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.