Energy Transfer Partners LP (ETP)

[roger wilco]

Pretty big block settling at the end of day.
I wonder what that was all about.

It may have had something to do with this:

FORM 8-K
https://seekingalpha.com/filing/3574303

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On May 26, 2017, Michael J. Hennigan, the President – Crude, NGL and Refined Products, of Energy Transfer Partners, L.L.C. (the “Company”), the general partner of Energy Transfer Partners GP, L.P., the general partner of Energy Transfer Partners, L.P. (the “Partnership”), notified the Partnership of his intention to resign effective June 16, 2017 to pursue other career interests.
In connection with Mr. Hennigan’s termination of employment, Mr. Hennigan and the Partnership intend to enter into a Separation Agreement and Full Release of Claims (the “Separation Agreement”). The Separation Agreement will become effective after execution and the expiration of a seven (7) day revocation period. The Separation Agreement provides for the following:


(i)

A severance payment to Mr. Hennigan of $637,500.00, less all required government payroll deductions and withholdings, which is an amount equal to twelve (12) months of Mr. Hennigan’s base salary. The severance payment shall be made over bi-weekly pay periods beginning with the pay period after the effective date of the Agreement;


(ii)

Payment by ETP of the full cost of Mr. Hennigan’s premium for continued health insurance coverage under ETP's health insurance plan and the Consolidated Omnibus Budget Reconciliation Act (COBRA) for a period of three (3) months;


(iii)

Acceleration of the vesting of 244,652 unvested restricted units (the “Accelerated Units”) awarded to Mr. Hennigan pursuant to the terms of the Energy Transfer Partners, L.L.C. Long-Term Incentive Plan, as amended and restated (formerly the Sunoco Partners LLC Long-Term Incentive Plan, as amended and restated) (the “Unit Plan”). The Accelerated Units represent consideration of Mr. Hennigan’s non-solicit/non-hire covenant in the Separation Agreement. As of May 26, 2017, Mr. Hennigan had a total of 415,261 unvested restricted units under the Unit Plan and other than the Accelerated Units, the remaining 170,609 shall be forfeited immediately upon his termination;


(iv)

A standard release of claims in favor of ETP, its parent entities, specifically including Energy Transfer Equity, L.P. and its and their respective past and present subsidiaries, affiliates, partners, directors, officers, owners, shareholders, employees, benefit plans, benefit plan fiduciaries, predecessors, joint employers, successor employers and agents;


(v)

A mutual non-disparagement provision;


(vi)

A confirmation of Mr. Hennigan’s confidentiality and proprietary information obligations; and


(vii)

A two (2) year non-solicitation/non-hire covenant in favor of ETP and its affiliates.
The foregoing summary of the Separation Agreement in this report does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Separation Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.