[Form 4] SUBURBAN PROPANE PARTNERS LP Insider Trading Activity

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) reported insider equity activity for its SVP, Operations on a Form 4. On 11/14/2025, the officer satisfied tax obligations related to vesting restricted units through the issuer’s withholding of 7,962 Common Units at $18.83 per unit. On 11/15/2025, the officer acquired 18,754 Common Units at a stated price of $0.0000, reflecting equity compensation rather than an open-market purchase, resulting in 69,587 Common Units held directly afterward. The filing also shows 18,754 phantom units, which convert into cash upon vesting based on the average of the highest and lowest trading prices of the common units on each vesting date, with one third of the phantom units vesting on each of the first three anniversaries of the grant date.

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

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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^*

Centeno Alejandro

(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)
	SVP, Operations

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)		7,962	D	$18.83	50,833	D
Common Units (representing limited partnership interests)	11/15/2025		A		18,754	A	$0.0000	69,587	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)	11/15/2025		A		18,754		(2)	(2)	Common Units	18,754	$0.0000	18,754	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.

FAQ

What insider transaction did SPH report on this Form 4?

The Form 4 reports that the SVP, Operations of Suburban Propane Partners LP (SPH) had common units withheld to cover taxes on vested restricted units and received additional equity in the form of common units and phantom units as compensation.

How many SPH common units were withheld for taxes in this Form 4?

The officer had 7,962 Common Units withheld on 11/14/2025 at a price of $18.83 per unit to pay tax liabilities related to vesting restricted units.

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

Following the reported transactions, the SVP, Operations directly owns 69,587 Common Units representing limited partnership interests in Suburban Propane Partners LP.

What equity award did the SPH officer receive on 11/15/2025?

On 11/15/2025, the SVP, Operations acquired 18,754 Common Units at a stated price of $0.0000, as well as 18,754 phantom units, reflecting equity-based compensation rather than an open-market purchase.

How do the SPH phantom units vest and settle for the officer?

One third of the 18,754 phantom units vests on each of the first three anniversaries of the grant date, subject to continuous service. Upon vesting, each phantom unit is automatically converted into cash equal to the average of the highest and lowest trading prices of SPH common units on the vesting date.

Is this SPH Form 4 filed for one or multiple reporting persons?

The Form 4 is indicated as being filed by one reporting person, reflecting the transactions and holdings of a single SPH officer.