SPH officer reports unit exercise and new 34,830-unit grant

Rhea-AI Filing Summary

Suburban Propane Partners (SPH)11/14/2025, the officer exercised 15,331 phantom units into an equal number of common units at a reference price of $18.83, then disposed of those 15,331 common units at the same price. After these trades, the officer held 66,501 common units directly.

On 11/15/2025, the officer received a grant of 34,830 additional common units at $0.0000, bringing direct ownership to 101,331 common units. A separate derivative position shows 15,331 phantom units converted and 16,634 phantom units remaining. According to the vesting terms, one third of the phantom units vest on each of the first three anniversaries of the grant date and settle in cash based on the issuer’s trading price on the vesting date.

11/18/2025 - 10:33 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

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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^*

Dagan Douglas

(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-Strat Init-Renew Energy

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		M		15,331	A	$18.83	81,832	D
Common Units (representing limited partnership interests)	11/14/2025		D		15,331	D	$18.83	66,501	D
Common Units (representing limited partnership interests)	11/15/2025		A		34,830	A	$0.0000	101,331	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	(1)	11/14/2025		M			15,331	(1)	(1)	Common Units	15,331	(1)	16,634	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.

FAQ

What insider transactions did SPH report in this Form 4?

The filing shows the SPH officer exercised 15,331 phantom units into common units on 11/14/2025, disposed of those 15,331 common units the same day at $18.83, and received a grant of 34,830 common units at $0.0000 on 11/15/2025.

How many Suburban Propane (SPH) units does the reporting person own after these transactions?

Following the reported transactions, the officer directly owns 101,331 common units of Suburban Propane Partners LP.

What happened to the SPH phantom units in this Form 4?

On 11/14/2025, 15,331 phantom units were exercised into the same number of common units. After this, the filing reports 16,634 phantom units still beneficially owned as derivative securities.

At what price were the SPH common units transacted?

The 15,331 common units acquired from phantom units and then disposed of on 11/14/2025 were reported at a price of $18.83 per unit. The 34,830 common units granted on 11/15/2025 carried a price of $0.0000.

How do the SPH phantom units vest and settle for the reporting person?

According to the filing, one third of the phantom units vest on each of the first three anniversaries of the grant date, subject to continuous employment or service. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of SPH common units on the vesting date.

What is the reporting person’s role at Suburban Propane Partners LP (SPH)?

The reporting person is an officer of Suburban Propane Partners LP, serving as VP–Strategic Initiatives–Renewable Energy.