[Form 4] FERRELLGAS PARTNERS L P Insider Trading Activity

Rhea-AI Filing Summary

Ferrellgas Partners, L.P. (FGPR) reported an insider equity award: a director received 8,492 Phantom Units on 10/09/2025.

Each Phantom Unit represents the economic equivalent of one Class A Unit and was granted at $0. The award vests on 10/09/2026 and accrues dividend equivalent rights. Upon vesting, each unit entitles the holder to a cash payment equal to the average closing price of a Class A Unit for the 10 trading days immediately preceding the earlier of (1) termination of service from the Board, (2) a change of control, or (3) the third anniversary of the 10/09/2025 grant date, subject to the award agreement.

Following this transaction, the reporting person beneficially owned 21,221 derivative securities, held as Direct (D) ownership.

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^*

Eby Joe

(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/ Joe Eby	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 was granted 8,492 Phantom Units on 10/09/2025.

What do the Phantom Units represent for FGPR?

Each Phantom Unit is the economic equivalent of one Class A Unit.

When do the FGPR Phantom Units vest?

They vest on 10/09/2026.

How are the Phantom Units settled at FGPR?

Upon the specified event, each vested unit pays cash equal to the 10-day average closing price of a Class A Unit.

What events can trigger payout of the FGPR Phantom Units?

The earlier of Board service termination, a change of control, or the third anniversary of the 10/09/2025 grant date.

Do the FGPR Phantom Units include dividend equivalents?

Yes, the award accrues dividend equivalent rights.

What is the reporting person’s FGPR beneficial ownership after the grant?

They beneficially owned 21,221 derivative securities, held as Direct (D).