Energy Transfer 2010 Annual Report Download - page 104

Company, HNG Oil Company and HNG Internorth Exploration Co. From 1969 to 1982, Mr. Collins served as
Executive Vice President of American Quasar Petroleum Company. In February 2011, Mr. Collins was elected as
a director of Oasis Petroleum, Inc. Mr. Collins has served as a director of our General Partner since August 2004.
Mr. Collins is a past President of the Permian Basin Petroleum Association, the Permian Basin Landmen’s
Association, the Petroleum Club of Midland and has served as Chairman of the Midland Wildcat Committee
since 1984. The Board selected Mr. Collins to serve as a director because of his previous experience as an
executive in various positions in the oil and gas industry. In addition, as a public company director at various
other companies, Mr. Collins has been involved in succession planning, compensation, employee management
and the evaluation of acquisition opportunities.
Michael K. Grimm. Mr. Grimm is one of the original founders of Rising Star Energy, L.L.C., a privately held
upstream exploration and production company active in onshore continental United States, and has served as its
President and Chief Executive Officer since 1995. Currently, Mr. Grimm is also President of Rising Star Energy
Development Company and a co-CEO of RSP Permian, which is active in the drilling and developing of West
Texas Permian Basin oil reserves. Prior to the formation of the first Rising Star companies, Mr. Grimm was Vice
President of Worldwide Exploration and Land for Placid Oil Company from 1990 to 1994. Prior to joining Placid
Oil Company, Mr. Grimm was employed by Amoco Production Company for thirteen years where he held
numerous positions throughout the exploration department in Houston, New Orleans and Chicago. Mr. Grimm
has been an active member of the Independent Petroleum Association of America, the American Association of
Professional Landmen, Dallas Producers Club, Dallas Wildcat Committee, and Fort Worth Wildcatters.
Mr. Grimm has served as a director of our General Partner since December 2005 and is a member of the Audit
Committee and chairman of the Compensation Committee. The Board selected Mr. Grimm to serve as a director
because of his extensive experience in the energy industry and his service as a senior executive at several energy-
related companies, in addition to his contacts in the industry gained through his involvement in energy-related
organizations.
Compensation of the General Partner
Our General Partner does not receive any management fee or other compensation in connection with its
management of the Partnership and the Operating Companies. Our General Partner and its affiliates performing
services for the Partnership and the Operating Companies are reimbursed at cost for all expenses incurred on
behalf of the Partnership, including the costs of employee compensation allocable to, but not paid directly by, the
Partnership, if any, and all other expenses necessary or appropriate to the conduct of the business of, and
allocable to, the Partnership. Following the combination of the operations of ETC OLP and HOLP in January
2004, the employees of the General Partner became employees of our Operating Companies, and thus, our
General Partner has not incurred additional reimbursable costs since that time.
Section 16(a) Beneficial Ownership Reporting Compliance
Section 16(a) of the Exchange Act requires our officers and directors, and persons who own more than 10% of a
registered class of our equity securities, to file reports of beneficial ownership and changes in beneficial
ownership with the SEC. Officers, directors and greater than 10% Unitholders are required by SEC regulations to
furnish the General Partner with copies of all Section 16(a) forms.
Based solely on our review of the copies of such forms received by us, or written representations from reporting
persons, we believe that during the year ended December 31, 2010, all filing requirements applicable to our
officers, directors, and greater than 10% beneficial owners were met in a timely manner, except as set forth
below:
• one late filing of a Form 4 for one transaction by Mr. Warren; and
• two late filings of a Form 4 (one for 30 transactions and one for 1 transaction) by Mr. Grimm.
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