Ferrellgas director reshuffles Phantom and Class A units

Ferrellgas Partners director Hawks Carney reported a series of equity compensation transactions involving Class A Units and Phantom Units.

Rhea-AI Filing Summary

Ferrellgas Partners director Hawks Carney reported a series of equity compensation transactions involving Class A Units and Phantom Units. On May 18, 2026, he exercised 12,729 Phantom Units into the economic equivalent of Class A Units and then returned 12,729 Class A Units to the issuer, leaving him with 61,524 Class A Units held directly. The Phantom Units, each representing the economic equivalent of one Class A Unit, had vested on September 25, 2025 and became payable in cash based on the average closing price before May 18, 2026, but were forfeited on that date under the Phantom Unit Award Agreement.

Insights

Equity compensation analyst

Routine equity compensation reshuffle with no open-market buying or selling.

Director Hawks Carney carried out a compensation-related restructuring of his position in Ferrellgas Partners units. He exercised 12,729 Phantom Units into Class A Units and then returned the same number of Class A Units to the issuer.

Following these moves, he directly holds 61,524 Class A Units. The Phantom Units, which had vested on September 25, 2025 and were payable based on the average closing price before May 18, 2026, were forfeited that day under the award terms. Overall equity exposure looks largely unchanged, making this a routine administrative event rather than a strong directional signal.

Insider Trade Summary

12,729 shares exercised/converted

Exercise 4 txns

Insider Hawks Carney

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Units	12,729	$0.00	$0.00
Disposition	Phantom Units	8,492	$0.00	$0.00
Exercise	Class A Units	12,729	$0.00	$0.00
Disposition	Class A Units	12,729	$312,115.08	$3.97B

Holdings After Transaction: Phantom Units — 8,492 contracts (Direct); Class A Units — 61,524 shares (Direct)

Footnotes (2)

1. F1. Each Phantom Unit represents the economic equivalent of one Class A Unit. These Phantom Units vested on September 25, 2025 and became payable on May 18, 2026 pursuant to the terms and conditions of the Phantom Unit Award Agreement. Each vested Phantom Unit represents the right to receive a cash payment in an amount equal to the average closing price of a Class A Unit for the 10 trading days immediately preceding May 18, 2026, subject to the terms and conditions of the Phantom Unit Award Agreement.
2. F2. Pursuant to the terms and conditions of the Phantom Unit Award Agreement, these Phantom Units were forfeited on May 18, 2026.

Key Figures

Phantom Units exercised: 12,729 units Class A Units returned: 12,729 units Class A Units held after: 61,524 units +2 more

5 metrics

Phantom Units exercised 12,729 units Exercised into Class A Units on May 18, 2026

Class A Units returned 12,729 units Disposition to issuer on May 18, 2026

Class A Units held after 61,524 units Direct holdings following disposition transaction

Phantom Units disposed 8,492 units Derivative position reduced to zero on May 18, 2026

Phantom Units vest date September 25, 2025 Vesting date under Phantom Unit Award Agreement

Key Terms

Phantom Units, Class A Units, Disposition to issuer, Exercise or conversion of derivative security, +1 more

5 terms

Phantom Units financial

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

Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.

Class A Units financial

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

Class A units are a specific type of ownership stake in a company, fund, trust, or partnership that carries a defined set of rights—often different voting power, dividend priority, or fee arrangements—distinct from other classes of units. For investors they matter because those differences affect control, income and potential returns; think of two neighbors in the same building where one has a bigger say in decisions or a larger share of rental income.

Disposition to issuer financial

"transaction_code_description": "Disposition to issuer""

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Phantom Unit Award Agreement financial

"pursuant to the terms and conditions of the Phantom Unit Award Agreement."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Hawks Carney report for Ferrellgas Partners (FGPR)?

Hawks Carney reported exercising 12,729 Phantom Units into Class A Units, then returning 12,729 Class A Units to the issuer. He also disposed of Phantom Units under the award terms, reflecting a compensation-related restructuring rather than open-market trading.

How many Ferrellgas Partners (FGPR) Class A Units does Hawks Carney hold after these transactions?

After the reported transactions, Hawks Carney directly holds 61,524 Class A Units. This figure comes from the post-transaction ownership line associated with the disposition of 12,729 Class A Units back to the issuer on May 18, 2026.

What are Phantom Units in the Ferrellgas Partners (FGPR) compensation plan?

Phantom Units represent the economic equivalent of one Class A Unit. For this award, each vested Phantom Unit entitled the holder to a cash amount equal to the average closing price of a Class A Unit over ten trading days before May 18, 2026.

When did Hawks Carney’s Ferrellgas Partners (FGPR) Phantom Units vest and become payable?

The Phantom Units vested on September 25, 2025 and became payable on May 18, 2026. Payment was based on the average closing price of a Class A Unit for the ten trading days immediately before May 18, 2026, subject to award terms.

Were Hawks Carney’s Ferrellgas Partners (FGPR) Phantom Units ultimately paid out?

The Phantom Units were forfeited on May 18, 2026 under the Phantom Unit Award Agreement. Although they had vested and become payable based on a pricing formula, the award terms required forfeiture on that date, so they did not remain outstanding afterward.

Did Hawks Carney buy or sell Ferrellgas Partners (FGPR) units on the open market?

The reported codes show an exercise of Phantom Units and dispositions to the issuer, not open-market purchases or sales. These compensation-related movements reflect internal plan mechanics, not discretionary trading in the public market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/20/2026 - 04:11 PM Learn about SEC filing dates

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

X

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hawks Carney

(Last) (First) (Middle)

C/O FERRELLGAS, INC.

ONE LIBERTY PLAZA

(Street)

LIBERTY MISSOURI 64068

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2026

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

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

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

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
Class A Units	05/18/2026		M		12,729	A	(1)	74,253	D
Class A Units	05/18/2026		D		12,729	D	$312,115.08(1)	61,524	D

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)	05/18/2026		M			12,729	05/18/2026	05/18/2026	Class A Units	12,729	(1)	8,492	D
Phantom Units	$0	05/18/2026		D			8,492	(2)	(2)	Class A Units	8,492	$0	0	D

Explanation of Responses:

1. Each Phantom Unit represents the economic equivalent of one Class A Unit. These Phantom Units vested on September 25, 2025 and became payable on May 18, 2026 pursuant to the terms and conditions of the Phantom Unit Award Agreement. Each vested Phantom Unit represents the right to receive a cash payment in an amount equal to the average closing price of a Class A Unit for the 10 trading days immediately preceding May 18, 2026, subject to the terms and conditions of the Phantom Unit Award Agreement.

2. Pursuant to the terms and conditions of the Phantom Unit Award Agreement, these Phantom Units were forfeited on May 18, 2026.

	/s/ Carney Hawks	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)