SPH director updates holdings after 2,354-unit trade and phantom units

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) reported a Form 4 for a director showing activity in common units and phantom units on 11/14/2025. The director acquired 2,354 common units (representing limited partnership interests) in a transaction coded "M" at a price of $18.83 per unit, then disposed of 2,354 common units in a separate transaction coded "D" at the same $18.83 price. Following these transactions, the director directly beneficially owned 74,195 common units. In addition, 2,354 phantom units were involved in a derivative transaction coded "M," leaving 4,706 phantom units beneficially owned. The phantom units vest in three equal annual installments from the grant date and are settled in cash based on the average of the highest and lowest trading prices of the issuer's common units on each vesting date.

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^*

LANDUYT WILLIAM M

(Last) (First) (Middle)

C/O SUBURBAN PROPANE

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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		M		2,354	A	$18.83	76,549	D
Common Units (representing limited partnership interests)	11/14/2025		D		2,354	D	$18.83	74,195	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	(1)	11/14/2025		M			2,354	(1)	(1)	Common Units	2,354	(1)	4,706	D

Explanation of Responses:

1. 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 transaction did Suburban Propane (SPH) report on this Form 4?

The Form 4 reports that a director acquired 2,354 common units of Suburban Propane Partners LP (SPH) in a transaction coded "M" and disposed of 2,354 common units in a separate transaction coded "D," both at a price of $18.83 per unit on 11/14/2025.

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

After the reported transactions, the director beneficially owns 74,195 common units of Suburban Propane Partners LP directly.

What happened to the phantom units reported for Suburban Propane (SPH)?

The Form 4 shows a derivative transaction involving 2,354 phantom units tied to SPH common units in a transaction coded "M," leaving the director with 4,706 phantom units beneficially owned following the transaction.

How do the phantom units for SPH vest and pay out?

According to the disclosure, one third of the phantom units vests on each of the first three anniversaries of the grant date, subject to continued employment or service. Upon vesting, each phantom unit is converted into cash equal to the average of the highest and lowest trading prices of SPH common units on the vesting date.

What is the relationship of the reporting person to Suburban Propane Partners LP (SPH)?

The reporting person is identified as a director of Suburban Propane Partners LP, and the Form 4 is filed as a Form filed by one reporting person.

On what date did the earliest reported transaction for SPH occur in this Form 4?

The date of the earliest transaction reported in this Form 4 is 11/14/2025.