Form 4: Suburban Propane Director Matthew J. Chanin Acquires Shares and Phantom Units

Director Matthew J. Chanin of Suburban Propane Partners L.P. acquired 17,482 common units and 9,414 phantom units on November 15, 2024.

Summary

• Matthew J. Chanin, a director at Suburban Propane Partners L.P., reported acquiring 17,482 common units on November 15, 2024.
• These common units were acquired at a price of $0.00 per unit.
• Chanin also acquired 9,414 phantom units on the same date.
• These phantom units vest over three years, with one-third vesting each year.
• Upon vesting, the phantom units convert to cash based on the average of the highest and lowest trading prices of Suburban Propane's common units on the vesting date.
• Following these transactions, Chanin directly owns 83,176 common units and 9,414 phantom units.

Sentiment

Score: 7

Explanation: The document reflects standard insider transactions, which are neither positive nor negative in themselves. The acquisition of shares and phantom units is a normal part of director compensation.

Future Outlook

The phantom units will vest over the next three years, converting to cash based on the company's stock price at the time of vesting.

Industry Context

This is a routine filing related to insider transactions, which is common for publicly traded companies. It reflects the compensation structure for directors, often including equity-based awards.

Comparison to Industry Standards

• Equity-based compensation, such as phantom units, is a common practice for directors in publicly traded companies, including those in the energy sector.
• The vesting schedule of one-third per year is also a typical approach to incentivize long-term commitment.
• Companies like Energy Transfer LP (ET) and Enterprise Products Partners L.P. (EPD) also use similar equity-based compensation for their directors.

Stakeholder Impact

• The transaction has a minor impact on shareholders as it reflects a change in insider ownership.
• The vesting of phantom units may have a small dilutive effect over time.

Key Dates

Keywords

Suburban Propane Partners, Matthew J. Chanin, common units, phantom units, director, insider trading, equity, vesting