Form 4: Suburban Propane Exec Reports Routine Equity Transactions

Douglas Brinkworth, SVP at Suburban Propane Partners, reported routine equity transactions including tax-related dispositions and new equity grants.

Summary

• Douglas Brinkworth, SVPProd.Sup,Purch.&Logistics at Suburban Propane Partners LP (SPH), reported multiple transactions involving Common Units and Phantom Units.
• On November 14, 2025, 11,998 Common Units were disposed of at $18.83 per unit to satisfy tax liabilities associated with the vesting of previously granted restricted units, totaling approximately $226,092.34.
• Also on November 14, 2025, 23,403 Phantom Units were converted/exercised, which, upon vesting, are automatically converted into cash.
• Separately on November 14, 2025, 23,403 Common Units were acquired and subsequently disposed of at $18.83 per unit, resulting in no net change to beneficial ownership from these specific transactions.
• On November 15, 2025, 24,112 Common Units were acquired at a price of $0.0000, likely due to the vesting of an equity award.
• Additionally, on November 15, 2025, 24,112 new Phantom Units were granted at a price of $0.0000. These phantom units vest one-third annually over the first three anniversaries of the grant date and convert to cash upon vesting.
• Following these transactions, Mr. Brinkworth's direct beneficial ownership of Common Units increased to 171,469, and his direct beneficial ownership of Phantom Units increased to 49,064.

Sentiment

Score: 6

Explanation: The filing indicates routine equity compensation events for a senior executive, including new grants of phantom units and vesting of common units, which generally reflect ongoing executive alignment with shareholder interests. The disposition of units for tax purposes is a standard practice and does not suggest negative sentiment.

Positives

• Acquisition of 24,112 Common Units on November 15, 2025, indicating vesting of an equity award.
• Grant of 24,112 new Phantom Units on November 15, 2025, representing future compensation and continued alignment with company performance.
• Overall increase in beneficial ownership of Common Units from 147,357 to 171,469 after all reported transactions.

Negatives

• Disposition of 11,998 Common Units on November 14, 2025, to cover tax liabilities, reducing direct equity holdings.

Future Outlook

The newly granted 24,112 phantom units are scheduled to vest one-third on each of the first three anniversaries of the grant date, subject to continuous employment, and will convert into cash based on the average trading prices of Common Units on the vesting date.

Industry Context

This filing details routine insider equity transactions, which are common across industries for executives receiving performance-based or long-term incentive compensation. It does not provide specific insights into broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: The transactions are routine and reflect standard executive compensation practices, aligning management incentives with long-term company performance. The tax-related disposition is a minor, expected event.
• Employees: The equity grants demonstrate the company's ongoing use of equity-based compensation for its senior leadership.

Next Steps

• The newly granted 24,112 phantom units will vest in one-third increments on the first three anniversaries of the grant date.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, including equity award vesting and tax-related dispositions. It does not provide new fundamental information about the company's operations or financial performance that would warrant a change in investment recommendation. The transactions are expected and reflect standard compensation practices.

Keywords

Suburban Propane Partners, SPH, Form 4, insider transaction, beneficial ownership, equity compensation, phantom units, restricted units, Douglas Brinkworth