Energy Transfer (NYSE: ET) EVP reports unit grants and tax withholding

Rhea-AI Filing Summary

Energy Transfer LP reported insider equity activity for its EVP, GC & CCO on a Form 4 dated December 5, 2025. The executive had 46,534 common units withheld at $16.60 per unit to cover taxes when restricted units vested under a long-term incentive plan, which is described as the default tax payment method.

On the same date, the executive received a new grant of 180,375 restricted common units that will vest 60% on December 5, 2028 and 40% on December 5, 2030, generally contingent on continued employment. The filing also shows an award of 60,125 cash units under a long-term cash restricted unit plan, scheduled to vest in three equal annual installments on December 5, 2026, 2027, and 2028, and settled solely in cash based on the fair market value of Energy Transfer common units. After these transactions, the executive directly holds 1,017,212 common units and 110,767 cash units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wright James M.

(Last) (First) (Middle)

8111 WESTCHESTER DRIVE

STE 600

(Street)

DALLAS TX 75225

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Energy Transfer LP [ ET ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, GC & CCO

3. Date of Earliest Transaction (Month/Day/Year)
12/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	12/05/2025		F		46,534(1)	D	$16.6	836,837	D
Common Units	12/05/2025		A		180,375(2)	A	$0	1,017,212	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Units	(3)	12/05/2025		A		60,125		(3)	(3)	Common Units	60,125	(3)	110,767	D

Explanation of Responses:

1. Payment of tax liability by withholding securities incident to the vesting of Restricted Units issued under one of the Energy Transfer LP Long-Term Incentive Plans (LTIP). This method is the default option for payment of tax liability upon vesting of LTIP awards.

2. An award of Restricted Units granted under the Energy Transfer LP Long-Term Incentive Plan that will vest 60% on December 5, 2028 and the remaining 40% on December 5, 2030 generally contingent upon the reporting person's continued employment with the issuer or one of its affiliates on each applicable vesting date.

3. An award of cash units granted under the Energy Transfer LP Long-Term Cash Restricted Unit Plan, scheduled to vest one-third on December 5, 2026, one-third on December 5, 2027, and one-third on December 5, 2028, generally contingent upon the reporting person's continued employment with the Issuer or one of its affiliates on each applicable vesting date. The cash units will be settled solely in cash at the fair market value of the underlying common units based on the average closing price of a common unit for the ten (10) trading days immediately preceding the applicable vesting date.

	Peggy J. Harrison, Attorney-in-fact for Mr. Wright	12/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Energy Transfer LP (ET) report on this Form 4?

The filing shows Energy Transfer LPs EVP, GC & CCO had 46,534 common units withheld to cover taxes upon restricted unit vesting and received new equity and cash-unit awards on December 5, 2025.

How many Energy Transfer (ET) common units were granted as restricted units in this filing?

The executive received an award of 180,375 restricted common units that vest 60% on December 5, 2028 and 40% on December 5, 2030, generally contingent on continued employment.

Why were 46,534 Energy Transfer LP units disposed of in the Form 4?

The 46,534 common units disposed of at $16.60 per unit were withheld to pay tax liabilities related to the vesting of restricted units under an Energy Transfer long-term incentive plan.

What are the vesting terms of the cash units reported for the Energy Transfer (ET) executive?

The executive received 60,125 cash units that vest one-third each on December 5, 2026, December 5, 2027, and December 5, 2028 and will be settled solely in cash based on the fair market value of the underlying common units.

How many Energy Transfer LP common units does the executive own after these transactions?

Following the reported transactions, the executive directly owns 1,017,212 common units of Energy Transfer LP.

How many cash units does the Energy Transfer (ET) executive hold after the reported awards?

After the grant reported in this Form 4, the executive beneficially owns 110,767 cash units under the long-term cash restricted unit plan.