Company: SPH
Filing Date: 2025-11-26
Form Type: 10-K
Source: 0001193125-25-298630
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Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-11-26
Form: 10-K
Item: Item 10
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Partnership Management

Our Partnership Agreement provides that all management powers over our business and affairs are exclusively vested in our Board of Supervisors and, subject to the direction of the Board of Supervisors, our officers.  No Unitholder has any management power over our business and affairs or actual or apparent authority to enter into contracts on behalf of or otherwise to bind the Partnership.  Under the current Partnership Agreement, members of our Board of Supervisors are elected by the Unitholders for three-year terms.  

All eight of our current Supervisors, namely Amy M. Adams, Matthew J. Chanin, Terence J. Connors, William M. Landuyt, Harold R. Logan Jr., Rommel M. Oates, Michael A. Stivala and Jane Swift, were elected to their current three-year terms at the Tri-Annual Meeting of our Unitholders held on May 21, 2024.

Three Supervisors, who are not officers or employees of the Partnership or its subsidiaries, currently serve on the Audit Committee with authority to review, approve or ratify, at the request of the Board of Supervisors, specific matters as to which the Board of Supervisors believes there may be a conflict of interest, or which may be required to be disclosed pursuant to Item 404(a) of Regulation S-K adopted by the SEC, in order to determine if the resolution or course of action in respect of such conflict proposed by the Board of Supervisors is fair and reasonable to the Partnership.  Under the Partnership Agreement, any matter that receives the “Special Approval” of the Audit Committee (i.e., approval by a majority of the members of the Audit Committee) is conclusively deemed to be fair and reasonable to the Partnership, is deemed approved by all of our partners and shall not constitute a breach of the Partnership Agreement or any duty stated or implied by law or equity as long as the material facts known to the party having the potential conflict of interest regarding that matter were disclosed to the Audit Committee at the time it gave Special Approval.  The Audit Committee also assists the Board of Supervisors in fulfilling its oversight responsibilities relating to (i) the integrity of the Partnership’s financial statements and internal control over financial reporting; (ii) the Partnership’s compliance with applicable laws, regulations (including those related to artificial intelligence and cybersecurity), and its code of conduct; (iii) the Partnership’s major financial risk exposure and the steps management has taken to monitor and mitigate such risks; (iv) review and approval of related person transactions