SPH insider updates holdings of common and phantom units on Form 4

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) President & CEO, who is also a director, reported several equity transactions in Common Units and phantom units. On 11/14/2025, the reporting person satisfied tax withholding related to vesting of previously granted restricted units through the issuer’s withholding of 22,442 Common Units, and also exercised and disposed of units at a price of $18.83 per unit. On 11/15/2025, the reporting person acquired 48,224 Common Units at a stated price of $0.0000. After these transactions, the reporting person directly beneficially owned 336,981 Common Units and 31,290 phantom units, which vest in thirds on each of the first three anniversaries of the grant date and convert into cash based on the trading price of the issuer’s Common Units upon vesting.

Insider Trade Summary

13,791 shares exercised/converted

Mixed 6 txns

Insider STIVALA MICHAEL A

Role President & CEO

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	16,075	$0.00	--
Grant/Award	Common Units (representing limited partnership interests)	48,224	$0.00	--
Exercise	Phantom Units	13,791	$0.00	--
Tax Withholding	Common Units (representing limited partnership interests)	22,442	$18.83	$423K
Exercise	Common Units (representing limited partnership interests)	13,791	$18.83	$260K
Disposition	Common Units (representing limited partnership interests)	13,791	$18.83	$260K

Holdings After Transaction: Phantom Units — 31,290 shares (Direct); Common Units (representing limited partnership interests) — 336,981 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

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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^*

STIVALA MICHAEL A

(Last) (First) (Middle)

C/O SUBURBAN PROPANE PARTNERS LP

P O BOX 206

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

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)		22,442	D	$18.83	288,757	D
Common Units (representing limited partnership interests)	11/14/2025		M		13,791	A	$18.83	302,548	D
Common Units (representing limited partnership interests)	11/14/2025		D		13,791	D	$18.83	288,757	D
Common Units (representing limited partnership interests)	11/15/2025		A		48,224	A	$0.0000	336,981	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			13,791	(2)	(2)	Common Units	13,791	(2)	15,215	D
Phantom Units	(2)	11/15/2025		A		16,075		(2)	(2)	Common Units	16,075	$0.0000	31,290	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 SPHs President & CEO report on this Form 4?

The President & CEO of Suburban Propane Partners LP (SPH), who is also a director, reported multiple transactions in the issuers Common Units and phantom units on 11/14/2025 and 11/15/2025, including tax withholding, exercises, dispositions and an acquisition of units.

How many SPH Common Units does the reporting person own after these transactions?

Following the reported transactions, the reporting person directly beneficially owned 336,981 Common Units of Suburban Propane Partners LP, as shown in Table I.

What tax-related transaction was reported by the SPH insider?

The filing states that 22,442 Common Units were withheld by the issuer at a price of $18.83 per unit to pay the filers tax liability arising from the vesting of previously granted restricted units, in accordance with the issuers restricted unit plan and SEC Rule 16b-3.

What are the terms of the phantom units held by the SPH reporting person?

The phantom units vest in thirds, with one third vesting on each of the first three anniversaries of the grant date, subject to continuous employment or service. Upon vesting, phantom units automatically convert into cash equal to the average of the highest and lowest trading prices of the issuers Common Units on the vesting date.

How many phantom units does the SPH insider hold after the Form 4 transactions?

After the reported transactions in Table II, the reporting person directly beneficially owned 31,290 phantom units tied to the issuers Common Units.

What acquisition of SPH Common Units at zero price was reported?

On 11/15/2025, the reporting person acquired 48,224 Common Units at a reported price of $0.0000 per unit, increasing direct beneficial ownership to 336,981 Common Units.

What role does the reporting person have at Suburban Propane Partners LP (SPH)?

The reporting person is identified as both a Director and an Officer, serving as President & CEO of Suburban Propane Partners LP.