Phantom Unit Grant with DERs under the (Fourth Amendment and Restatement)Enterprise Products Partners L.P. • February 28th, 2023 • Natural gas transmission • Delaware
Enterprise Products Company (the “Company”) is pleased to inform you that you have been granted under the 2008 Enterprise Products Long-Term Incentive Plan (Fourth Amendment and Restatement) (the “Plan”) the number of Phantom Units set forth above. A Phantom Unit is a contractual right to receive, on or following its vesting, a Common Unit of Enterprise Products Partners L.P. (the “Partnership”). Each Phantom Unit granted to you also has a tandem distribution equivalent right (“DER”) that entitles you to receive, on or as soon as reasonably practical following each Distribution Date (as defined below) on which the DER remains credited to you, an amount of cash equal to the cash distribution paid on a Common Unit on that Distribution Date. The terms of this grant are as follows:
