units") determined by dividing (a) the Conversion Value (as defined below) on the Conversion Date by (b) $6.56. On the date the Convertible Units were issued, the Conversion Value (as defined below) of each Convertible Unit was zero, and the Conversion Value increased each fiscal quarter since the issuance and prior to the Conversion Date in an amount equal to $0.285 less the cash distribution actually paid with respect to each Convertible Unit for such quarter. As of the Conversion Date, the conversion value of each Convertible Unit is $1.575 (the "Conversion Value").
- F2The reported securities are owned directly by a limited partnership of which Mr. McReynolds is the general partner. Mr. McReynolds disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.