Company: SPH
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015135
Chunk: 27

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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        Weighted Average

        Restricted

        Grant Date Fair

        Units

        Value Per Unit

        Outstanding September 28, 2024

        1,100,278

        $
        13.37

        Awarded

        477,667

        14.90

        Forfeited

        (15,582
        )

        (13.59
        )

        Vested (1)

        (574,782
        )

        (13.29
        )

        Outstanding December 28, 2024

        987,581

        $
        14.15

       (1)During fiscal 2025, the Partnership withheld 156,540 Common Units from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period.As of December 28, 2024, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plan amounted to $7,508.  Compensation cost associated with unvested awards is expected to be recognized over a weighted-average period of approximately one year.  Compensation expense for the Restricted Unit Plan, net of forfeitures, for the three months ended December 28, 2024 and December 30, 2023 was $2,379 and $2,645, respectively.Phantom Equity Plan. At its November 8, 2022 meeting, the Compensation Committee adopted the Phantom Equity Plan (the “PEP”) to incentivize behaviors that will lead to the creation of long-term value for the Partnership’s Unitholders by functioning as a cash-settled corollary plan to the Partnership’s Restricted Unit Plan. The executive officers of the Partnership, the members of the Board, and other employees of the Partnership are eligible for awards of phantom units under the PEP. Unless otherwise stipulated by the Compensation Committee, the standard vesting schedule for awards under the PEP will be one-third of each award on each of the first three anniversaries of the award grant date, subject to continuous employment or service from the grant date through the applicable payment date. Unvested awards are subject to forfeiture in certain circumstances, as defined in the PEP document and the applicable award agreements. Upon vesting, phantom units are automatically converted into cash equal to the average of the highest and lowest trading prices of the Partnership’s Common Units on the vesting date.Compensation expense, which includes adjustments to previously recognized compensation expense for current period changes in