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
 


Equity-Based Awards Outstanding at December 31, 2017

The following information summarizes each named executive officer’s long-term incentive awards outstanding at December 31, 2017.  These amounts are presented on a gross basis and do not reflect any allocation of compensation to affiliates under the ASA.

      
Unit Awards
 
 
         
Market
 
      
Number
   
Value
 
 
    
of Units
   
of Units
 
 
    
That Have
   
That Have
 
 
Vesting  
Not Vested
   
Not Vested
 
Award Type/Named Executive Officer
Date
 
(#) (1)
 
 
($) (2)
 
Phantom unit awards: (3)
               
   A. James Teague
Various
   
356,600
   
$
9,453,466
 
   W. Randall Fowler
Various
   
268,212
     
7,110,300
 
   Bryan F. Bulawa
Various
   
91,174
     
2,417,023
 
   William Ordemann
Various
   
135,000
     
3,578,850
 
   Graham W. Bacon
Various
   
129,750
     
3,439,673
 
   Brent B. Secrest
Various
   
57,625
     
1,527,639
 
                   
Profits interest awards:
                 
   A. James Teague (4)
2/22/20
   
--
   
$
383,703
 
   W. Randall Fowler (5)
2/22/21
   
--
     
532,803
 
   Bryan F. Bulawa (6)
2/22/21
   
--
     
388,332
 
   William Ordemann (4)
2/22/20
   
--
     
383,703
 
   Graham W. Bacon  (4)
2/22/20
   
--
     
438,517
 
   Brent B. Secrest (6)
2/22/21
   
--
     
242,708
 
                   
(1)   Represents the total number of phantom unit awards outstanding for each named executive officer.
(2)   With respect to amounts presented for phantom unit awards, the market values were derived by multiplying the total number of each award type outstanding for the named executive officer by the closing price of our common units on December 29, 2017 (the last trading day of 2017) of $26.51 per unit. With respect to amounts presented for the profits interest awards, amount represents the estimated liquidation value to be received by the named executive officer based on the closing price of our common units on December 29, 2017 and the terms of liquidation outlined in the applicable Employee Partnership agreement.
(3)   Of the 1,038,361 phantom unit awards presented in the table, the vesting schedule is as follows: 392,136 in 2018; 305,562 in 2019; 229,263 in 2020 and 111,400 in 2021.
(4)   With respect to PubCo I, the profit interest share held by Messrs. Teague, Ordemann and Bacon at December 31, 2017 was approximately 4.5%, 4.5% and 5.2%, respectively.
(5)   Mr. Fowler’s share of the profits interest in PrivCo I was approximately 15.5% at December 31, 2017.
(6)   Mr. Bulawa’s and Mr. Secrest’s share of the profits interest in PubCo II was approximately 4.4% and 2.8%, respectively, at December 31, 2017.
 

Phantom unit awards
For a brief description of phantom unit awards, see “Grants of Equity-Based Awards in Fiscal Year 2017” within this Item 11.

Profits interest awards
In February 2016, EPCO Holdings Inc. (“EPCO Holdings”), a privately held affiliate of EPCO, contributed the following Enterprise common units it owned to the Employee Partnerships: (i) 2,723,052 units to PubCo I, (ii) 2,834,198 units to PubCo II and (iii) 1,111,438 units to PrivCo I.  In exchange for these contributions, EPCO Holdings was admitted as the Class A limited partner of each Employee Partnership. Also on the applicable contribution date, certain key EPCO employees, including the named executive officers, were issued Class B limited partner interests (i.e., profits interest awards) and admitted as Class B limited partners of each Employee Partnership, all without any capital contribution by such employees.  EPCO serves as the general partner of each Employee Partnership.  The profits interest awards were not issued under the 2008 Plan.

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