BACHMANN RICHARD H 4
4 · ENTERPRISE PRODUCTS PARTNERS L.P. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Enterprise Products (EPD) Director Richard Bachmann Exercises Phantom Units
What Happened
Richard H. Bachmann, a director of Enterprise Products Partners L.P. (EPD), had 83,500 phantom units vest and be settled into 83,500 EPD common units on February 16, 2026 (reported as an exercise/conversion of a derivative, Transaction Code M). To satisfy tax withholding, 32,858 of those units were withheld/disposed at $36.75 per unit for a total withholding of $1,207,532 (Transaction Code F). Net units received by Bachmann after the withholding: 50,642 EPD common units.
Key Details
- Transaction date: February 16, 2026. Filing date: February 18, 2026 (timely filed).
- Derivative conversion: 83,500 phantom units converted to 83,500 common units (M).
- Tax withholding: 32,858 units withheld at $36.75 each, total $1,207,532 (F).
- Net units retained: 83,500 − 32,858 = 50,642 common units.
- Shares owned after transaction: Not specified in the filing.
- Footnotes: Phantom units are economic equivalents of common units; the reported units represented a remaining installment that vested and was settled on Feb 16, 2026. Additional phantom unit installments are scheduled to vest in 2027–2030 per the filing.
- Transaction codes: M = exercise/conversion of derivative security (exempt under Rule 16b-3); F = delivery/withholding of securities to pay exercise price or tax liability.
Context
This was a routine vesting/settlement of previously granted phantom units rather than an open-market buy or sell. Withholding common units to cover taxes is a common, administrative step (a cashless/settlement-style tax payment) and does not necessarily indicate a directional view on the stock. The filing indicates future installments of phantom units remain scheduled to vest in later years.
Insider Transaction Report
- Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+83,500→ 2,303,684 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−32,858$1,207,532→ 2,270,826 total - Exercise/Conversion
Phantom Units
[F1][F2]2026-02-16−83,500→ 0 total→ Common Units (83,500 underlying)
- 375,000
Phantom Units
[F1][F3]→ Common Units (375,000 underlying) - 400,000
Phantom Units
[F1][F4]→ Common Units (400,000 underlying) - 340,000
Phantom Units
[F1][F5]→ Common Units (340,000 underlying) - 350,000
Phantom Units
[F1][F6][F7]→ Common Units (350,000 underlying)
Footnotes (7)
- [F1]Each phantom unit is the economic equivalent of one EPD common unit.
- [F2]These phantom units vested in one remaining annual installment on February 16, 2026. The remaining annual installment expired upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F3]These phantom units vest on February 16, 2027. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F4]These phantom units vest on February 16, 2028. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F5]These phantom units vest on February 16, 2029. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F6]These phantom units vest on February 16, 2030. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F7]The power of attorney under which this form was signed is on file with the Commission.