SPH insider updates common and phantom unit holdings in Form 4

Q: What insider transactions were reported for SPH on this Form 4?

The VP-Renewable Nat Gas Operations of Suburban Propane Partners LP (SPH) reported tax withholding, unit vesting, and related movements in both common units and phantom units on 11/14/2025 and 11/15/2025 .

Q: What was the purpose of the 3,587 SPH common units withheld at $18.83?

The 3,587 common units withheld at $18.83 per unit represented payment of the officer's tax liability upon vesting of previously granted restricted units, using issuer share withholding under the restricted unit plan and SEC Rule 16b-3 .

Q: What are SPH phantom units and how do they settle?

SPH phantom units are derivative awards that vest over time. One third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continued service, and upon vesting they convert into cash equal to the average of the highest and lowest trading prices of the common units on the vesting date.

Q: What was the nature of the 8,038 SPH common units acquired at $0.0000?

The 8,038 common units acquired at a price of $0.0000 on 11/15/2025 reflect units received in connection with vesting of awards rather than a cash purchase in the open market.

Filing Impact

(Moderate)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) reported insider equity activity by its VP-Renewable Nat Gas Operations. On 11/14/2025, the officer had 3,587 common units withheld at $18.83 per unit to cover taxes tied to vesting of previously granted restricted units, and related movements of 6,951 common units at the same price. On 11/15/2025, the officer acquired 8,038 common units at a price of $0.0000, reflecting vesting rather than a market purchase. After these transactions, the officer directly held 24,949 common units. In the derivative account, phantom units tied to common units changed, leaving 15,417 phantom units beneficially owned, which pay cash based on the trading price when they vest.

Insider Trade Summary

6,951 shares exercised/converted

Mixed 6 txns

Insider Palleschi Craig

Role VP-Renewable Nat Gas Opers

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	8,038	$0.00	--
Grant/Award	Common Units (representing limited partnership interests)	8,038	$0.00	--
Exercise	Phantom Units	6,951	$0.00	--
Tax Withholding	Common Units (representing limited partnership interests)	3,587	$18.83	$68K
Exercise	Common Units (representing limited partnership interests)	6,951	$18.83	$131K
Disposition	Common Units (representing limited partnership interests)	6,951	$18.83	$131K

Holdings After Transaction: Phantom Units — 15,417 shares (Direct); Common Units (representing limited partnership interests) — 24,949 shares (Direct)

Footnotes (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 →

11/18/2025 - 10:36 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^*

Palleschi Craig

(Last)

(First)

(Middle)

C/O SUBURBAN PROPANE PARTNERS LP

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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP-Renewable Nat Gas Opers

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		F⁽¹⁾		3,587	D	$18.83	16,911	D
Common Units (representing limited partnership interests)	11/14/2025		M		6,951	A	$18.83	23,862	D
Common Units (representing limited partnership interests)	11/14/2025		D		6,951	D	$18.83	16,911	D
Common Units (representing limited partnership interests)	11/15/2025		A		8,038	A	$0.0000	24,949	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	⁽²⁾	11/14/2025		M			6,951	⁽²⁾	⁽²⁾	Common Units	6,951	⁽²⁾	7,379	D
Phantom Units	⁽²⁾	11/15/2025		A		8,038		⁽²⁾	⁽²⁾	Common Units	8,038	$0.0000	15,417	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.
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 transactions were reported for SPH on this Form 4?

The VP-Renewable Nat Gas Operations of Suburban Propane Partners LP (SPH) reported tax withholding, unit vesting, and related movements in both common units and phantom units on 11/14/2025 and 11/15/2025.

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

Following the reported transactions, the officer directly beneficially owned 24,949 common units of Suburban Propane Partners LP.

What was the purpose of the 3,587 SPH common units withheld at $18.83?

The 3,587 common units withheld at $18.83 per unit represented payment of the officer's tax liability upon vesting of previously granted restricted units, using issuer share withholding under the restricted unit plan and SEC Rule 16b-3.

What are SPH phantom units and how do they settle?

SPH phantom units are derivative awards that vest over time. One third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continued service, and upon vesting they convert into cash equal to the average of the highest and lowest trading prices of the common units on the vesting date.

How many SPH phantom units does the officer hold after these transactions?

After the reported activity, the officer beneficially owned 15,417 phantom units, each linked to the value of SPH common units upon vesting.

What was the nature of the 8,038 SPH common units acquired at $0.0000?

The 8,038 common units acquired at a price of $0.0000 on 11/15/2025 reflect units received in connection with vesting of awards rather than a cash purchase in the open market.