BACHMANN RICHARD H 4

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.