Nelly Christian M. 4

What Happened

• Nelly Christian, EVP–Finance/Sustainability and Treasurer of Enterprise Products Partners L.P. (EPD), had phantom units vest and converted them into common units on February 16, 2026. A total of 86,525 phantom units were settled into 86,525 EPD common units.
• To satisfy tax withholding obligations, 34,049 common units were delivered/withheld (transaction code F) at an effective tax withholding value of $1,251,302 (four separate withholdings totaling $307,304; $334,425; $329,023; $280,550). The net shares retained by the reporting person after withholding were 52,476 units.
• These were not open-market purchases or sales but settlement of deferred/phantom equity awards under Rule 16b-3 (transaction code M for exercise/conversion and F for tax withholding).

Key Details

• Transaction date: February 16, 2026; Form filed Feb 18, 2026 (no late filing indicated).
• Gross phantom units converted: 86,525; Shares withheld for taxes: 34,049 (cashless/withholding); Net shares received: 52,476.
• Tax withholding cash value reported: $1,251,302 (sum of four withholding disposals).
• Footnotes: Phantom units are economic equivalents of common units (F1). Several footnotes (F3–F6) describe vesting installments and that units expire upon vesting and are settled for equal number of common units. Withholding was effected by delivering/withholding securities incident to settlement (F; Rule 16b-3).
• Shares owned after the transaction are not provided in the excerpt of the filing.

Context

• This was a settlement of deferred/phantom equity (not an open-market buy or gift). When phantom units vest and are settled, companies commonly withhold some shares to satisfy tax obligations — a routine, non-informational administrative transaction.
• Transaction codes: M = exercise/conversion of a derivative/security under Rule 16b-3; F = delivery/withholding of securities to pay exercise price or tax liability.