Ferrellgas Partners awards director 5,782 units

The director's award vests on September 23, 2027, with cash payment following the first of three specified service, control, or grant-date events.

Rhea-AI Filing Summary

FERRELLGAS PARTNERS L P (symbol: FGPR) is the issuer of record for a Form 4 filing submitted to the SEC. Clifford Stephen M reported acquisition or exercise transactions in this Form 4 filing.

FERRELLGAS PARTNERS L P director Clifford Stephen M received an award of 5,782 Phantom Units on September 23, 2026, bringing reported direct Phantom Unit holdings to 27,003. Each Phantom Unit represents the economic equivalent of one Class A Unit and accrues dividend equivalent rights. The units vest on September 23, 2027; vested units carry a right to a cash payment following the first of termination of service from the Board of Directors, a change of control, or the third anniversary of the grant date. The payment amount equals the average closing price of a Class A Unit for the 10 trading days immediately preceding that event, subject to the award agreement. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Grant/Award: 5,782 shares

Grant/Award 1 txn

Insider Clifford Stephen M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units F1, F2, F3, F4	5,782	$0.00	$0.00

Holdings After Transaction: Phantom Units — 27,003 contracts (Direct)

Footnotes (4)

1. F1. Each Phantom Unit represents the economic equivalent of one Class A Unit.
2. F2. Accrues dividend equivalent rights.
3. F3. Vests on September 23, 2027. 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 September 23, 2026 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. F4. See above note.

Key Figures

Phantom Units awarded: 5,782 Phantom Units Direct Phantom Unit holdings after award: 27,003 Phantom Units Vesting date: September 23, 2027 +2 more

5 metrics

Phantom Units awarded 5,782 Phantom Units Awarded September 23, 2026

Direct Phantom Unit holdings after award 27,003 Phantom Units Reported following the September 23, 2026 transaction

Vesting date September 23, 2027 Phantom Unit award

Economic equivalent 1 Class A Unit per Phantom Unit Each Phantom Unit

Payment-price measurement period 10 trading days Average closing price immediately preceding the first specified payment event

Key Terms

Phantom Units, dividend equivalent rights, Class A Unit, Phantom Unit Award Agreement

4 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.

dividend equivalent rights financial

"Accrues dividend equivalent rights."

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

Class A Unit financial

"average closing price of a Class A Unit"

Phantom Unit Award Agreement financial

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

FAQ

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

How many Phantom Units did FGPR director Clifford Stephen M receive?

Clifford Stephen M received an award of 5,782 Phantom Units on September 23, 2026; reported direct Phantom Unit holdings after the award were 27,003.

When do FGPR's Phantom Units vest, and when can they be paid in cash?

The Phantom Units vest on September 23, 2027. A vested unit carries a right to a cash payment following the first of termination of service from the Board of Directors, a change of control, or the third anniversary of the September 23, 2026 grant date. The payment amount equals the average closing price of a Class A Unit for the 10 trading days immediately preceding that event, subject to the terms and conditions of the Phantom Unit Award Agreement.

Do FGPR Phantom Units include dividend equivalents?

Yes. The Phantom Units accrue dividend equivalent rights, and each represents the economic equivalent of one Class A Unit.

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

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Available on EDGAR 09/25/2026 - 12:34 PM Accepted by SEC EDGAR 09/25/2026 - 12:34 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

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^*

Clifford Stephen M

(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)
09/23/2026

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

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)	09/23/2026		A(2)		5,782		(3)	(4)	Class A Units	5,782	$0	27,003	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 September 23, 2027. 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 September 23, 2026 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	09/25/2026
	** 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)