Form 4: Suburban Propane Director Sells Units Post-Vesting

Suburban Propane Partners LP Director Harold R. Logan Jr. sold 2,354 common units for $18.83 each on November 14, 2025, following the vesting of phantom units.

Summary

• Director Harold R. Logan Jr. of Suburban Propane Partners LP (SPH) reported a change in beneficial ownership.
• On November 14, 2025, 2,354 phantom units vested and were converted into common units.
• Concurrently, 2,354 common units were disposed of at a price of $18.83 per unit.
• The transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating it was pre-scheduled.
• Following these transactions, Mr. Logan Jr. beneficially owns 31,727 direct common units.
• 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.

Sentiment

Score: 5

Explanation: The transaction is a routine insider sale following the vesting of compensation, executed under a pre-planned Rule 10b5-1 plan. It does not indicate a strong positive or negative sentiment regarding the company's future prospects.

Positives

• The vesting of phantom units represents a realized gain for the director as part of their compensation.
• The transaction was conducted under a Rule 10b5-1 plan, indicating a pre-scheduled and transparent sale not based on new material non-public information.

Negatives

• The sale of common units by a director, even if routine, could be perceived as a slight negative signal by some investors, though it is a common event following vesting.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the general market risks associated with holding SPH common units.

Future Outlook

The explanation of responses indicates that phantom units vest over three anniversaries of the grant date, suggesting future vesting events for remaining phantom units held by the reporting person, subject to continuous service.

Industry Context

This filing reports a routine insider transaction and does not provide specific industry context or competitive analysis. It reflects a director's compensation realization rather than a strategic business move.

Stakeholder Impact

• Shareholders: The sale represents a minor transfer of ownership. Given the small number of units relative to total outstanding shares, the impact is minimal.
• Employees: The transaction is part of an executive compensation plan, which is a standard practice for retaining and incentivizing key personnel.

Next Steps

• Future vesting of remaining phantom units for the reporting person on subsequent anniversaries of the grant date, subject to continuous service.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned insider sale of units following vesting, which is a common compensation event. It does not provide sufficient new information to warrant a change in investment recommendation. Investors should consider broader company fundamentals and market conditions rather than this single transaction.

Keywords

Suburban Propane Partners LP, SPH, Form 4, insider trading, director, unit sale, phantom units, Rule 10b5-1