8-KLeadership ChangesExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Jan 23, 2009)

Filed January 23, 2009For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K on January 23, 2009, primarily to disclose the terms of departure for its former Executive Vice President, James H. Lytal. Mr. Lytal's departure was effective January 15, 2009. The filing details an Agreement and Release executed on January 21, 2009, between Mr. Lytal and EPCO, Inc., an affiliate of EPD. Under this agreement, Mr. Lytal will receive a $3.8 million cash payment and may be eligible for up to 18 months of continued medical insurance at no cost. In exchange, he has forfeited all unvested incentive awards and agreed to non-solicitation and confidentiality clauses. This information is important for investors to understand potential executive compensation impacts and employment-related agreements that could affect the company.

Key Highlights

  • 1Departure of James H. Lytal, Executive Vice President, effective January 15, 2009.
  • 2EPCO, Inc., an affiliate of EPD, entered into an Agreement and Release with Mr. Lytal on January 21, 2009.
  • 3Mr. Lytal to receive a $3.8 million cash payment as part of his departure terms.
  • 4Mr. Lytal may receive up to 18 months of paid medical insurance coverage.
  • 5Mr. Lytal forfeits all unvested grants or awards under EPD's long-term incentive plans.
  • 6Mr. Lytal agreed to non-solicitation of employees and clients, and confidentiality of trade secrets.
  • 7The Agreement and Release is an exhibit to the filing and can be reviewed by investors.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the terms and conditions of the departure of James H. Lytal, Executive Vice President, including the financial and non-financial arrangements agreed upon with an affiliate of EPD.

Mr. Lytal will receive a cash payment of $3.8 million. He may also be eligible for up to 18 months of paid medical insurance coverage.

Mr. Lytal agreed to forfeit all unvested long-term incentive awards, not solicit employees or clients of EPCO or its affiliates, and maintain confidentiality regarding trade secrets and proprietary information.

Yes, the full Agreement and Release dated January 21, 2009, is filed as an exhibit to this Form 8-K and is incorporated by reference, allowing investors to review the specific details of the agreement.