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ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Nov 22, 2022)

Filed November 22, 2022For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K report on November 22, 2022, detailing the approval of two key plans by its unitholders: the 2008 Enterprise Products Long-Term Incentive Plan (Fourth Amendment and Restatement) and the EPD Unit Purchase Plan (Sixth Amendment and Restatement). These plans are designed to incentivize and provide opportunities for employees and affiliates of Enterprise Products Company (EPCO) and its subsidiaries to acquire EPD common units. The Long-Term Incentive Plan allows for awards such as options, restricted units, and other unit-based compensation, with a maximum aggregate of 165,000,000 common units available. The Unit Purchase Plan enables eligible employees to purchase EPD common units through payroll deductions, with a maximum of 23,000,000 common units available under this plan. Both plans were overwhelmingly approved by unitholders and are effective until November 22, 2032, or until their respective unit limits are exhausted.

Key Highlights

  • 1Unitholders approved amendments and restatements of the Long-Term Incentive Plan and the Unit Purchase Plan.
  • 2The Long-Term Incentive Plan allows for various forms of equity-based compensation to directors, employees, and consultants.
  • 3A total of 165,000,000 common units are authorized for issuance under the Long-Term Incentive Plan.
  • 4The Unit Purchase Plan enables employees to purchase EPD common units through payroll deductions.
  • 5A total of 23,000,000 common units are authorized for issuance under the Unit Purchase Plan.
  • 6Both plans received overwhelming support from unitholders, with approval rates exceeding 82% and 98% of votes cast, respectively.
  • 7The plans are effective for a term of 10 years, expiring on November 22, 2032, unless all units are delivered earlier.

Frequently Asked Questions

The Long-Term Incentive Plan aims to provide various forms of equity-based compensation (like options, restricted units) to incentivize directors, employees, and consultants of Enterprise Products Company (EPCO) and its affiliates. The Unit Purchase Plan allows eligible employees to purchase EPD common units through payroll deductions, fostering employee ownership.

Under the Long-Term Incentive Plan, a maximum of 165,000,000 common units can be delivered. Under the Unit Purchase Plan, a maximum of 23,000,000 common units can be purchased. These totals are subject to plan adjustments.

Both the Long-Term Incentive Plan and the Unit Purchase Plan were approved by unitholders on November 22, 2022, and became effective on that date. They are set to expire on November 22, 2032, or earlier if all available common units under each plan are delivered.

Yes, both plans received overwhelming approval. The Long-Term Incentive Plan was approved by 82.99% of the votes cast, and the Unit Purchase Plan was approved by 98.47% of the votes cast. The total votes cast for each proposal also represented over 60% of outstanding units.