[Form 4] FERRELLGAS PARTNERS L P Insider Trading Activity

Rhea-AI Filing Summary

Ferrellgas Partners (FGPR) director reported a compensation grant. On October 9, 2025, a director received 8,492 Phantom Units at a price of $0. Following this grant, the director beneficially owned 21,221 derivative securities directly.

Each Phantom Unit equals the economic value of one Class A Unit and accrues dividend equivalent rights. The award vests on October 9, 2026 and is payable in cash after the earliest of a termination of Board service, a change of control, or the third anniversary of the October 9, 2025 grant date, based on the average closing price over the 10 trading days before that event.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

FERRELL JAMES E

(Last) (First) (Middle)

C/O FERRELLGAS, INC.

ONE LIBERTY PLAZA

(Street)

LIBERTY MO 64068

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FERRELLGAS PARTNERS L P [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(1)	10/09/2025		A(2)		8,492		(3)	(4)	Class A Units	8,492	$0	21,221	D

Explanation of Responses:

1. Each Phantom Unit represents the economic equivalent of one Class A Unit.

2. Accrues dividend equivalent rights.

3. Vests on October 9, 2026. Each vested Phantom Unit represents the right to receive a cash payment following the first to occur of (1) termination of service from the Board of Directors, (2) a change of control, or (3) the third anniversary of the October 9, 2025 grant date, in an amount equal to the average closing price of a Class A Unit for the 10 trading days immediately preceding the first to occur of the foregoing, subject to the terms and conditions of the Phantom Unit Award Agreement.

4. See above note.

	/s/ James E. Ferrell	10/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did FGPR disclose in this Form 4?

A director received 8,492 Phantom Units on October 9, 2025 at a price of $0 as part of compensation.

How many derivative securities does the FGPR director hold after the grant?

Following the grant, the director beneficially owned 21,221 derivative securities directly.

What do FGPR Phantom Units represent?

Each Phantom Unit is the economic equivalent of one Class A Unit and accrues dividend equivalent rights.

When do the FGPR Phantom Units vest?

The award vests on October 9, 2026.

How are the Phantom Units settled at FGPR?

Each vested unit pays cash equal to the average closing price over the 10 trading days preceding the trigger event.

What events trigger payment for FGPR Phantom Units?

Cash payment occurs after the first of: termination of Board service, a change of control, or the third anniversary of the grant date.