[Form 4] SUBURBAN PROPANE PARTNERS LP Insider Trading Activity

Rhea-AI Filing Summary

Suburban Propane Partners (SPH)11/14/2025, the officer exercised 5,850 phantom units into the same number of common units at $18.83 per unit, then disposed of 5,850 common units at the same price, ending that day with 29,444 common units held directly. On 11/15/2025, the officer acquired an additional 8,038 common units at $0.0000, bringing the direct holding to 37,482 common units.

In the derivative table, 5,850 phantom units were settled on 11/14/2025, leaving 6,890 phantom units, and a new award of 8,038 phantom units was granted on 11/15/2025 at $0.0000, for a total of 14,928 phantom units held. According to the terms, one third of the phantom units vest on each of the first three anniversaries of the grant date, and upon vesting they are automatically converted into cash based on the issuer’s unit trading prices on the vesting date.

11/18/2025 - 10:37 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^*

Dante Elmer

(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, Tax

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		5,850	A	$18.83	35,294	D
Common Units (representing limited partnership interests)	11/14/2025		D		5,850	D	$18.83	29,444	D
Common Units (representing limited partnership interests)	11/15/2025		A		8,038	A	$0.0000	37,482	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			5,850	(1)	(1)	Common Units	5,850	(1)	6,890	D
Phantom Units	(1)	11/15/2025		A		8,038		(1)	(1)	Common Units	8,038	$0.0000	14,928	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 on this Form 4?

The Form 4 shows that the VP, Tax of Suburban Propane Partners (SPH) exercised 5,850 phantom units into 5,850 common units at $18.83 on 11/14/2025, disposed of 5,850 common units at the same price that day, and acquired 8,038 common units at $0.0000 on 11/15/2025.

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

After the reported transactions, the VP, Tax directly holds 37,482 SPH common units representing limited partnership interests.

What changes occurred in the SPH phantom unit holdings for the VP, Tax?

The VP, Tax settled 5,850 phantom units on 11/14/2025, leaving 6,890 phantom units, and received a new grant of 8,038 phantom units at $0.0000 on 11/15/2025, resulting in a total of 14,928 phantom units held.

How do the SPH phantom units for the VP, Tax vest and pay out?

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, the 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 role does the reporting person hold at Suburban Propane Partners (SPH)?

The reporting person is an officer of Suburban Propane Partners LP, serving as VP, Tax, and filed this Form 4 as an individual reporting person.

On what dates did the SPH insider transactions take place?

The reported insider transactions occurred on 11/14/2025 and 11/15/2025, covering both common unit transactions and changes in phantom unit awards.