Boss Daniel 4
4 · ENTERPRISE PRODUCTS PARTNERS L.P. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Enterprise Products (EPD) CFO Daniel Boss Exercises Phantom Units
What Happened
Daniel Boss, Executive Vice President & Chief Financial Officer of Enterprise Products Partners L.P. (EPD), had a total of 89,300 phantom units vest/convert on February 16, 2026. The conversion (reported with transaction code M) resulted in issuance of common units, and 35,141 of those units were withheld (transaction code F) to satisfy tax withholding obligations at $36.75 per share, totaling $1,291,432. Net units issued to Boss after withholding were 54,159.
Key Details
- Transaction date: February 16, 2026; Form 4 filed February 18, 2026 (filed within typical 2‑business‑day window).
- Conversion/vesting: 89,300 phantom units converted to EPD common units (multiple vesting installments).
- Tax withholding: 35,141 shares withheld at $36.75/share to satisfy taxes; total cash value withheld = $1,291,432 (line items: $307,304; $334,425; $350,705; $298,998).
- Net shares delivered to insider: 54,159 common units (89,300 converted − 35,141 withheld).
- Transaction codes: M = exercise/conversion of derivative security (Rule 16b‑3 exempt); F = payment of tax liability by withholding securities.
- Phantom unit detail: Phantom units are economic equivalents of EPD common units and were settled upon vesting (per filing footnotes explaining staggered vesting/settlement).
- Shares owned after the transaction: Not specified in the excerpt provided.
Context
- These actions reflect vesting/conversion of previously granted phantom-unit awards, not an open‑market buy or sale. The withholding of shares to cover taxes is a routine, administrative step (a cashless settlement method) and does not necessarily indicate a change in the insider’s view of the company.
- M-coded conversions under Rule 16b‑3 are common for executives receiving equity compensation; F-coded withheld shares are standard to satisfy tax liabilities.
Insider Transaction Report
- Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+21,250→ 316,139 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−8,362$307,304→ 307,777 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+23,125→ 330,902 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−9,100$334,425→ 321,802 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+24,250→ 346,052 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−9,543$350,705→ 336,509 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+20,675→ 357,184 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−8,136$298,998→ 349,048 total - Exercise/Conversion
Phantom Units
[F1][F2]2026-02-16−21,250→ 0 total→ Common Units (21,250 underlying) - Exercise/Conversion
Phantom Units
[F1][F3]2026-02-16−23,125→ 23,125 total→ Common Units (23,125 underlying) - Exercise/Conversion
Phantom Units
[F1][F4]2026-02-16−24,250→ 48,500 total→ Common Units (24,250 underlying) - Exercise/Conversion
Phantom Units
[F1][F5]2026-02-16−20,675→ 62,025 total→ Common Units (20,675 underlying)
- 85,000
Phantom Units
[F1][F6][F7]→ Common Units (85,000 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 in two remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F4]These phantom units vest in three remaining equal annual installments beginning on February 16, 2026. Each remaining annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F5]These phantom units vest in four equal annual installments beginning on February 16, 2026. Each annual installment will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.
- [F6]These phantom units vest in four equal annual installments beginning on February 16, 2027. Each annual installment 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.