EPD (EPD) director converts phantom units and disposes shares for taxes

Rhea-AI Filing Summary

Enterprise Products Partners L.P. director Richard H. Bachmann exercised 83,500 phantom units into an equal number of common units representing limited partnership interests on February 16, 2026, at a stated price of $0.00 per unit. Following this derivative exercise, his direct ownership in common units increased, with 2,303,684 units reported before a related tax transaction.

To cover tax obligations tied to this vesting and settlement, 32,858 common units were disposed of at $36.75 per unit, leaving Bachmann with 2,270,826 common units held directly after these transactions. The phantom units are economically equivalent to common units and future phantom unit awards are scheduled to vest annually from February 16, 2027 through February 16, 2030, each expiring upon vesting and settlement into an equal number of common units.

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

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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^*

BACHMANN RICHARD H

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		83,500	A	(1)	2,303,684	D
Common Units Representing Limited Partnership Interests	02/16/2026		F		32,858	D	$36.75	2,270,826	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			83,500	(2)	(2)	Common Units	83,500	$0	0	D
Phantom Units	(1)							(3)	(3)	Common Units	375,000		375,000	D
Phantom Units	(1)							(4)	(4)	Common Units	400,000		400,000	D
Phantom Units	(1)							(5)	(5)	Common Units	340,000		340,000	D
Phantom Units	(1)							(6)	(6)	Common Units	350,000		350,000	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 on February 16, 2027. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

4. These phantom units vest on February 16, 2028. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

5. These phantom units vest on February 16, 2029. These phantom units will expire upon vesting and settlement thereof in exchange for an equal number of EPD common units.

6. 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.

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 Richard H. Bachmann	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).
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FAQ

What insider transactions did EPD director Richard H. Bachmann report on this Form 4?

Richard H. Bachmann reported exercising 83,500 phantom units into 83,500 Enterprise Products Partners common units and disposing of 32,858 common units to satisfy tax obligations. After these transactions, he directly held 2,270,826 common units in the partnership.

How many Enterprise Products Partners (EPD) common units did the director receive from phantom units?

Bachmann received 83,500 common units upon exercising 83,500 phantom units. Each phantom unit is economically equivalent to one EPD common unit, and the exercise was reported at a stated price of $0.00 per unit in the Form 4 filing.

Why were 32,858 EPD common units disposed of in this insider filing?

The 32,858 EPD common units were disposed of to pay the exercise price or related tax liability, as indicated by transaction code F. This reflects a tax-withholding disposition rather than an open-market sale of units by the reporting director.

What is Richard H. Bachmann’s direct EPD common unit ownership after these transactions?

After exercising phantom units and disposing of units for tax withholding, Bachmann directly owned 2,270,826 common units of Enterprise Products Partners. This figure reflects his reported direct holdings immediately following the February 16, 2026 transactions disclosed in the Form 4.

How do EPD phantom units work for the reporting director in this Form 4?

Each phantom unit is economically equivalent to one EPD common unit. Phantom units vest on specified future dates and expire upon vesting and settlement into common units, providing the director with equity-based compensation aligned with Enterprise Products Partners’ common units.

When will the remaining EPD phantom units reported by the director vest?

The remaining phantom units reported are scheduled to vest on February 16 in successive years: 2027, 2028, 2029, and 2030. At each vesting date, the phantom units will expire upon settlement into an equal number of Enterprise Products Partners common units.