Enterprise Products Partners L.P.

SEC Filings

10-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 10-K on 02/28/2018
Entire Document
 


The following table presents the components of “All Other Compensation” for each named executive officer for the year ended December 31, 2017:
 
Named Executive Officer
 
Contributions
Under
Funded,
Qualified,
Defined
Contribution
Retirement
Plans
   
Quarterly
Distributions
Paid On
Equity-
Based
Awards
(1)
   
Life
Insurance
Premiums
   
Other
   
Total
All Other
Compensation
 
A. James Teague
 
$
29,700
   
$
607,802
   
$
7,663
   
$
5,973
   
$
651,138
 
W. Randall Fowler
   
22,275
     
345,179
     
3,267
     
3,470
     
374,191
 
Bryan F. Bulawa (2)
   
25,245
     
138,945
     
842
     
17,125
     
182,157
 
William Ordemann (2)
   
32,400
     
233,634
     
2,838
     
33,198
     
302,070
 
Graham W. Bacon
   
32,400
     
222,877
     
1,518
     
6,706
     
263,501
 
Brent B. Secrest (3)
   
29,700
     
93,037
     
631
     
254,716
     
378,084
 
                                         
(1)   Reflects aggregate cash payments made to the named executive officer in connection with (i) distribution equivalent rights
(“DERs”) issued in tandem with phantom unit awards, (ii) distributions paid on restricted common units and (iii) distributions paid in connection with profits interest awards. With respect to DER amounts allocated to us, the following cash payments were made to the named executive officers during the year ended December 31, 2017: Mr. Teague, $580,660; Mr. Fowler, $323,667; Mr. Bulawa, $124,862; Mr. Ordemann, $217,193; Mr. Bacon, $205,596; and Mr. Secrest, $83,328.
(2)   Amounts presented as “Other” for Mr. Bulawa and Mr. Ordemann include lump sum payments of $12,750 and $25,000, respectively, paid in April 2017 in lieu of increases in their respective base cash salaries.
(3)  Amount presented as “Other” for Mr. Secrest includes a retention payment made pursuant to a retention agreement he entered into with EPCO in January 2014. For further information, please see the discussion of this agreement and payment under “Compensation Discussion and Analysis – Elements of Compensation” below.
 

Compensation Discussion and Analysis

Elements of Compensation
With respect to our named executive officers, compensation paid or awarded by us reflects only that portion of compensation paid by EPCO and allocated to us pursuant to the ASA, including an allocation of a portion of the cost of long-term incentive plans of EPCO. The elements of EPCO’s compensation program, along with EPCO’s other incentives (e.g., benefits, work environment and career development), are intended to provide a total rewards package to employees.  The objective of EPCO’s compensation program is to provide competitive compensation opportunities that will align and drive employee performance toward the creation of sustained long-term unitholder value. We believe that our compensation program allows us to attract, motivate and retain high quality talent with the skills and competencies we require. Our compensation packages are designed to reward contributions by employees in support of the business strategies of EPCO and its affiliates at both our partnership and individual levels and to avoid risks that are likely to conflict with our risk management policies.

For the years ended December 31, 2017 and 2016, the primary elements of compensation for the named executive officers consisted of annual cash base salary, discretionary annual bonus (satisfied principally through the issuance of Enterprise common units), phantom unit and profits interest awards under long-term incentive arrangements and other compensation, including very limited perquisites.  For the year ended December 31, 2015, the primary compensation elements consisted of annual cash base salary, discretionary annual cash bonus awards, phantom unit awards and other compensation, including very limited perquisites.  With respect to the annual periods presented in the Summary Compensation Table, EPCO’s compensation package for the named executive officers did not include any compensation elements based on targeted performance-based criteria. We believe that the absence of targeted performance-based criteria has the effect of discouraging excessive risk taking by our named executive officers.

Changes in the base salaries of our named executive officers during the three years ending December 31, 2017 were largely budget-driven and made consistent relative to increases in the base salaries of our other executive officers.
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