Ferrellgas (FGPR) director converts 3,120 Class B units into Class A

Rhea-AI Filing Summary

Ferrellgas Partners L.P. director James E. Ferrell reported a conversion of partnership units. On March 16, 2026, 3,120 Class B Units were converted into 15,600 Class A Units at a fixed rate of five Class A Units for each Class B Unit, with no cash price per unit.

The transaction is classified as an acquisition through derivative conversion, not an open-market purchase or sale, and leaves Ferrell with 15,600 Class A Units held directly. According to the footnote, all of the issuer's outstanding Class B Units were similarly converted into Class A Units.

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

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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^*

FERRELL JAMES E

(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)
03/16/2026

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	03/16/2026		C(1)		15,600	A	(1)	15,600	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
Class B Units	(1)	03/16/2026		C			3,120	(1)	(1)	Class A Units	(1)	$0	0	D

Explanation of Responses:

1. On March 16, 2026, all of the Issuer's outstanding Class B Units were converted into Class A Units of the Issuer at a conversion rate of five Class A Units for each Class B Unit. The Class B Units were convertible at the option of the Issuer, subject to satisfaction of a specified condition, at specified conversion rates applicable to specified time periods. The Class B Units had no expiration date.

	/s/ James E. Ferrell	03/26/2026
	** 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)

FAQ

What insider transaction did Ferrellgas Partners (FGPR) report for James E. Ferrell?

James E. Ferrell reported a conversion of units, not a market trade. On March 16, 2026, 3,120 Class B Units converted into 15,600 Class A Units, reflecting a structural change in the partnership’s capital rather than a buy or sell decision.

How many Ferrellgas (FGPR) Class A Units does James E. Ferrell hold after the conversion?

After the reported conversion, James E. Ferrell directly holds 15,600 Class A Units. These units came from converting 3,120 Class B Units at a five-for-one rate, with no stated cash consideration per unit in the filing.

What was the conversion rate between Ferrellgas (FGPR) Class B and Class A Units?

The filing states a fixed conversion rate of five Class A Units for each Class B Unit. On March 16, 2026, all outstanding Class B Units of the issuer converted into Class A Units using this same five-for-one conversion ratio.

Did James E. Ferrell buy or sell Ferrellgas (FGPR) units in this Form 4?

The Form 4 reports a derivative conversion, not a purchase or sale. Code “C” indicates conversion of Class B Units into Class A Units, classified as an acquisition through conversion rather than an open-market buy or sell transaction.

Were all Ferrellgas Partners (FGPR) Class B Units converted or only those of James E. Ferrell?

The footnote explains that all of the issuer’s outstanding Class B Units were converted into Class A Units on March 16, 2026. James E. Ferrell’s reported 3,120 Class B Units were part of this issuer-wide conversion.