How many phantom units related to SPH does the director hold after this Form 4?

Following the transaction, the director held 4,706 phantom units , which are derivative securities linked to Suburban Propane’s common units.

SPH insider Form 4 shows phantom unit exercise and sale

Q: What insider transaction was reported for Suburban Propane Partners LP (SPH)?

A director of Suburban Propane Partners LP (SPH) reported a Form 4 transaction dated 11/14/2025 , involving the exercise of phantom units into common units and the disposition of those common units at a stated price.

Q: How many Suburban Propane (SPH) units did the director acquire and dispose of?

On 11/14/2025 , the director acquired 2,354 common units through the exercise of phantom units at $18.83 per unit and disposed of 2,354 common units at the same price of $18.83 per unit.

Q: How do the phantom units for Suburban Propane (SPH) vest and settle?

According to the disclosure, one third of the phantom units vest on each of the first three anniversaries of the grant date , subject to continued employment or service through the payment date. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of Suburban Propane’s common units on the vesting date.

Q: What is the director’s relationship to Suburban Propane Partners LP (SPH)?

The reporting person is identified as a Director of Suburban Propane Partners LP.

Filing Impact

(Neutral)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) director transaction reported

A director of Suburban Propane Partners LP reported activity in common units and related phantom units on 11/14/2025. The reporting person exercised 2,354 phantom units, which converted into the same number of common units at a price of $18.83 per unit. On the same date, the director disposed of 2,354 common units at $18.83 per unit, indicating a matched exercise and sale.

Following these transactions, the director beneficially owned 39,120 common units directly and held 4,706 phantom units. The phantom units vest in three equal annual installments from the grant date and, upon vesting, are automatically settled in cash based on the average of the highest and lowest trading prices of Suburban Propane’s common units on the vesting date.

Insider Trade Summary

2,354 shares exercised/converted

Mixed 3 txns

Insider Adams Amy

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Units	2,354	$0.00	--
Exercise	Common Units (representing limited partnership interests)	2,354	$18.83	$44K
Disposition	Common Units (representing limited partnership interests)	2,354	$18.83	$44K

Holdings After Transaction: Phantom Units — 4,706 shares (Direct); Common Units (representing limited partnership interests) — 41,474 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

11/18/2025 - 10:28 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

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^*

Adams Amy

(Last)

(First)

(Middle)

240 ROUTE 10 WEST

(Street)

WHIPPANY

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Units (representing limited partnership interests)	11/14/2025		M		2,354	A	$18.83	41,474	D
Common Units (representing limited partnership interests)	11/14/2025		D		2,354	D	$18.83	39,120	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction was reported for Suburban Propane Partners LP (SPH)?

A director of Suburban Propane Partners LP (SPH) reported a Form 4 transaction dated 11/14/2025, involving the exercise of phantom units into common units and the disposition of those common units at a stated price.

How many Suburban Propane (SPH) units did the director acquire and dispose of?

On 11/14/2025, the director acquired 2,354 common units through the exercise of phantom units at $18.83 per unit and disposed of 2,354 common units at the same price of $18.83 per unit.

How many Suburban Propane (SPH) common units does the insider own after the transaction?

After the reported transaction, the director beneficially owned 39,120 common units of Suburban Propane Partners LP directly.

How do the phantom units for Suburban Propane (SPH) vest and settle?

According to the disclosure, one third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continued employment or service through the payment date. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of Suburban Propane’s common units on the vesting date.

What is the director’s relationship to Suburban Propane Partners LP (SPH)?

The reporting person is identified as a Director of Suburban Propane Partners LP.