Form 4: Suburban Propane Executive's Equity Transactions

Suburban Propane Partners LP's VP-Controller and Chief Accounting Officer, Daniel S. Bloomstein, reported multiple equity transactions involving common and phantom units.

Summary

• Daniel S. Bloomstein, VP-Controller & Chief Accounting Officer of Suburban Propane Partners LP, reported several transactions involving the company's common and phantom units.
• On November 14, 2025, 5,082 common units were disposed of at $18.83 per unit to satisfy tax liabilities associated with the vesting of previously granted restricted units.
• Also on November 14, 2025, 9,867 phantom units were converted, leading to the acquisition and subsequent disposition of 9,867 common units, each valued at $18.83.
• On November 15, 2025, 10,717 common units were acquired at a price of $0.0000 per unit.
• Concurrently on November 15, 2025, 10,717 phantom units were acquired at a price of $0.0000 per unit.
• Following these reported transactions, Mr. Bloomstein's beneficial ownership stands at 77,570 common units and 21,316 phantom units.
• Phantom units vest one-third on each of the first three anniversaries of the grant date, contingent on continuous employment, and convert to cash upon vesting based on the Issuer's common unit trading prices.

Sentiment

Score: 5

Explanation: The filing details routine insider equity transactions, including tax-related dispositions and new grants of common and phantom units, which are typical for executive compensation and do not inherently signal a strong positive or negative outlook for the company.

Positives

• The acquisition of 10,717 new common units and 10,717 new phantom units on November 15, 2025, increases the officer's equity stake, further aligning his interests with those of shareholders.
• The vesting of previously granted restricted units and phantom units indicates the fulfillment of prior service or performance conditions.

Negatives

• The disposition of 5,082 common units to cover tax liabilities reduces the officer's direct ownership.
• The immediate disposition of 9,867 common units acquired from phantom unit conversion suggests a cashless exercise or sale, rather than an increase in direct common unit holdings from that specific conversion.

Risks

• The vesting of phantom units is subject to a schedule (one-third annually over three years) and continuous employment, meaning the full benefit is not immediately realized and is contingent on future service.

Future Outlook

Phantom units acquired on November 15, 2025, are scheduled to vest one-third on each of the first three anniversaries of the grant date, contingent upon the reporting person's continuous employment or service. Upon vesting, these phantom units will automatically convert into cash equal to the average of the highest and lowest trading prices of the Issuer's Common Units on the vesting date.

Industry Context

This filing reports routine insider equity transactions for an executive at a publicly traded energy company. Such transactions are common for executive compensation plans and do not inherently reflect broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: The transactions represent routine executive compensation activities and do not indicate a significant change in company strategy or financial health. The increase in the officer's overall equity stake aligns his interests with shareholders.
• Employees: The vesting conditions for phantom units highlight the importance of continuous employment for executive compensation.

Next Steps

• Continued vesting of phantom units over the next three years, subject to continuous employment.

Key Dates

Keywords

Suburban Propane Partners LP, SPH, Form 4, Insider Trading, Equity Transactions, Common Units, Phantom Units, Executive Compensation, Daniel S. Bloomstein