Energy Transfer (NYSE: ET) Co-CEO awarded 704K restricted units and cash units

Rhea-AI Filing Summary

Energy Transfer LP reported equity compensation changes for its Co-CEO, who also serves as a director. On December 5, 2025, the company withheld 330,637 common units at $16.60 per unit to cover tax liabilities tied to vesting restricted units under its long-term incentive plans, leaving the executive with 4,318,653 common units directly owned. The same day, the executive received a new award of 704,438 restricted common units at no cost, increasing direct common unit holdings to 5,023,091.

In addition, the executive received 234,812 cash units under Energy Transfer’s Long-Term Cash Restricted Unit Plan, each tied to the value of a common unit. These cash units are scheduled to vest in three equal installments on December 5, 2026, December 5, 2027, and December 5, 2028, while the restricted common units are scheduled to vest 60% on December 5, 2028 and 40% on December 5, 2030, generally requiring continued employment through each vesting date.

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

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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^*

Long Thomas E

(Last) (First) (Middle)

8111 WESTCHESTER DRIVE, SUITE 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-CEO

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		330,637(1)	D	$16.6	4,318,653	D
Common Units	12/05/2025		A		704,438(2)	A	$0	5,023,091	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		234,812		(3)	(3)	Common Units	234,812	(3)	463,716	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. Long	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).
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FAQ

What insider transactions did Energy Transfer LP (ET) report for its Co-CEO?

The Co-CEO had 330,637 common units withheld on December 5, 2025 to pay taxes on vesting restricted units and received a new grant of 704,438 restricted common units at no cost the same day.

How many Energy Transfer LP (ET) common units does the Co-CEO now directly own?

After the reported transactions, the Co-CEO directly owns 5,023,091 common units of Energy Transfer LP.

Why were 330,637 Energy Transfer LP units withheld from the Co-CEO?

The 330,637 common units were withheld to pay the Co-CEO’s tax liability that arose when restricted units vested under Energy Transfer’s long-term incentive plans.

What are the vesting terms of the 704,438 restricted units granted by Energy Transfer LP (ET)?

The 704,438 restricted common units are scheduled to vest 60% on December 5, 2028 and the remaining 40% on December 5, 2030, generally contingent on the Co-CEO’s continued employment.

What cash unit awards tied to Energy Transfer LP common units did the Co-CEO receive?

The Co-CEO received 234,812 cash units under the Long-Term Cash Restricted Unit Plan. These are settled in cash at the fair market value of Energy Transfer common units based on the average closing price over the ten trading days before each vesting date.

When do the Co-CEO’s Energy Transfer LP cash units vest?

The 234,812 cash units are scheduled to vest in three equal parts: one-third on December 5, 2026, one-third on December 5, 2027, and one-third on December 5, 2028, generally requiring continued employment.