TEAGUE AJ 4

What Happened AJ Teague, Chief Executive Officer of Enterprise Products Partners L.P. (EPD), had phantom unit awards vest and converted into 287,500 EPD common units on February 16, 2026. To satisfy tax and related withholding obligations, 113,134 of those units were delivered/withheld at $36.75 per unit, generating proceeds/withheld value of $4,157,676. The filing shows the derivative phantom units were exercised/converted under Rule 16b-3 (transaction code M) and the withheld shares reflect payment of tax liability (transaction code F).

Key Details

• Transaction date: February 16, 2026; Form 4 filed February 18, 2026.
• Units converted (acquired): 66,250 + 75,000 + 77,500 + 68,750 = 287,500 common units.
• Shares withheld to pay taxes/exercise: 26,070 + 29,513 + 30,497 + 27,054 = 113,134 units.
• Withholding price: $36.75 per unit; total value withheld ≈ $4,157,676.
• Some filing lines show conversion/disposition of derivative interests at $0.00—these reflect the settlement/expiry of phantom unit awards upon vesting.
• Footnotes: phantom units are economically equivalent to EPD common units and vest/settle in scheduled installments (see F1–F6). POA on file (F7).
• Timeliness: filing covers transactions on 2/16/2026 and was filed 2/18/2026 (appears timely).
• Transaction codes: M = exercise/conversion of derivative; F = delivery/withholding of securities to pay tax liability.

Context This was not an open-market sale but a routine conversion/settlement of phantom unit awards with shares withheld to cover taxes (a cashless/withholding settlement). Such withholding is common after vesting and does not necessarily signal a change in insider sentiment. The underlying awards vested per the referenced vesting schedules; all actions were reported under Rule 16b-3 exemptions. Shares owned after the transaction are not specified in the provided excerpt.