Suburban Propane VP reports SPH unit trades and new phantom awards

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH)11/14/2025 and 11/15/2025. The filing shows multiple movements in Common Units representing limited partnership interests at a transaction price of $18.83, including 4,807 units disposed of to cover tax obligations and 9,460 units acquired and then disposed of on the same date. After these transactions, the reporting person directly held 55,375 Common Units.

On the following day, the insider acquired an additional 10,717 Common Units at a stated price of $0.0000, increasing direct beneficial ownership to 66,092 Common Units. In Table II, the insider exercised and received derivative awards in the form of phantom units tied to Common Units: 9,460 phantom units were exercised on 11/14/2025, and 10,717 phantom units were granted on 11/15/2025, resulting in 21,316 phantom units held after the reported transactions.

11/18/2025 - 10:35 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^*

Sankara Nandini

(Last) (First) (Middle)

C/O SUBURBAN PROPANE PARTNERS LP

240 ROUTE 10 WEST

(Street)

WHIPPANY NJ 07981

(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)
	VP Marketing & Brand Strategy

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)		4,807	D	$18.83	55,375	D
Common Units (representing limited partnership interests)	11/14/2025		M		9,460	A	$18.83	64,835	D
Common Units (representing limited partnership interests)	11/14/2025		D		9,460	D	$18.83	55,375	D
Common Units (representing limited partnership interests)	11/15/2025		A		10,717	A	$0.0000	66,092	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			9,460	(2)	(2)	Common Units	9,460	(2)	10,599	D
Phantom Units	(2)	11/15/2025		A		10,717		(2)	(2)	Common Units	10,717	$0.0000	21,316	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).
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FAQ

What insider activity did SPH report in this Form 4?

The Form 4 reports that the VP of Marketing & Brand Strategy of Suburban Propane Partners LP (SPH) had several transactions in Common Units and phantom units on 11/14/2025 and 11/15/2025, including tax-related dispositions, exercises, and new awards.

How many SPH Common Units does the insider own after the reported transactions?

Following the reported activity, the insider directly beneficially owns 66,092 Common Units representing limited partnership interests in Suburban Propane Partners LP.

What transactions occurred in SPH Common Units on 11/14/2025?

On 11/14/2025, the insider had several Common Unit transactions at a price of $18.83, including a disposition of 4,807 units coded "F" for tax withholding, a purchase of 9,460 units coded "M", and a disposition of 9,460 units coded "D".

What SPH equity award was granted to the insider on 11/15/2025?

On 11/15/2025, the insider acquired 10,717 Common Units at a stated price of $0.0000 and also received 10,717 phantom units, each tied to one Common Unit, increasing phantom unit holdings to 21,316.

What are phantom units in the context of SPH's Form 4?

The derivative table describes phantom units that are tied to SPH Common Units. According to the disclosure, one third of the phantom units vest on each of the first three anniversaries of the grant date and, upon vesting, convert into cash based on the average of the highest and lowest trading prices of the Common Units on the vesting date.

How many phantom units does the SPH insider hold after these transactions?

After the transactions reported, the insider beneficially owns 21,316 phantom units, each linked to SPH Common Units under the terms described in the filing.