[Form 4] SUBURBAN PROPANE PARTNERS LP Insider Trading Activity

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.

Insider Trade Summary

15,331 shares exercised/converted

Mixed 6 txns

Insider Koepke Bryon L

Role VP,General Counsel & Secretary

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	17,415	$0.00	--
Grant/Award	Common Units (representing limited partnership interests)	17,415	$0.00	--
Exercise	Phantom Units	15,331	$0.00	--
Tax Withholding	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 shares (Direct); Common Units (representing limited partnership interests) — 103,562 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^*

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.
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