Business Context and Reporting Period
This Form 8-K is a current report filed by Energy Transfer Equity, L.P. (ETE) on March 18, 2009, regarding events occurring on March 12, 2009. The filing addresses Item 5.02, specifically the determination of discretionary bonuses for named executive officers of Energy Transfer Partners, L.P. (ETP) for the fiscal year ended December 31, 2008.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics for the company. It focuses exclusively on executive compensation data for the 2008 fiscal year.
| Executive Officer | Position | Salary | Bonus | Equity Awards | Total Compensation |
|---|---|---|---|---|---|
| Mackie McCrea | President and COO | $444,154 | $750,000 | $873,061 | $2,219,431 |
| Martin Salinas, Jr. | CFO | $261,539 | $550,000 | $239,000 | $2,608,451 |
| Jerry J. Langdon | Chief Admin and Compliance Officer | $356,058 | $360,500 | $240,659 | $2,654,200 |
| Thomas P. Mason | VP, General Counsel and Secretary | $437,277 | $630,000 | $549,477 | $4,129,473 |
| Brian J. Jennings | Former CFO | $744,447 | $0 | ($912,982) | $455,280 |
Material Changes and Unusual Items
- Executive Departure: Brian J. Jennings resigned as Chief Financial Officer on June 16, 2008. His equity award value is negative ($912,982) due to the reversal of previously recorded compensation expense resulting from the forfeiture of units upon his resignation.
- Executive Promotion: Martin Salinas, Jr. was promoted to Chief Financial Officer effective June 16, 2008. The reported compensation reflects his earnings for the entire 2008 fiscal year.
- Compensation Adjustments: Equity award amounts are net of cumulative adjustments for prior period compensation expense due to unit forfeitures in 2008 where specified performance conditions were not met.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on future operations, or discussion of risks and contingencies. The document is strictly a disclosure of executive compensation determinations.
Investor Verification Checklist
- Verify the total discretionary bonus amounts paid to named executive officers for fiscal year 2008.
- Confirm the impact of Brian J. Jennings' resignation on the company's recorded compensation expense (reversal of $912,982).
- Review the Form 10-K filed on March 2, 2009, for the full context of equity award valuations and performance conditions.
- Note that this filing does not contain operational or financial performance data for the company.