01—Abstract
Summary
Summary of the 8-K filed May 2, 2025. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from Enterprise Products Partners L.P.
(EPD) details the effective resignation of Brent B. Secrest as Executive Vice President and Chief Commercial Officer, effective May 1, 2025. The filing outlines the terms of his separation agreement, including significant cash payments and continued medical benefits, contingent upon his adherence to specific non-compete and non-solicitation clauses during a 12-month restricted period.
Investors should note the financial implications of this separation agreement, which includes a total separation payment of $16.5 milliona, phased over two payments. The conditions for receiving the full payment are crucial, as failure to comply will result in forfeiture of the remaining amount. Mr. Secrest's agreement also includes standard provisions regarding the protection of confidential information and a waiver of certain legal claims against the company and its affiliates.
02—Key points
Key Highlights
- Brent B. Secrest has resigned as Executive Vice President and Chief Commercial Officer, effective May 1, 2025.
- A separation agreement has been executed with Mr. Secrest.
- The agreement includes a total cash payment of $16.5 million, payable in two installments.
- The first payment of $5.0 million is due within ten days after May 9, 2025.
- The second payment of $11.5 million is due within ten days after April 30, 2026.
- Full payment is contingent on Mr. Secrest adhering to a 12-month restricted period (May 1, 2025 - April 30, 2026) that includes non-compete and non-solicitation clauses.
- Mr. Secrest will receive up to 12 months of medical benefits.
03—Questions
Frequently Asked Questions
What is the total financial impact of Brent Secrest's departure on the company?
The company has agreed to pay Mr. Secrest a total of $16.5 million in cash, plus up to 12 months of medical benefits. This amount is contingent upon his compliance with the terms of the separation agreement, specifically the restricted period.
What are the conditions for Mr. Secrest to receive the full separation payment?
Mr. Secrest must adhere to a 12-month restricted period from May 1, 2025, to April 30, 2026. During this time, he cannot accept employment with or provide services to any company in the oil and gas industry where confidential information of EPD or its affiliates could be useful. He also cannot solicit employees of EPD or its affiliates for 12 months and must agree not to disclose confidential information. Failure to meet these conditions results in forfeiture of unpaid portions of the separation payment.
Can Mr. Secrest revoke the separation agreement?
Yes, Mr. Secrest has the right to revoke the separation agreement until May 9, 2025.
What happens if Mr. Secrest passes away during the restricted period?
If Mr. Secrest dies within the restricted period and has been in compliance with the conditions of payment up to that point, the second payment of $11.5 million will be paid to his testamentary trustees within ten days of receiving written notice of his death.
04—Continue