SPH insider Form 4 shows equity vesting and 34,049 phantom units

Rhea-AI Filing Summary

Suburban Propane Partners (SPH)11/14/2025 and 11/15/2025, the officer had restricted and phantom units vest, with related transactions in common units.

On 11/14/2025, 7,816 common units were withheld at $18.83 to cover taxes tied to vesting, 15,331 common units were acquired at $18.83 through the exercise of derivative awards, and 15,331 common units were disposed of at $18.83. On 11/15/2025, 17,415 common units were acquired at $0.0000 upon vesting.

Following these transactions, the officer beneficially owned 105,776 common units directly. In addition, the officer held 34,049 phantom units, which vest in thirds over three years and convert into cash based on the issuer’s common unit trading prices at vesting.

11/18/2025 - 10:32 AM

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

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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^*

Cleffi Francesca

(Last) (First) (Middle)

C/O SUBURBAN PROPANE PARTNERS, L.P.

240 ROUTE 10 WEST

(Street)

WHIPPANY NJ 07981-0206

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SUBURBAN PROPANE PARTNERS LP [ SPH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice President,Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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
Common Units (representing limited partnership interests)	11/14/2025		F(1)		7,816	D	$18.83	88,361	D
Common Units (representing limited partnership interests)	11/14/2025		M		15,331	A	$18.83	103,692	D
Common Units (representing limited partnership interests)	11/14/2025		D		15,331	D	$18.83	88,361	D
Common Units (representing limited partnership interests)	11/15/2025		A		17,415	A	$0.0000	105,776	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	(2)	11/14/2025		M			15,331	(2)	(2)	Common Units	15,331	(2)	16,634	D
Phantom Units	(2)	11/15/2025		A		17,415		(2)	(2)	Common Units	17,415	$0.0000	34,049	D

Explanation of Responses:

1. Represents filer's payment of tax liability in connection with the vesting of previously granted restricted units by means of Issuer's withholding of Common Units in accordance with the provisions of Issuer's restricted unit plan and SEC Rule 16b-3.

2. One third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continuous employment or service of the reporting person from the grant date through the applicable payment date. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of the Issuer's Common Units on the vesting date.

	Bryon Koepke, by power of attorney	11/17/2025
	** 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 insider activity did Suburban Propane Partners (SPH) report on this Form 4?

The filing shows the Vice President, Human Resources of Suburban Propane Partners (SPH) had restricted and phantom units vest on 11/14/2025 and 11/15/2025, triggering tax withholding, exercises, acquisitions, and dispositions of common units.

How many SPH common units does the reporting person own after these transactions?

After the reported transactions, the officer beneficially owned 105,776 common units of Suburban Propane Partners LP directly.

What were the key SPH unit transactions and prices on 11/14/2025?

On 11/14/2025, 7,816 common units were withheld at $18.83 to pay taxes, 15,331 common units were acquired at $18.83 through an exercise, and 15,331 common units were disposed of at $18.83.

What happened with SPH common units on 11/15/2025 for the reporting person?

On 11/15/2025, the officer acquired 17,415 common units at $0.0000, reflecting the vesting of equity awards without additional cash payment.

How many phantom units of SPH does the reporting person hold after these transactions?

The Form 4 indicates the officer beneficially owned 34,049 phantom units following the reported activity.

How do Suburban Propane Partners (SPH) phantom units work for this officer?

According to the filing, one third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continuous employment or service, and upon vesting they automatically convert into cash equal to the average of the highest and lowest trading prices of SPH common units on the vesting date.

Why were some SPH common units withheld from the reporting person?

The filing explains that 7,816 common units were withheld as payment of the officer’s tax liability in connection with the vesting of previously granted restricted units, in line with the issuer’s restricted unit plan and SEC Rule 16b-3.