Graham Bacon of Enterprise Products (NYSE: EPD) settles phantom units

Rhea-AI Filing Summary

Enterprise Products Partners’ executive vice president and COO Graham W. Bacon reported compensation-related unit activity. On February 16, 2026, he exercised phantom units that convert into common units, increasing his direct holdings. In separate entries, blocks of common units were withheld at a stated price of $36.75 per unit to cover tax obligations.

Insider Trade Summary

90,000 shares exercised/converted

Mixed 13 txns

Insider Bacon Graham W.

Role EXECUTIVE VICE PRESIDENT & COO

Type	Security	Shares	Price	Value
Exercise	Phantom Units	23,750	$0.00	--
Exercise	Phantom Units	25,000	$0.00	--
Exercise	Phantom Units	22,500	$0.00	--
Exercise	Phantom Units	18,750	$0.00	--
Exercise	Common Units Representing Limited Partnership Interests	23,750	$0.00	--
Tax Withholding	Common Units Representing Limited Partnership Interests	9,346	$36.75	$343K
Exercise	Common Units Representing Limited Partnership Interests	25,000	$0.00	--
Tax Withholding	Common Units Representing Limited Partnership Interests	9,838	$36.75	$362K
Exercise	Common Units Representing Limited Partnership Interests	22,500	$0.00	--
Tax Withholding	Common Units Representing Limited Partnership Interests	8,854	$36.75	$325K
Exercise	Common Units Representing Limited Partnership Interests	18,750	$0.00	--
Tax Withholding	Common Units Representing Limited Partnership Interests	7,379	$36.75	$271K
holding	Phantom Units	--	--	--

Holdings After Transaction: Phantom Units — 0 shares (Direct); Common Units Representing Limited Partnership Interests — 645,643 shares (Direct)

Footnotes (1)

1. Each phantom unit is the economic equivalent of one EPD common unit. 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. 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. 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. 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. 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. The power of attorney under which this form was signed is on file with the Commission.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bacon Graham W.

(Last) (First) (Middle)

1100 LOUISIANA STREET

SUITE 1000

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE PRODUCTS PARTNERS L.P. [ EPD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE VICE PRESIDENT & COO

3. Date of Earliest Transaction (Month/Day/Year)
02/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units Representing Limited Partnership Interests	02/16/2026		M		23,750	A	(1)	645,643	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		9,346	D	$36.75	636,297	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		25,000	A	(1)	661,297	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		9,838	D	$36.75	651,459	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		22,500	A	(1)	673,959	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		8,854	D	$36.75	665,105	D
Common Units Representing Limited Partnership Interests	02/16/2026		M		18,750	A	(1)	683,855	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		7,379	D	$36.75	676,476	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	02/16/2026		M			23,750	(2)	(2)	Common Units	23,750	$0	0	D
Phantom Units	(1)	02/16/2026		M			25,000	(3)	(3)	Common Units	25,000	$0	25,000	D
Phantom Units	(1)	02/16/2026		M			22,500	(4)	(4)	Common Units	22,500	$0	45,000	D
Phantom Units	(1)	02/16/2026		M			18,750	(5)	(5)	Common Units	18,750	$0	56,250	D
Phantom Units	(1)							(6)	(6)	Common Units	85,000		85,000	D(7)

Explanation of Responses:

1. Each phantom unit is the economic equivalent of one EPD common unit.

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. The power of attorney under which this form was signed is on file with the Commission.

Remarks:

Transaction Code M - Exercise or conversion of derivative security exempted pursuant to Rule 16b-3; Transaction Code F - Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3

	/s/Jennifer W. Dickson, Attorney-in-Fact on Behalf of Graham W. Bacon	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did EPD executive Graham W. Bacon report?

Graham W. Bacon reported exercises of phantom units that converted into common units and related tax-withholding dispositions. These entries reflect compensation vesting and settlement, rather than open-market purchases or sales, and adjust his direct ownership position in Enterprise Products Partners’ common units.

What are phantom units in the EPD Form 4 for Graham W. Bacon?

Phantom units are awards economically equivalent to one Enterprise Products Partners common unit. According to the filing, these phantom units vest in scheduled annual installments and, upon vesting and settlement, are exchanged on a one-for-one basis for EPD common units under the company’s compensation arrangements.

Did Graham W. Bacon sell EPD units on the open market in this filing?

The filing shows no open-market sales. Dispositions are coded “F,” indicating units were delivered to satisfy exercise price or tax liabilities. These tax-withholding dispositions reduce the net units received from phantom unit settlement but do not represent discretionary market sales of Enterprise Products Partners units.

How did the Form 4 transactions affect Graham W. Bacon’s EPD holdings?

The transactions increased his holdings through conversion of phantom units into common units, while some units were simultaneously withheld to cover taxes. The reported end-of-transaction balances show a higher direct common unit total, reflecting net equity compensation after these tax-related withholdings were applied.

What vesting schedule applies to Graham W. Bacon’s EPD phantom units?

Footnotes describe phantom units vesting in remaining equal annual installments beginning February 16, 2026, with some series extending to February 16, 2027. Each installment expires upon vesting and is settled in an equal number of EPD common units, aligning compensation delivery with these scheduled vesting dates.