8-KLeadership ChangesOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Feb 26, 2010)

Filed February 26, 2010For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K on February 25, 2010, reporting on actions taken by its Audit, Conflicts and Governance Committee (the Committee) on February 23, 2010, related to its long-term incentive plans. The key event was the approval of new forms for option and restricted unit grants under both the 1998 and 2008 Restated Long-Term Incentive Plans. This includes grants for executive officers and non-employee directors. Furthermore, the Committee approved amendments to existing grant agreements to conform to "qualifying termination" provisions. The filing also announces the formal restatement of both the 1998 and 2008 Long-Term Incentive Plans, primarily to clarify the Committee's discretion regarding forfeiture provisions and transfer restrictions on restricted units. For investors, this indicates a refinement of EPD's executive and director compensation framework, ensuring alignment with the company's long-term incentive strategy and governance standards.

Key Highlights

  • 1The Audit, Conflicts and Governance Committee approved new forms for option and restricted unit grants under the 1998 Restated Plan.
  • 2New forms for option and restricted unit grants were also approved under the 2008 Restated Plan.
  • 3Awards of restricted common units and options were approved for the principal executive officer, principal financial officer, and other named executive officers under the 2008 Restated Plan.
  • 4Amendments were made to existing grant agreements for options and restricted units under both the 1998 and 2008 Plans, focusing on 'qualifying termination' clauses.
  • 5The Enterprise Products 1998 Long-Term Incentive Plan was amended and restated as of February 23, 2010.
  • 6The Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan was approved on February 23, 2010.
  • 7The restated plans clarify the Committee's discretion over forfeiture provisions and transfer restrictions for restricted unit grants.

Frequently Asked Questions

The main purpose of this 8-K filing is to report on the actions taken by Enterprise Products Partners L.P.'s Audit, Conflicts and Governance Committee regarding the company's long-term incentive plans, including the approval of new grant forms, amendments to existing grants, and the restatement of the plans themselves.

The key changes include the approval of new forms for issuing stock options and restricted units to employees and directors under both the 1998 and 2008 incentive plans. Additionally, amendments were made to clarify 'qualifying termination' provisions in existing grants, and the restated plans now explicitly grant the Committee discretion over forfeiture and transferability restrictions on restricted units.

No, this filing (specifically Item 5.02(e)) does not report on any new executive appointments or departures. It focuses on changes and approvals related to the compensation arrangements, specifically long-term incentive grants, for existing officers and directors.

The amendment concerning 'qualifying termination' likely aims to standardize or clarify the conditions under which executives or employees receive their granted options or restricted units if their employment is terminated under specific circumstances (e.g., retirement, termination without cause). This provides clearer terms for equity awards.