Energy Transfer (NYSE: ET) EVP & Group CFO granted 200,438 restricted units and 66,812 cash units

Rhea-AI Filing Summary

Energy Transfer LP executive reports equity awards and tax withholding. The EVP & Group CFO reported two non-derivative transactions in Energy Transfer LP common units on December 5, 2025. First, 47,251 common units were withheld at $16.60 per unit to cover tax liabilities upon vesting of previously granted restricted units. Second, the executive received a new grant of 200,438 restricted common units at no cost, which will generally vest 60% on December 5, 2028 and 40% on December 5, 2030, subject to continued employment. After these transactions, the executive beneficially owns 897,763 common units directly. In addition, the filing reports a grant of 66,812 cash units under a long-term cash restricted unit plan, scheduled to vest in three equal installments in 2026, 2027, and 2028, with each installment settled in cash based on the fair market value of the underlying common 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

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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^*

Bramhall Dylan

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Group CFO

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		47,251(1)	D	$16.6	697,325	D
Common Units	12/05/2025		A		200,438(2)	A	$0	897,763	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		66,812		(3)	(3)	Common Units	66,812	(3)	122,063	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. Bramhall	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 ET's EVP & Group CFO report on December 5, 2025?

The EVP & Group CFO of Energy Transfer LP (ET) reported two main equity transactions on December 5, 2025: the withholding of 47,251 common units at $16.60 per unit to satisfy tax liabilities upon vesting of restricted units, and the receipt of a new grant of 200,438 restricted common units at a price of $0 per unit.

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

Following the reported transactions, the EVP & Group CFO beneficially owns 897,763 common units of Energy Transfer LP in direct ownership, as disclosed in the filing.

What are the vesting terms for the 200,438 restricted units granted to ET's EVP & Group CFO?

The 200,438 restricted common units granted under the Energy Transfer LP Long-Term Incentive Plan are scheduled to vest 60% on December 5, 2028 and the remaining 40% on December 5, 2030, generally contingent on the executive's continued employment with Energy Transfer LP or its affiliates on each vesting date.

Why were 47,251 Energy Transfer LP common units withheld from the executive?

The 47,251 common units were withheld to pay the executive's tax liability upon the vesting of previously granted restricted units issued under an Energy Transfer LP Long-Term Incentive Plan. The filing notes this is the default method for satisfying tax obligations related to vesting of such awards.

What cash-settled awards did the Energy Transfer LP executive receive, and how do they work?

The EVP & Group CFO received an award of 66,812 cash units under the Energy Transfer LP Long-Term Cash Restricted Unit Plan. These cash units are scheduled to vest one-third on December 5, 2026, one-third on December 5, 2027, and one-third on December 5, 2028, generally contingent on continued employment, and will be settled solely in cash based on the average closing price of the common units for the ten trading days before each vesting date.

Does the Form 4 for ET indicate stock purchases on the open market by the executive?

No. The reported activities are tax withholding of vested restricted units and equity and cash unit grants under Energy Transfer LP's long-term incentive and cash restricted unit plans, rather than open-market purchases.