Form 4: Suburban Propane VP & Treasurer Reports Unit Transactions

Suburban Propane Partners LP's Vice President & Treasurer, A. Davin D'Ambrosio, reported multiple transactions involving common and phantom units, including tax-related dispositions and new unit acquisitions.

Summary

• A. Davin D'Ambrosio, Vice President & Treasurer of Suburban Propane Partners LP, reported changes in beneficial ownership on November 14 and 15, 2025.
• On November 14, 2025, 3,834 Common Units were disposed of at $18.83 to satisfy tax obligations related to the vesting of previously granted restricted units.
• Also on November 14, 2025, 7,401 Common Units were acquired and subsequently disposed of at $18.83, associated with the vesting and conversion of phantom units.
• On November 15, 2025, 7,368 Common Units were acquired at a price of $0.0000, likely representing a new grant or vesting.
• Additionally, on November 15, 2025, 7,368 Phantom Units were acquired at a price of $0.0000.
• Following these transactions, D'Ambrosio's direct beneficial ownership stands at 79,710 Common Units and 14,992 Phantom Units.

Sentiment

Score: 6

Explanation: The filing details routine executive compensation activities, including the vesting of restricted units, tax-related dispositions, and the grant of new common and phantom units. The acquisition of new units suggests continued alignment of executive interests with shareholders.

Positives

• Acquisition of 7,368 new Common Units at $0.0000 indicates a grant or vesting, increasing the executive's direct equity stake.
• Acquisition of 7,368 new Phantom Units at $0.0000 provides future potential equity-linked compensation, aligning executive incentives with long-term company performance.

Negatives

• Disposition of 3,834 Common Units at $18.83 to cover tax liabilities reduces the executive's direct ownership.
• The immediate disposition of 7,401 Common Units at $18.83 following their acquisition from phantom unit vesting suggests a cash-out event rather than an increase in long-term holding for that specific block.

Risks

• Phantom units are subject to continuous employment or service of the reporting person from the grant date through the applicable payment date for vesting.

Future Outlook

Phantom units are scheduled to vest one-third on each of the first three anniversaries of the grant date, contingent on the reporting person's continuous employment or service.

Industry Context

This Form 4 filing details routine insider compensation transactions and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders: Changes in executive beneficial ownership, including new unit grants, align management incentives with shareholder interests.
• Employees: The vesting conditions for phantom units highlight the importance of continuous employment for executive compensation.

Next Steps

• Future vesting of phantom units on the first three anniversaries of their grant date, subject to continuous employment.

Key Dates

Recommendation

The Form 4 details routine compensation-related transactions for a company executive, including the vesting of restricted units, tax-related dispositions, and the grant of new units. These transactions do not provide new fundamental information that would alter an investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

Suburban Propane Partners LP, SPH, Form 4, Insider Trading, Beneficial Ownership, Common Units, Phantom Units, Executive Compensation, A. Davin D'Ambrosio