Sunoco 2014 Annual Report Download - page 87

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Distributions paid by the Partnership for the periods presented were as follows:
Cash Distribution Payment Date
Cash Distribution
per Limited Partner
Unit
Annualized Cash
Distribution per
Limited Partner Unit
Total Cash
Distribution to the
Limited Partners
Total Cash
Distribution to the
General Partner
(in millions) (in millions)
Successor
November 14, 2014 $ 0.3825 $ 1.5300 $ 84 $ 49
August 14, 2014 $ 0.3650 $ 1.4600 $ 77 $ 43
May 15, 2014 $ 0.3475 $ 1.3900 $ 72 $ 39
February 14, 2014 $ 0.3312 $ 1.3248 $ 69 $ 35
November 14, 2013 $ 0.3150 $ 1.2600 $ 65 $ 32
August 14, 2013 $ 0.3000 $ 1.2000 $ 62 $ 29
May 15, 2013 $ 0.2863 $ 1.1452 $ 59 $ 26
February 14, 2013 $ 0.2725 $ 1.0900 $ 57 $ 23
November 14, 2012 $ 0.2588 $ 1.0352 $ 54 $ 20
Predecessor
August 14, 2012 $ 0.2350 $ 0.9400 $ 49 $ 17
May 15, 2012 $ 0.2137 $ 0.8548 $ 43 $ 14
February 14, 2012 $ 0.2100 $ 0.8400 $ 41 $ 14
On January 27, 2015, the Partnership declared a cash distribution of $0.40 per unit ($1.60 per unit, annualized) on its
outstanding common units, representing the distribution for the quarter ended December 31, 2014. The $146 million
distribution, including $54 million to the general partner, was paid on February 13, 2015 to unitholders of record at the close of
business on February 9, 2015.
14. Management Incentive Plan
Sunoco Partners LLC, the general partner of the Partnership, has adopted the Sunoco Partners LLC Long-Term Incentive
Plan ("LTIP") for employees and directors of the general partner who perform services for the Partnership. The LTIP is
administered by the independent directors of the Compensation Committee of the general partner's board of directors with
respect to employee awards, and by the general partner's board of directors with respect to awards granted to the independent
directors. The LTIP currently permits the grant of restricted units and unit options covering an additional 0.7 million common
units.
Restricted Units
A restricted unit entitles the grantee to receive a common unit or, at the discretion of the Compensation Committee, an
amount of cash equivalent to the value of a common unit upon the vesting of the unit. Such grants may include requirements
related to the attainment of predetermined performance targets. The Compensation Committee may make additional grants
under the LTIP to employees and directors containing such terms as defined by the Compensation Committee. Common units
to be delivered to the grantee upon vesting may be common units acquired by the general partner in the open market, common
units already owned by the general partner, common units acquired by the general partner directly from the Partnership or any
other person, or any combination of the foregoing. The general partner will be entitled to reimbursement by the Partnership for
the cost incurred in acquiring common units. If the Partnership issues new common units upon vesting of the restricted units,
the total number of common units outstanding will increase.
The Compensation Committee, at its discretion, may grant tandem distribution equivalent rights ("DERs") related to the
restricted units. Subject to applicable vesting criteria, DERs entitle the grantee to receive an amount of cash equal to the per
unit cash distributions made by the Partnership during the period the restricted unit is outstanding. All units granted during the
periods presented below included tandem DERs. Restricted unit awards granted prior to October 4, 2012 were primarily
performance-based. These awards were subject to the Partnership achieving certain market-based and cash distribution
performance targets as compared to a peer group average, or certain cash distribution performance targets as defined by the
Compensation Committee, which can cause the actual amount of units that ultimately vested to range between 0 to 200 percent
of the original units granted. These awards generally vested over a three-year period. Restricted unit awards granted subsequent