Form 4: Suburban Propane VP Tax Reports Equity Transactions

Suburban Propane Partners LP's VP of Tax, Elmer Dante, reported the exercise of phantom units, subsequent disposition of common units, and new equity grants.

Summary

• Elmer Dante, VP, Tax of Suburban Propane Partners LP, reported multiple transactions involving Common Units and Phantom Units.
• On November 14, 2025, Mr. Dante exercised 5,850 phantom units, which converted into 5,850 common units of Suburban Propane Partners LP at a price of $18.83 per unit.
• Concurrently on November 14, 2025, 5,850 common units were disposed of at $18.83 per unit, likely to cover taxes or exercise costs associated with the phantom unit conversion.
• Following these transactions on November 14, 2025, Mr. Dante's beneficial ownership of common units was 29,444, and phantom units was 6,890.
• On November 15, 2025, Mr. Dante acquired 8,038 common units and 8,038 phantom units, both at a price of $0.0000, indicating new equity grants.
• After all reported transactions, Mr. Dante beneficially owns 37,482 Common Units and 14,928 Phantom Units.
• Phantom units vest one-third on each of the first three anniversaries of the grant date, subject to continuous employment, and convert to cash based on the average of the highest and lowest trading prices on the vesting date.

Sentiment

Score: 5

Explanation: This is a routine insider transaction report (Form 4) detailing the exercise of phantom units and subsequent acquisition and disposition of common units by a company officer. It reflects compensation and tax planning rather than a significant positive or negative event for the company's operational or financial performance.

Positives

• Acquisition of 8,038 common units at no cost, increasing direct beneficial ownership.
• Grant of 8,038 new phantom units, representing future equity compensation and continued alignment with long-term company performance.
• Overall increase in beneficial ownership of common units from 29,444 to 37,482 after all reported transactions, demonstrating continued investment in the company.

Negatives

• Disposition of 5,850 common units at $18.83 per unit, likely for tax purposes or to cover exercise costs, which is a common but not inherently negative aspect of equity compensation.

Risks

• Phantom units are subject to a vesting schedule (one-third on each of the first three anniversaries of the grant date) and continuous employment of the reporting person from the grant date through the applicable payment date, meaning forfeiture could occur if employment ceases.

Future Outlook

The filing does not provide a future outlook for the company's performance or strategy, focusing solely on insider equity transactions.

Industry Context

This filing is a routine insider transaction report and does not contain information related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: Minor impact. Routine insider transactions, including grants and exercises, are part of executive compensation and generally do not signal significant changes in company outlook. The increase in beneficial ownership of common units by a key executive can be seen as a positive alignment of interests.
• Employees: The vesting conditions for phantom units (continuous employment) highlight the company's strategy to retain key personnel.

Next Steps

• Phantom units will continue to vest one-third on each of the first three anniversaries of their grant date, subject to continuous employment.

Key Dates

Keywords

Suburban Propane Partners LP, SPH, Form 4, Insider Transaction, Common Units, Phantom Units, Equity Compensation, VP Tax, Elmer Dante, Beneficial Ownership