Hanley Michael C. 4
4 · ENTERPRISE PRODUCTS PARTNERS L.P. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Enterprise Products (EPD) EVP Michael Hanley Exercises Phantom Units
What Happened Michael C. Hanley, Executive Vice President & Chief Commercial Officer of Enterprise Products Partners L.P. (EPD), had multiple tranches of phantom units vest and convert into EPD common units on February 16, 2026. A total of 36,250 phantom units were settled into common units; 14,267 of those units were withheld to cover tax liabilities, resulting in cash withheld of approximately $524,313 (withholding price reported at $36.75 per unit). The transactions are reported as exercise/conversion of derivative securities (Transaction Code M) with tax-withholding disposals (Transaction Code F).
Key Details
- Transaction date: February 16, 2026; Form filed Feb 18, 2026 (filed within the usual 2-business-day window).
- Units converted (acquired): 8,750 + 10,000 + 9,375 + 8,125 = 36,250 phantom units converted to EPD common units.
- Units withheld for taxes (disposed): 3,444 + 3,935 + 3,690 + 3,198 = 14,267 units; total cash value withheld ≈ $524,313 at $36.75/unit.
- Some conversion entries show $0 proceeds for the derivative disposal lines — these reflect the vesting/settlement of phantom units into common units rather than a cash sale.
- Footnotes indicate these were phantom units (economic equivalent of one common unit) with varying original vesting schedules; settlement occurred upon vesting (see footnotes F1–F7). Power of attorney used to sign the form is on file (F8).
- Transaction codes: M = conversion/exercise of derivative (Rule 16b-3 exempt), F = shares delivered/withheld to pay tax liability.
- Shares owned after transaction: not specified in the provided excerpt of the Form 4.
Context This was a vesting/settlement of phantom equity awards and a cashless-type tax withholding (shares withheld rather than a cash payment) — a routine compensation event rather than an open-market buy or sale. Such conversions increase the insider’s reported equity position net of the withheld shares; they do not by themselves indicate a directional view on the stock.
Insider Transaction Report
- Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+8,750→ 144,825 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−3,444$126,567→ 141,381 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+10,000→ 151,381 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−3,935$144,611→ 147,446 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+9,375→ 156,821 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−3,690$135,608→ 153,131 total - Exercise/Conversion
Common Units Representing Limited Partnership Interests
[F1]2026-02-16+8,125→ 161,256 total - Tax Payment
Common Units Representing Limited Partnership Interests
2026-02-16$36.75/sh−3,198$117,527→ 158,058 total - Exercise/Conversion
Phantom Units
[F1][F2]2026-02-16−8,750→ 0 total→ Common Units (8,750 underlying) - Exercise/Conversion
Phantom Units
[F1][F3]2026-02-16−10,000→ 10,000 total→ Common Units (10,000 underlying) - Exercise/Conversion
Phantom Units
[F1][F4]2026-02-16−9,375→ 18,750 total→ Common Units (9,375 underlying) - Exercise/Conversion
Phantom Units
[F1][F5]2026-02-16−8,125→ 24,375 total→ Common Units (8,125 underlying)
- 100,000
Phantom Units
[F1][F6]→ Common Units (100,000 underlying) - 75,000
Phantom Units
[F1][F7][F8]→ Common Units (75,000 underlying)
Footnotes (8)
- [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 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]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.
- [F8]The power of attorney under which this form was signed is on file with the Commission.