Suburban Propane VP-Controller reports unit grants and sales

Rhea-AI Filing Summary

Suburban Propane Partners (SPH)11/14/2025, the officer had 5,082 common units withheld at $18.83 per unit to cover taxes upon vesting of restricted units, reducing the holding to 66,853 common units. The same day, 9,867 phantom units were exercised into 9,867 common units, followed by a disposition of those 9,867 common units at $18.83, keeping the total at 66,853 common units. On 11/15/2025, 10,717 common units were acquired at $0.0000, increasing direct ownership to 77,570 common units. The officer also reported 21,316 phantom units, which vest in three annual installments and are settled in cash based on the trading price of SPH common units on each vesting date.

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^*

Bloomstein Daniel S

(Last) (First) (Middle)

C/O SUBURBAN PROPANE PARTNERS, L.P.

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-Controller & Chief Acc Off

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)		5,082	D	$18.83	66,853	D
Common Units (representing limited partnership interests)	11/14/2025		M		9,867	A	$18.83	76,720	D
Common Units (representing limited partnership interests)	11/14/2025		D		9,867	D	$18.83	66,853	D
Common Units (representing limited partnership interests)	11/15/2025		A		10,717	A	$0.0000	77,570	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			9,867	(2)	(2)	Common Units	9,867	(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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did SPH's VP-Controller report on this Form 4?

The VP-Controller & Chief Accounting Officer of Suburban Propane Partners (SPH) reported multiple equity transactions, including tax withholding via unit surrender, exercise of phantom units into common units, a disposition of those units, and a new award of common units.

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

Following the reported transactions, the insider directly beneficially owns 77,570 common units of Suburban Propane Partners.

What was the purpose of the 5,082 SPH common units withheld at $18.83?

The 5,082 common units withheld at $18.83 per unit represented payment of the filer’s tax liability related to the vesting of previously granted restricted units, in accordance with the issuer's restricted unit plan and SEC Rule 16b-3.

What are SPH phantom units and how do they work for this insider?

The insider holds phantom units that vest in three equal annual installments. Upon vesting, each phantom unit is automatically converted into cash equal to the average of the highest and lowest trading prices of SPH common units on the vesting date.

How many SPH phantom units are reported after these transactions?

After the reported transactions, the insider beneficially owns 21,316 phantom units, which vest over three years, subject to continued employment or service through each applicable payment date.

What transactions occurred on November 14, 2025 involving SPH phantom units and common units?

On 11/14/2025, 9,867 phantom units were exercised into 9,867 common units, which were then disposed of at $18.83 per common unit, leaving the insider’s direct common unit holdings unchanged at 66,853 units before subsequent activity.

What new SPH equity award did the insider receive on November 15, 2025?

On 11/15/2025, the insider acquired 10,717 common units at a price of $0.0000 per unit, increasing direct beneficial ownership to 77,570 common units.