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SPH Form 4: CFO discloses Common Unit and phantom unit changes

Filing Impact
(Very High)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Suburban Propane Partners (SPH) Chief Financial Officer, reporting on Form 4, disclosed several transactions in Common Units and phantom units. On 11/14/2025, 11,998 Common Units were withheld at $18.83 per unit to cover tax obligations tied to vesting of previously granted restricted units, leaving 174,070 Common Units directly owned afterward. The same day, 23,403 units were acquired through a transaction coded “M” at $18.83 and an equal number of units were disposed of at that price.

On 11/15/2025, 24,112 Common Units were acquired at $0.0000 per unit, increasing direct ownership to 198,182 Common Units. Related derivative holdings show phantom units: 23,403 units involved in a transaction on 11/14/2025 and 24,112 additional phantom units on 11/15/2025, bringing phantom unit holdings to 49,064. The phantom units vest in three annual installments and convert into cash based on the average of the highest and lowest trading prices of SPH Common Units on each vesting date, subject to continued service.

Positive

  • None.

Negative

  • None.
Insider Kuglin Michael
Role Chief Financial Officer
Type Security Shares Price Value
Grant/Award Phantom Units 24,112 $0.00 --
Grant/Award Common Units (representing limited partnership interests) 24,112 $0.00 --
Exercise Phantom Units 23,403 $0.00 --
Tax Withholding Common Units (representing limited partnership interests) 11,998 $18.83 $226K
Exercise Common Units (representing limited partnership interests) 23,403 $18.83 $441K
Disposition Common Units (representing limited partnership interests) 23,403 $18.83 $441K
Holdings After Transaction: Phantom Units — 49,064 shares (Direct); Common Units (representing limited partnership interests) — 198,182 shares (Direct)
Footnotes (1)
  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. 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.
Form 4 Insider Transactions: What Each Field Means →
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*
Kuglin Michael
(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)
Chief Financial Officer
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) 11,998 D $18.83 174,070 D
Common Units (representing limited partnership interests) 11/14/2025 M 23,403 A $18.83 197,473 D
Common Units (representing limited partnership interests) 11/14/2025 D 23,403 D $18.83 174,070 D
Common Units (representing limited partnership interests) 11/15/2025 A 24,112 A $0.0000 198,182 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 23,403 (2) (2) Common Units 23,403 (2) 24,952 D
Phantom Units (2) 11/15/2025 A 24,112 (2) (2) Common Units 24,112 $0.0000 49,064 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.

Source: View Original Filing on SEC EDGAR