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[Form 4] SUBURBAN PROPANE PARTNERS LP Insider Trading Activity

Suburban Propane Partners LP (SPH) officer Bryon Koepke, VP, General Counsel & Secretary, reported several equity transactions on Form 4.

Filing Impact
(Moderate)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) officer Bryon Koepke, VP, General Counsel & Secretary, reported several equity transactions on Form 4. On 11/14/2025, the issuer withheld 5,210 common units at $18.83 to cover taxes tied to vesting of restricted units, then 15,331 common units were acquired through the exercise of phantom units at $18.83 and the same number of units was subsequently disposed of at that price. On 11/15/2025, 17,415 common units were acquired at a stated price of $0.0000, reflecting settlement of phantom units. After these transactions, Koepke directly owned 103,562 common units and 34,049 phantom units, which vest over time and settle in cash based on the trading price of the common units.

Positive

  • None.

Negative

  • None.
Insider Koepke Bryon L
Role VP,General Counsel & Secretary
Type Security Shares Price Value
Grant/Award Phantom Units 17,415 $0.00 $0.00
Grant/Award Common Units (representing limited partnership interests) 17,415 $0.00 $0.00
Exercise Phantom Units 15,331 $0.00 $0.00
Exercise Price or Tax Liability Common Units (representing limited partnership interests) 5,210 $18.83 $98K
Exercise Common Units (representing limited partnership interests) 15,331 $18.83 $289K
Disposition Common Units (representing limited partnership interests) 15,331 $18.83 $289K
Holdings After Transaction: Phantom Units — 34,049 contracts (Direct); Common Units (representing limited partnership interests) — 103,562 shares (Direct)
Footnotes (2)
  1. F1. 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. F2. 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.

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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*
Koepke Bryon L
(Last) (First) (Middle)
C/O SUBURBAN PROPANE PARTNERS LP
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,General Counsel & Secretary
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) 5,210 D $18.83 86,147 D
Common Units (representing limited partnership interests) 11/14/2025 M 15,331 A $18.83 101,478 D
Common Units (representing limited partnership interests) 11/14/2025 D 15,331 D $18.83 86,147 D
Common Units (representing limited partnership interests) 11/15/2025 A 17,415 A $0.0000 103,562 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 15,331 (2) (2) Common Units 15,331 (2) 16,634 D
Phantom Units (2) 11/15/2025 A 17,415 (2) (2) Common Units 17,415 $0.0000 34,049 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 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