EPD executive settles phantom units into common units
Enterprise Products Partners EVP & Chief Commercial Officer Michael C. Hanley reported equity award activity on February 16, 2026.
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Form Type
4
Rhea-AI Filing Summary
Enterprise Products Partners EVP & Chief Commercial Officer Michael C. Hanley reported equity award activity on February 16, 2026. He exercised phantom units into common units and used some of the newly issued units, at $36.75 per unit, to cover tax withholding. Following these transactions, he directly held 158,058 common units, plus 100,000 and 75,000 phantom units that vest in scheduled installments through 2030.
Insider Trade Summary
36,250 shares exercised/converted
Exercise
12 txns
Insider
Hanley Michael C.
Role
EVP & Chief Commercial Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Units | 8,750 | $0.00 | $0.00 |
| Exercise | Phantom Units | 10,000 | $0.00 | $0.00 |
| Exercise | Phantom Units | 9,375 | $0.00 | $0.00 |
| Exercise | Phantom Units | 8,125 | $0.00 | $0.00 |
| Exercise | Common Units Representing Limited Partnership Interests | 8,750 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units Representing Limited Partnership Interests | 3,444 | $36.75 | $127K |
| Exercise | Common Units Representing Limited Partnership Interests | 10,000 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units Representing Limited Partnership Interests | 3,935 | $36.75 | $145K |
| Exercise | Common Units Representing Limited Partnership Interests | 9,375 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units Representing Limited Partnership Interests | 3,690 | $36.75 | $136K |
| Exercise | Common Units Representing Limited Partnership Interests | 8,125 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units Representing Limited Partnership Interests | 3,198 | $36.75 | $118K |
| Holding | Phantom Units | -- | -- | -- |
| Holding | Phantom Units | -- | -- | -- |
Holdings After Transaction:
Phantom Units — 228,125 contracts for 175,000 underlying shares (Direct);
Common Units Representing Limited Partnership Interests — 158,058 shares (Direct)
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did EPD executive Michael Hanley report?
Michael Hanley reported equity award-related transactions converting phantom units into Enterprise Products Partners common units and using some units to cover tax withholding. These were derivative exercises and tax settlements, not open-market purchases or sales, and reflect routine compensation vesting activity.
Did Michael Hanley buy or sell EPD units on the open market?
No open-market trades were reported. The Form 4 shows exercises of phantom units and dispositions coded as “F” to pay tax obligations using common units at $36.75 per unit, all tied to equity awards rather than discretionary market buying or selling.
How many EPD common units does Michael Hanley hold after these transactions?
After the reported transactions, Hanley directly holds 158,058 common units of Enterprise Products Partners. This balance reflects units received from phantom unit conversions, reduced by units delivered to satisfy tax withholding obligations associated with those vesting awards.
What are EPD phantom units mentioned in Michael Hanley’s Form 4?
Each phantom unit is the economic equivalent of one EPD common unit. As they vest, phantom units settle into an equal number of common units. Remaining awards vest over multiple annual installments and, in one grant, fully vest on February 16, 2030, then settle into common units.
What do the F-coded transactions at $36.75 mean for EPD insider Hanley?
The F-coded transactions represent tax-withholding dispositions. Common units valued at $36.75 per unit were delivered to satisfy exercise price or tax liabilities arising from phantom unit conversions, rather than reflecting open-market sales to third-party investors.
How many EPD phantom units remain outstanding for Michael Hanley?
Hanley continues to hold two phantom unit awards, with 100,000 and 75,000 phantom units outstanding. These vest in scheduled annual installments beginning in 2026 and 2027, with one grant vesting entirely on February 16, 2030 and settling into common units.
AI-generated analysis. How Rhea-AI works. Not financial advice.
