Form 4: Ferrellgas Director Awarded 8,492 Phantom Units

Ferrellgas Partners L.P. Director Edward Newberry received an award of 8,492 phantom units, increasing his beneficial ownership to 21,221 units.

Summary

• Edward Newberry, a Director of Ferrellgas Partners L.P., was awarded 8,492 Phantom Units on October 9, 2025.
• Each Phantom Unit represents the economic equivalent of one Class A Unit of Ferrellgas Partners L.P.
• Following this transaction, Edward Newberry beneficially owns a total of 21,221 Phantom Units.
• The Phantom Units accrue dividend equivalent rights.
• These units are scheduled to vest on October 9, 2026.
• Vested Phantom Units grant the right to receive a cash payment upon the earliest of termination of service from the Board, a change of control, or the third anniversary of the October 9, 2025 grant date.
• The cash payment amount will be equal to the average closing price of a Class A Unit for the 10 trading days immediately preceding the payment event.

Sentiment

Score: 6

Explanation: The filing indicates a routine equity award to a director, which is generally a neutral to slightly positive event as it aligns management interests with shareholders. It does not suggest any significant positive or negative operational or financial news.

Positives

• The award of Phantom Units to Director Edward Newberry further aligns his interests with those of the shareholders, as the value of the units is tied to the performance of Class A Units.
• Equity compensation is a standard practice that incentivizes directors to contribute to the long-term success of the company.

Future Outlook

The awarded Phantom Units are set to vest on October 9, 2026, with a cash payment contingent upon future events such as termination of service, a change of control, or the third anniversary of the grant date, based on the average closing price of Class A Units.

Industry Context

The award of equity-based compensation, such as phantom units, to non-employee directors is a common practice across various industries. It serves to align the interests of the board members with those of the company's shareholders, promoting long-term value creation.

Comparison to Industry Standards

• This type of equity award is a standard component of director compensation packages in publicly traded companies, comparable to practices seen in other energy or master limited partnership (MLP) entities.
• The vesting schedule and payment conditions are typical for long-term incentive plans designed for board members.

Stakeholder Impact

• Shareholders: The award aligns the director's financial interests with shareholder value, as the units' value is tied to the company's Class A Units.

Next Steps

• The Phantom Units will vest on October 9, 2026.
• A cash payment for vested units will occur upon the earliest of termination of service, a change of control, or the third anniversary of the grant date (October 9, 2025).

Key Dates

Recommendation

This Form 4 filing reports a routine equity award to a director, which is a standard compensation practice and does not provide new material information that would significantly alter the company's fundamental valuation or outlook. Therefore, a 'hold' recommendation is appropriate as it does not warrant a change in investment thesis.

Keywords

Ferrellgas Partners L.P., Edward Newberry, Phantom Units, Director Compensation, Equity Award, Insider Transaction, SEC Form 4, Class A Units, Vesting