FGPR director receives 8,492 phantom units; vesting on Oct 9, 2026

Rhea-AI Filing Summary

Ferrellgas Partners, L.P. reported a director award of 8,492 phantom units on October 9, 2025. Each phantom unit is economically equivalent to one Class A Unit and accrues dividend equivalent rights.

Following this grant, the director beneficially owns 21,221 derivative securities directly. The award vests on October 9, 2026 and is payable in cash upon the first to occur of service termination from the Board, a change of control, or the third anniversary of the grant, based on the 10‑day average closing price of a Class A Unit.

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^*

Clifford Stephen M

(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/ Stephen M. Clifford	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 Ferrellgas (FGPR) disclose in this Form 4?

A director received 8,492 phantom units on October 9, 2025, each economically equivalent to one Class A Unit.

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

The director beneficially owns 21,221 derivative securities directly after the reported transaction.

When do the Ferrellgas phantom units vest?

The phantom units vest on October 9, 2026.

How are the Ferrellgas phantom units settled?

Upon the first to occur of Board service termination, a change of control, or the third anniversary of the grant, they pay cash equal to the 10‑day average closing price of a Class A Unit.

Do the Ferrellgas phantom units earn dividends?

Yes. The award accrues dividend equivalent rights.

What class of security underlies the phantom units at FGPR?

The underlying security is Class A Units, one per phantom unit.