Energy Transfer 2010 Annual Report Download - page 157

The following table summarizes our Common Unit issuances under our Equity Distribution Agreements, the
net proceeds from which were used to repay amounts outstanding under our revolving credit facility:
Agreement
Year Ended December 31, 2010 Year Ended December 31, 2009
Number of
Common
Units Issued Net Proceeds
Number of
Common
Units Issued Net Proceeds
UBS 4,638,687 $ 214,267 1,891,691 $ 81,456
Credit Suisse 555,600 25,051 – –
5,194,287 $ 239,318 1,891,691 $ 81,456
Approximately $168.1 million of our Common Units remain available to be issued under the agreement
based on trades initiated through December 31, 2010.
Equity Incentive Plan Activity
As discussed in Note 8, we issue Common Units to employees and directors upon vesting of awards granted
under our equity incentive plans. Upon vesting, participants in the equity incentive plans may elect to have a
portion of the Common Units to which they are entitled withheld by the Partnership to satisfy
tax-withholding obligations.
Class E Units
There are 8,853,832 Class E Units outstanding that are reported as treasury units. These Class E Units are
entitled to aggregate cash distributions equal to 11.1% of the total amount of cash distributed to all
Unitholders, including the Class E Unitholders, up to $1.41 per unit per year, with any excess thereof
available for distribution to Unitholders other than the holders of Class E Units in proportion to their
respective interests. The Class E Units are treated as treasury stock for accounting purposes because they are
owned by our wholly-owned subsidiary, Heritage Holdings, Inc. Although no plans are currently in place,
management may evaluate whether to retire some or all of the Class E Units at a future date.
Quarterly Distributions of Available Cash
The Partnership Agreement requires that we distribute all of our Available Cash to our Unitholders and our
General Partner within forty-five days following the end of each fiscal quarter, subject to the payment of
incentive distributions to the holders of IDRs to the extent that certain target levels of cash distributions are
achieved. The term Available Cash generally means, with respect to any of our fiscal quarters, all cash on
hand at the end of such quarter, plus working capital borrowings after the end of the quarter, less reserves
established by the General Partner in its sole discretion to provide for the proper conduct of our business, to
comply with applicable laws or any debt instrument or other agreement, or to provide funds for future
distributions to partners with respect to any one or more of the next four quarters. Available Cash is more
fully defined in our Partnership Agreement.
Our distributions of Available Cash from operating surplus, excluding incentive distributions, to our
General Partner and Limited Partner interests are based on their respective interests as of the distribution
record date. Incentive distributions allocated to our General Partner are determined based on the amount by
which quarterly distribution to common Unitholders exceed certain specified target levels, as set forth in our
partnership agreement.
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