Energy Transfer (ET) SVP files Form 4 for restricted unit and cash unit awards

Rhea-AI Filing Summary

Energy Transfer LP reported an insider equity transaction involving its SVP & Controller, who filed a Form 4 for activity on December 5, 2025. The filing shows 22,745 common units were withheld at $16.60 per unit to cover tax liabilities tied to vesting of prior restricted unit awards, leaving the officer with 356,413 common units immediately after that transaction.

The officer also received a new grant of 56,775 restricted common units at no purchase price, increasing beneficial ownership to 413,188 common units. This award is scheduled to vest 60% on December 5, 2028 and 40% on December 5, 2030, generally conditioned on continued employment.

In addition, the officer was granted 18,925 cash units under a long-term cash restricted unit plan. These cash units are set to vest in three equal installments on December 5, 2026, December 5, 2027, and December 5, 2028 and will be settled solely in cash based on the average closing price of Energy Transfer common units over the ten trading days before 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

OMB APPROVAL

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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^*

Sturrock Troy

(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)
	SVP & Controller

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		22,745(1)	D	$16.6	356,413	D
Common Units	12/05/2025		A		56,775(2)	A	$0	413,188	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		18,925		(3)	(3)	Common Units	18,925	(3)	35,300	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. Sturrock	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 (ET) report for December 5, 2025?

The SVP & Controller of Energy Transfer LP (ET) filed a Form 4 for transactions on December 5, 2025. The filing reports tax withholding of common units tied to vesting of prior awards, a new grant of restricted common units, and a grant of cash units under the company’s long-term incentive plans.

How many Energy Transfer (ET) common units were withheld for taxes in this Form 4?

The officer had 22,745 common units withheld to pay tax liabilities arising from the vesting of restricted units. The units were valued at $16.60 per unit for this withholding transaction.

What new restricted unit award did the Energy Transfer (ET) executive receive?

The SVP & Controller received a new award of 56,775 restricted common units at a price of $0. This grant generally vests 60% on December 5, 2028 and 40% on December 5, 2030, contingent on continued employment with Energy Transfer or an affiliate.

How many Energy Transfer (ET) common units does the reporting person own after these transactions?

Following the reported transactions, the officer beneficially owns 413,188 common units of Energy Transfer LP, all held in direct form according to the filing.

What are the terms of the cash unit award reported by Energy Transfer (ET)?

The officer was granted 18,925 cash units under the Long-Term Cash Restricted Unit Plan. These units are scheduled to vest in three equal installments on December 5, 2026, December 5, 2027, and December 5, 2028 and will be settled solely in cash based on the average closing price of Energy Transfer common units over the ten trading days before each vesting date.

What is the relationship of the reporting person to Energy Transfer (ET)?

The reporting person is an officer of Energy Transfer LP, serving as SVP & Controller, and filed the Form 4 as a single reporting person.