Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 8, 2021, Bradford D. Whitehurst was appointed as Chief Financial
Officer of LE GP, LLC (the "General Partner"), the general partner of Energy
Transfer LP (the "Partnership"), with such appointment to be effective
immediately. Mr. Whitehurst, age 46, has served as the General Partner's
Executive Vice President - Head of Tax, since August 2014. Prior to joining the
Partnership, Mr. Whitehurst was a partner in the Washington, D.C. office of
Bingham McCutchen LLP and an attorney at both McKee Nelson LLP and Hogan &
Hartson. Mr. Whitehurst has specialized in partnership taxation and has advised
the Partnership and its subsidiaries since 2006. He will continue to serve as a
member of the board of directors of USA Compression Partners, LP.
Mr. Whitehurst steps into the role previously held by Thomas E. Long, who was
promoted to Co-Chief Executive Officer of the General Partner along with
Marshall S. McCrea, III, effective January 1, 2021.
Mr. Whitehurst will receive an annual base salary of $595,000 and will be
eligible to participate in the Partnership's Annual Bonus Plan, as amended (the
"Bonus Plan"), at a bonus pool target of 130% of his annual base salary. Actual
bonus payments under the Bonus Plan will be at the discretion of the
Partnership's compensation committee and generally will be based upon the
Partnership's performance as compared to stated objectives and certain other
factors as may be determined from time to time. Mr. Whitehurst will also be
eligible for long-term incentive awards under the Partnership's Long-Term
Incentive Plan, as amended (the "LTIP"), at an annual equity pool target of 500%
of his annual base salary. Actual incentive equity awards under the LTIP are at
the discretion of the Partnership's compensation committee and are generally
based on Partnership and individual performance. Mr. Whitehurst will also be
eligible to participate in all benefit and retirement plans on the same terms
and conditions as other Partnership executives.
There are no arrangements or understandings between Mr. Whitehurst and any other
person pursuant to which he was selected as an officer. There are no existing
relationships between Mr. Whitehurst, the General Partner, or the Partnership or
any of their respective subsidiaries that would require disclosure pursuant to
Item 404(a) of Regulation S-K or any familial relationship that would require
disclosure under Item 401(d) of Regulation S-K.
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