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DS80PCI402: Programming the EEPROM

Part Number: DS80PCI402

Hi Sir, 

I want to design DSP80PCI402 as a master in I2C mode and connect with an EEPROM.
I have several questions in mind.

1. Is the AT24C04C EEPROM from Microchips compatible in this application?

2. is that okay if i program EEPROM with both EEPROM and DSP80PCI402 power on. note that the SCL and SDA for both devices are connected. 

3. If question 2 is feasible, what precaution should i take to prevent miscommunication and damage to the DSP80PCI402.

Thanks you.

-Desmond