Sunoco 2015 Annual Report Download - page 90

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88
The following table shows the target distribution levels and distribution "splits" between the general partner and the
holders of the Partnership's common units at December 31, 2015:
Total Quarterly
Distribution Target Amount
Marginal Percentage
Interest in Distributions
General Partner Unitholders
Minimum Quarterly Distribution $0.0750 2% 98%
First Target Distribution up to $0.0833 2% 98%
Second Target Distribution above $0.0833
up to $0.0958 15% (1) 85%
Third Target Distribution above $0.0958
up to $0.2638 37% (1) 63%
Thereafter above $0.2638 50% (1) 50%
(1) Includes general partner interest.
Distributions paid by the Partnership on its common units for the periods presented were as follows:
Cash Distribution Payment Date
Cash Distribution
per Limited Partner
Unit (1)
Annualized Cash
Distribution per
Limited
Partner Unit (1)
Total Cash
Distribution to the
Limited Partners
Total Cash
Distribution to the
General Partner
(in millions) (in millions)
November 13, 2015 $ 0.4580 $ 1.8320 $ 119 $ 76
August 14, 2015 $ 0.4380 $ 1.7520 $ 111 $ 69
May 15, 2015 $ 0.4190 $ 1.6760 $ 103 $ 62
February 13, 2015 $ 0.4000 $ 1.6000 $ 92 $ 54
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
(1) Amounts reflect the second quarter 2014 two-for-one unit split (Note 12).
On January 28, 2016, the Partnership declared a cash distribution of $0.479 per unit ($1.92 per unit, annualized) on its
outstanding common units, representing the distribution for the quarter ended December 31, 2015. The $216 million
distribution, including $85 million to the general partner, was paid on February 12, 2016 to unitholders of record at the close of
business on February 8, 2016.
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.
In December 2015, the Partnership's unitholders approved the Sunoco Partners LLC Long-Term Incentive Plan, as
amended and restated (the "Restated LTIP"), which was previously approved by the board of directors of Sunoco Partners LLC,
the Partnership's general partner. The Restated LTIP authorized an additional 10.0 million common units to be available under
the plan; added additional types of awards that can be granted under the plan, such as phantom unit awards, unit appreciation
rights, unrestricted unit awards and other unit-based awards ("plan awards"); added a prohibition on repricing of unit options
and unit appreciation rights without the approval of the unitholders; provided for termination of the plan at the earliest date it is
terminated by the board of directors, the date no more units remain available for grants, and December 1, 2025; and
incorporated certain other administrative changes.