[Form 4] SUBURBAN PROPANE PARTNERS LP Insider Trading Activity

Rhea-AI Filing Summary

Suburban Propane Partners LP (SPH) reported insider equity activity by its SVP of Information Services on a Form 4. On 11/14/2025, common units were withheld to cover tax liabilities tied to the vesting of previously granted restricted units, at a price of $18.83 per unit. The officer also saw common units acquired and disposed of at the same price in connection with derivative awards. On 11/15/2025, an additional 21,433 common units were acquired at $0.0000, reflecting vesting of equity-based compensation rather than an open-market purchase. Following these transactions, the officer directly owned 180,403 common units and held 43,612 phantom units, which convert into cash upon vesting based on the trading price of the common units.

Insider Trade Summary

20,712 shares exercised/converted

Mixed 6 txns

Insider Scanlon Neil

Role SVP - Information Services

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	21,433	$0.00	--
Grant/Award	Common Units (representing limited partnership interests)	21,433	$0.00	--
Exercise	Phantom Units	20,712	$0.00	--
Tax Withholding	Common Units (representing limited partnership interests)	10,604	$18.83	$200K
Exercise	Common Units (representing limited partnership interests)	20,712	$18.83	$390K
Disposition	Common Units (representing limited partnership interests)	20,712	$18.83	$390K

Holdings After Transaction: Phantom Units — 43,612 shares (Direct); Common Units (representing limited partnership interests) — 180,403 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^*

Scanlon Neil

(Last) (First) (Middle)

C/O SUBURBAN PROPANE PARTNERS, L.P.

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 - Information Services

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)		10,604	D	$18.83	158,970	D
Common Units (representing limited partnership interests)	11/14/2025		M		20,712	A	$18.83	179,682	D
Common Units (representing limited partnership interests)	11/14/2025		D		20,712	D	$18.83	158,970	D
Common Units (representing limited partnership interests)	11/15/2025		A		21,433	A	$0.0000	180,403	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			20,712	(2)	(2)	Common Units	20,712	(2)	22,719	D
Phantom Units	(2)	11/15/2025		A		21,433		(2)	(2)	Common Units	21,433	$0.0000	43,612	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.
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