SUBURBAN PROPANE PARTNERS LP
For the period ended Sep 27, 2025. Filed Nov 26, 2025.
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FY2025 · Filed Nov 26, 2025
SPH$17.27+0.5%Stored close · as of Nov 9, 2026
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Item 16. FORM 10-K SUMMARY
None.
INDEX TO EXHIBITS
The exhibits listed on this Exhibit Index are filed as part of this Annual Report. Exhibits required to be filed by Item 601 of Regulation S-K, which are not listed below, are not applicable.
| ExhibitNumber | Description |
| 3.1 | Third Amended and Restated Agreement of Limited Partnership of the Partnership dated as of October 19, 2006 (Incorporated by reference to Exhibit 3.1 to the Partnership’s Current Report on Form 8-K filed October 19, 2006). |
| 3.2 | First Amendment to the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated July 31, 2007 (Incorporated by reference to Exhibit 3.1 to the Partnership’s Current Report on Form 8-K filed August 2, 2007). |
| 3.3 | Second Amendment to the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated January 24, 2018 (Incorporated by reference to Exhibit 3.1 to the Partnership’s Current Report on Form 8-K filed January 24, 2018). |
| 3.4 | Third Amendment to the Third Amended and Restated Agreement of Limited Partnership of the Partnership, dated November 11, 2020 (Incorporated by reference to Exhibit 3.1 to the Partnership’s Current Report on Form 8-K filed November 16, 2020). |
| 3.5 | Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated as of October 19, 2006 (Incorporated by reference to Exhibit 3.2 to the Partnership’s Current Report on Form 8-K filed October 19, 2006). |
| 3.6 | First Amendment to the Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated June 24, 2009 (Incorporated by reference to Exhibit 10.2 to the Partnership’s Current Report on Form 8-K filed June 30, 2009). |
| 3.7 | Second Amendment to the Third Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated January 24, 2018 (Incorporated by reference to Exhibit 3.2 to the Partnership’s Current Report on Form 8-K filed January 24, 2018). |
| 3.8 | Amended and Restated Certificate of Limited Partnership of the Partnership dated May 26, 1999 (Incorporated by reference to Exhibit 3.2 to the Partnership’s Quarterly Report on Form 10-Q filed August 6, 2009). |
| 3.9 | Amended and Restated Certificate of Limited Partnership of the Operating Partnership dated May 26, 1999 (Incorporated by reference to Exhibit 3.3 to the Partnership’s Quarterly Report on Form 10-Q filed August 6, 2009). |
| 4.1 | Description of Common Units of the Partnership. (Incorporated by reference to Exhibit 4.1 to the Partnership’s Current Report on Form 8-K filed October 19, 2006). |
| 4.2 | Third Supplemental Indenture, dated as of February 14, 2017, to the Indenture, dated as of May 27, 2014, relating to the 5.875% Senior Notes due 2027, among Suburban Propane Partners, L.P., Suburban Energy Finance Corp. and The Bank of New York Mellon, as Trustee. (Incorporated by reference to Exhibit 4.1 to the Partnership's Current Report on Form 8-K filed February 14, 2017). |
| 4.3 | Indenture, dated as of May 24, 2021, relating to the 5.000% Senior Notes due 2031, among Suburban Propane Partners, L.P., Suburban Energy Finance Corp. and The Bank of New York Mellon, as Trustee. (Incorporated by reference to Exhibit 4.1 to the Partnership’s Current Report on Form 8-K filed May 21, 2021). |
| 10.1 | Amended and Restated 2018 Restricted Unit Plan of Suburban Propane Partners, L.P. (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed on May 18, 2021). # |
| 10.2 | Amended and Restated 2018 Restricted Unit Plan of Suburban Propane Partners, L.P. (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed May 22, 2024). # |
| 10.3 | Suburban Propane, L.P. Severance Protection Plan (Incorporated by reference to Exhibit 10.12 to the Partnership’s Annual Report on Form 10-K filed on December 24, 1996), as amended on January 24, 2008 (Incorporated by reference to Exhibit 10.3 to the Partnership’s Quarterly Report on Form 10-Q filed February 7, 2007), January 20, 2009 (Incorporated by reference to Exhibit 10.8 to the Partnership’s Annual Report on Form 10-K filed November 25, 2009) and November 10, 2009 (Incorporated by reference to Exhibit 10.8 to the Partnership’s Annual Report on Form 10-K filed on November 25, 2009). # |
| 10.4 | Suburban Propane, L.P. Executive Special Severance Plan, effective January 1, 2020. (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed on November 19, 2019). # |
| 10.5 | Suburban Propane, L.P. 2021 Long-Term Incentive Plan, effective September 27, 2020 (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed November 16, 2020), as amended on February 2, 2022 (Incorporated by reference to Exhibit 10.1 to the Partnership’s Quarterly Report on Form 10-Q filed February 3, 2022). # |
| 10.6 | Suburban Propane, L.P. 2021 Long-Term Incentive Plan, effective September 27, 2020, as amended on February 2, 2022, as amended on November 11, 2025 (Filed herewith). |
| 10.7 | Suburban Propane Partners, L.P. 2022 Phantom Equity Plan, effective November 8, 2022 (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed November 15, 2022). # |
| 10.7.1 | Form of Phantom Equity Award Agreement (Incorporated by reference to Exhibit 10.2 to the Partnership’s Current Report on Form 8-K filed November 15, 2022). # |
| 10.8 | Amended and Restated Retirement Savings and Investment Plan of Suburban Propane (effective as of January 1, 2013). (Incorporated by reference to Exhibit 10.4 to the Partnership’s Annual Report on Form 10-K filed on November 23, 2016). # |
| 10.9 | First Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective January 1, 2015). (Incorporated by reference to Exhibit 10.5 to the Partnership’s Annual Report on Form 10-K filed on November 23, 2016). # |
| 10.10 | Second Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective January 1, 2016). (Incorporated by reference to Exhibit 10.6 to the Partnership’s Annual Report on Form 10-K filed on November 23, 2016). # |
| 10.11 | Third Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective August 1, 2016). (Incorporated by reference to Exhibit 10.7 to the Partnership’s Annual Report on Form 10-K filed on November 22, 2017). # |
| 10.12 | Fourth Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective January 1, 2017). (Incorporated by reference to Exhibit 10.8 to the Partnership’s Annual Report on Form 10-K filed on November 22, 2017). # |
| 10.13 | Fifth Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective April 1, 2018). (Incorporated by reference to Exhibit 10.2 to the Partnership’s Quarterly Report on Form 10-Q filed on August 9, 2018). # |
| 10.14 | Sixth Amendment to the Retirement Savings and Investment Plan of Suburban Propane (effective January 1, 2019). (Incorporated by reference to Exhibit 10.4 to the Partnership’s Quarterly Report on Form 10-Q filed on August 8, 2019). # |
| 10.15 | Suburban Propane Partners, L.P. Distribution Equivalent Rights Plan, effective January 17, 2017, as amended November 8, 2022 (Incorporated by reference to Exhibit 10.3 to the Partnership’s Current Report on Form 8-K filed November 15, 2022). # |
| 10.16 | Third Amendment to the Pension Plan for Eligible Employees of Suburban Propane, L.P. and Subsidiaries (effective June 1, 2017). (Incorporated by reference to Exhibit 10.10 to the Partnership’s Annual Report on Form 10-K filed on November 22, 2017). # |
| 10.17 | Fourth Amendment to the Pension Plan for Eligible Employees of Suburban Propane, L.P. and Subsidiaries (effective January 1, 2019). (Incorporated by reference to Exhibit 10.3 to the Partnership’s Quarterly Report on Form 10-Q filed February 7, 2019). # |
| 10.18 | Fifth Amendment to the Pension Plan for Eligible Employees of Suburban Propane, L.P. and Subsidiaries (effective January 1, 2019 and October 1, 2019, as applicable). (Incorporated by reference to Exhibit 10.16 to the Partnership’s Annual Report on Form 10-K filed on November 27, 2019). # |
| 10.19 | Sixth Amendment to the Pension Plan for Eligible Employees of Suburban Propane, L.P. and Subsidiaries (effective December 20, 2019). (Incorporated by reference to Exhibit 10.1 to the Partnership’s Quarterly Report on Form 10-Q filed February 6, 2020). # |
| 10.20 | Seventh Amendment to the Pension Plan for Eligible Employees of Suburban Propane, L.P. and Subsidiaries (effective January 1, 2016). (Incorporated by reference to Exhibit 10.19 to the Partnership's Annual Report on Form 10-K filed on November Filed on November 24, 2021). # |
| 10.21 | Third Amended and Restated Credit Agreement among the Operating Partnership, the Partnership and Bank of America, N.A., as Administrative Agent, and the Lenders party thereto, dated March 5, 2020. (Incorporated by reference to Exhibit 10.1 to the Partnership’s Current Report on Form 8-K filed on March 5, 2020). |
| 10.22 | First Amendment to the Third Amended and Restated Credit Agreement among Suburban Propane, L.P., the Partnership and Bank of America, N.A., as Administrative Agent, and the Lender parties thereto, dated December 27, 2022. (Incorporated by reference to Exhibit 10.1 to the Partnership’s Quarterly Report on Form 10-Q filed on February 2, 2023. |
| 10.23 | Fourth Amended and Restated Credit Agreement (Incorporated by reference to Exhibit 10.1 to the Partnership's Current Report on Form 8-K filed on March 18, 2024). |
| 10.24 | Equity Distribution Agreement, dated as of February 20, 2025, between Suburban Propane Partners, L.P. and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, BofA Securities Inc., and Evercore Group L.L.C. (Incorporated by reference to Exhibit 1.1 to the Partnership’s Current Report on Form 8-K filed on February 21, 2025). |
| 19.1 | Suburban Propane Partners, L.P. and its Subsidiaries Policy on Insider Trading (Incorporated by reference to Exhibit 19.1 to the Partnership's Annual Report on Form 10-K filed on November 27, 2024). |
| 21.1 | Subsidiaries of Suburban Propane Partners, L.P. (Filed herewith). |
| 23.1 | Consent of PricewaterhouseCoopers LLP. (Filed herewith). |
| 31.1 | Certification of the President and Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith). |
| 31.2 | Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith). |
| 32.1 | Certification of the President and Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith). |
| 32.2 | Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Furnished herewith). |
| 97.1 | Dodd-Frank Clawback Policy, effective as of December 1, 2023. (Incorporated by reference to Exhibit 97.1 to the Partnership's Annual Report on Form 10-K filed on November 22, 2023). |
| 99.1 | Equity Holding Policy for Supervisors and Executives of Suburban Propane Partners, L.P., as amended on November 10, 2015 and as further amended on November 13, 2018. (Incorporated by reference to Exhibit 99.1 to the Partnership’s Annual Report on Form 10-K filed on November 21, 2018). |
| 99.2 | Five-Year Performance Graph (Furnished herewith). |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (embedded in the Inline XBRL document). |
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