Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On
Long-Term Incentive Plan
The Long-Term Incentive Plan, which was also approved by (i) the Incentive Plan
Administration Subcommittee (the "IPA Subcommittee") of the Governance Committee
of the board of directors of the Partnership's general partner (the "Board") and
(ii) the Board, is a plan under which any director, employee or consultants of
The Long-Term Incentive Plan is administered by the IPA Subcommittee, which has significant authority thereunder to, among other things, (i) designate participants; (ii) determine the type or types of award(s) and the number of common units to be covered by any award; (iii) determine the terms and conditions of any award; and (iv) determine whether, to what extent and under what circumstances participants may settle, exercise, cancel or forfeit any award.
The maximum aggregate number of common units that have been, or in the future
may be, delivered to participants with respect to awards under the Long-Term
Incentive Plan is 165,000,000 common units, subject to adjustments as provided
in the plan. The Long-Term Incentive Plan is effective until the tenth
anniversary (
The foregoing description of the Long-Term Incentive Plan in this Current Report
on Form 8-K does not purport to be complete and is qualified in its entirety by
reference to the previously reported information regarding the Long-Term
Incentive Plan set forth in, and the form thereof attached as Annex A to, the
Partnership's definitive proxy statement filed on
Unit Purchase Plan
The Unit Purchase Plan, which was also approved by the Board, provides for any eligible employee, as described below, to elect to have his or her employer withhold on an after-tax basis 1% to 15% of their eligible compensation for each pay period for the purchase of Partnership common units. Subject to certain conditions for restricted participants, an eligible employee may cancel or change, within the limitations under the Unit Purchase Plan, their withholding election at any time. Contributions under the Unit Purchase Plan may only be made through payroll deductions.
Eligible persons for participation in the plan include any person who is a regular, active, full-time employee of EPCO (or any affiliate the UPP Committee (as defined below) has designated as a participating entity) and whose regularly scheduled work week is at least 30 hours per week, but excluding (i) any such employee covered by a collective bargaining agreement unless such bargaining agreement provides for his or her participation in the Unit Purchase Plan, (ii) any temporary, project or "leased" employee, any "co-employee" and any nonresident alien and (iii) any employee who owns, directly or indirectly, 5% or more of the total combined voting power or value of all classes of equity interests in either the Partnership, EPCO or any other designated employer.
The Unit Purchase Plan will be administered by a committee (the "UPP Committee") appointed by the officers of EPCO to administer the plan. Subject to the terms of the Unit Purchase Plan and applicable law, and in addition to other express powers and authorizations granted to the UPP Committee by the Unit Purchase Plan, the UPP Committee's significant powers under the Unit Purchase Plan include, but are not limited to: (i) determining which persons are eligible employees; (ii) determining the number of common units to be purchased by or for a participant; (iii) determining the time, the fair market value or other purchase price, and the manner for purchasing common units; (iv) interpreting, construing and administering the Unit Purchase Plan, including without limitation, determining the plan blackout periods and which participants are restricted participants; (v) establishing, amending, suspending, or waiving such rules and regulations and appointing such agents as the UPP Committee deems appropriate for the proper administration of the Unit Purchase Plan; (vi) determining the right of any person to receive common units under the Unit Purchase Plan; and (vii) making any other determination and taking any other action that the UPP Committee deems necessary, helpful or desirable for the administration of the Unit Purchase Plan.
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The maximum aggregate number of common units that have been, or in the future
may be, delivered under the Unit Purchase Plan is 23,000,000 common units,
subject to adjustments as provided in the plan or to prevent the delivery of
fractional units. The Unit Purchase Plan is effective until the tenth
anniversary (
The foregoing description of the Unit Purchase Plan in this Current Report on
Form 8-K does not purport to be complete and is qualified in its entirety by
reference to the previously reported information regarding the Unit Purchase
Plan set forth in, and the form thereof attached as Annex B to, the
Partnership's definitive proxy statement filed on
Item 5.07 Submission of Matters to a Vote of Security Holders.
A special meeting of unitholders of the Partnership was held on
• to approve the Long-Term Incentive Plan; and • to approve the Unit Purchase Plan.
Under the NYSE Listed Company Manual, each of the proposals required the approval of a majority of the votes cast by the Partnership's unitholders, provided that the total votes cast on the proposal represent more than 50% of all units entitled to vote (including the Partnership's outstanding common units and Series A Cumulative Convertible Preferred Units on an as-converted basis). Votes "for" and "against" and abstentions counted as votes cast, while broker non-votes did not count as votes cast for the proposals.
The number of votes cast with respect to the proposal to approve the Long-Term Incentive Plan were as follows:
Total Votes Cast Votes Approving (as % of Broker (as % of Total Outstanding For Against Abstain Non-Votes Votes Cast) Units) 1,094,525,833.624 217,772,114.937 6,525,728.214 0 82.99% 60.56%
The number of votes cast with respect to the proposal to approve the Unit Purchase Plan were as follows:
Total Votes Cast Votes Approving (as % of Broker (as % of Total Outstanding For Against Abstain Non-Votes Votes Cast) Units) 1,298,590,029.971 14,723,684.191 5,509,962.613 0 98.47% 60.56%
The descriptions of the Long-Term Incentive Plan and the Unit Purchase Plan set forth under Item 5.02 hereof are hereby incorporated by reference into this Item 5.07.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1 2008 Enterprise Products Long-Term Incentive Plan (Fourth Amendment and Restatement) (incorporated by reference to Annex A to Definitive Proxy Statement filedOctober 24, 2022 ). 10.2 EPD Unit Purchase Plan (Sixth Amendment and Restatement) (incorporated by reference to Annex B to Definitive Proxy Statement filedOctober 24, 2022 ). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
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