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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.
Suburban Propane Partners LP (SPH)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.
Suburban Propane Partners LP (SPH)11/14/2025 and 11/15/2025. The filing shows multiple movements in Common Units representing limited partnership interests at a transaction price of $18.83, including 4,807 units disposed of to cover tax obligations and 9,460 units acquired and then disposed of on the same date. After these transactions, the reporting person directly held 55,375 Common Units.
On the following day, the insider acquired an additional 10,717 Common Units at a stated price of $0.0000, increasing direct beneficial ownership to 66,092 Common Units. In Table II, the insider exercised and received derivative awards in the form of phantom units tied to Common Units: 9,460 phantom units were exercised on 11/14/2025, and 10,717 phantom units were granted on 11/15/2025, resulting in 21,316 phantom units held after the reported transactions.
Suburban Propane Partners (SPH)11/14/2025, the officer had 5,082 common units withheld at $18.83 per unit to cover taxes upon vesting of restricted units, reducing the holding to 66,853 common units. The same day, 9,867 phantom units were exercised into 9,867 common units, followed by a disposition of those 9,867 common units at $18.83, keeping the total at 66,853 common units. On 11/15/2025, 10,717 common units were acquired at $0.0000, increasing direct ownership to 77,570 common units. The officer also reported 21,316 phantom units, which vest in three annual installments and are settled in cash based on the trading price of SPH common units on each vesting date.
Suburban Propane Partners LP (SPH)November 14, 2025, the officer satisfied tax obligations tied to previously granted restricted units by allowing the issuer to withhold 4,807 common units at $18.83 per unit. That same day, 9,460 common units were acquired through the exercise of derivative awards at $18.83 and then disposed of in a separate transaction for the same price.
On November 15, 2025, the officer received 10,717 common units at a stated price of $0.0000, increasing direct ownership to 86,599 common units. In addition, the officer reported derivative holdings of 21,316 phantom units, which vest in three equal annual installments and convert into cash based on the average of the highest and lowest trading prices of SPH common units on each vesting date.
Suburban Propane Partners LP (SPH) reported insider equity transactions by its Vice President & Treasurer on 11/14/2025 and 11/15/2025. The filing shows tax withholding of 3,834 common units in connection with the vesting of previously granted restricted units, with units withheld at a price of $18.83 to cover the reporting person’s tax liability. On the same day, 7,401 phantom units were exercised into an equal number of common units, followed by a matching disposition of 7,401 common units at $18.83. On 11/15/2025, an additional 7,368 common units were acquired at $0.00 upon vesting of phantom units, leaving the insider with 79,710 common units held directly, plus 14,992 phantom units that vest in thirds on each of the first three anniversaries of the grant date.
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.
Suburban Propane Partners (SPH)11/14/2025 and 11/15/2025, the officer had restricted and phantom units vest, with related transactions in common units.
On 11/14/2025, 7,816 common units were withheld at $18.83 to cover taxes tied to vesting, 15,331 common units were acquired at $18.83 through the exercise of derivative awards, and 15,331 common units were disposed of at $18.83. On 11/15/2025, 17,415 common units were acquired at $0.0000 upon vesting.
Following these transactions, the officer beneficially owned 105,776 common units directly. In addition, the officer held 34,049 phantom units, which vest in thirds over three years and convert into cash based on the issuer’s common unit trading prices at vesting.
Suburban Propane Partners LP (SPH)11/14/2025, the issuer withheld 5,210 common units at $18.83 to cover taxes tied to vesting of restricted units, then 15,331 common units were acquired through the exercise of phantom units at $18.83 and the same number of units was subsequently disposed of at that price. On 11/15/2025, 17,415 common units were acquired at a stated price of $0.0000, reflecting settlement of phantom units. After these transactions, Koepke directly owned 103,562 common units and 34,049 phantom units, which vest over time and settle in cash based on the trading price of the common units.
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.