Summary
Enterprise Products Partners L.P. (EPD) filed an 8-K on February 4, 2008, reporting on the approval of the Enterprise Products 2008 Long-Term Incentive Plan (the "Incentive Plan") by its unitholders on January 29, 2008. This plan allows for the granting of up to 10,000,000 partnership units as awards to non-employee directors, consultants, and employees of EPCO, Inc. and its affiliates who provide services to the Partnership. The Incentive Plan aims to align the interests of key personnel with those of the unitholders through various award types, including restricted units, phantom units, unit options, unit appreciation rights, and distribution equivalent rights.
Key Highlights
- 1Unitholders approved the Enterprise Products 2008 Long-Term Incentive Plan on January 29, 2008.
- 2Up to 10,000,000 Partnership units can be granted under the Incentive Plan.
- 3Awards can be granted to non-employee directors, consultants, and employees.
- 4Award types include restricted units, phantom units, unit options, unit appreciation rights, and distribution equivalent rights.
- 5The plan is administered by the Audit, Conflicts and Governance Committee (ACG Committee) of the general partner's board of directors.
- 6The Incentive Plan is effective until January 29, 2018, unless terminated earlier.
- 7Details of the Incentive Plan were previously disclosed in the Partnership's Proxy Statement filed on December 31, 2007.
Frequently Asked Questions
The primary purpose of the Incentive Plan is to attract, retain, and motivate key individuals, including non-employee directors, consultants, and employees who provide services to Enterprise Products Partners L.P. by granting them awards linked to the Partnership's units, thereby aligning their interests with those of the unitholders.
A maximum of 10,000,000 of the Partnership's units can be granted as awards under the Enterprise Products 2008 Long-Term Incentive Plan, subject to potential adjustments as outlined in the plan.
Eligibility for awards under the Incentive Plan extends to the Partnership's non-employee directors, as well as consultants and employees of EPCO, Inc. and its affiliates who are providing services to Enterprise Products Partners L.P.
The Incentive Plan became effective on January 29, 2008, and is set to remain in effect until January 29, 2018. However, it can be terminated earlier under certain conditions, such as when all available units have been delivered or if the board of directors of EPCO or the ACG Committee decides to terminate the plan.