Company: SPH
Filing Date: 2025-11-26
Form Type: 10-K
Source: 0001193125-25-298630
Chunk: 2

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-11-26
Form: 10-K
Item: Item 11
Chunk 2
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Compensation Discussion and Analysis

This Compensation Discussion and Analysis (“CD&A”) explains our executive compensation philosophy, policies and practices with respect to those executive officers of the Partnership identified below whom we collectively refer to as our “named executive officers”:

     Name
      
     Position

     Michael A. Stivala
      
     President and Chief Executive Officer

     Michael A. Kuglin
      
     Chief Financial Officer

     Douglas T. Brinkworth
      
     Senior Vice President – Product Supply, Purchasing and Logistics

     Neil E. Scanlon
      
     Senior Vice President – Information Services

     Bryon L. Koepke*
      
     Vice President – General Counsel & Secretary

*Commencing with fiscal 2025, Mr. Koepke replaces Mr. Steven Boyd, our former Chief Operating Officer, as one of our named executive officers.

Key Topics Covered in our CD&A

The following table summarizes the main areas of focus in our CD&A:

     Compensation Governance

     Participants in the Compensation Process

     The Annual Compensation Decision Making Process

     Risk Mitigation Policies

     Executive Compensation Philosophy

     Overview

     Pay Mix

     Components of Compensation

     Base Salary

     Annual Cash Bonus

     Long-Term Incentive Plan

     Restricted Unit Plan and Phantom Equity Plan

     Distribution Equivalent Rights Plan

     Benefits and Perquisites

Compensation Governance

Participants in the Compensation Process

Role of the Compensation Committee

The Compensation Committee of our Board of Supervisors (the “Committee”) is responsible for overseeing our executive compensation program.  In accordance with its charter, available on our website at www.suburbanpropane.com, the Committee ensures that the compensation packages provided to our executive officers are designed in accordance with our compensation philosophy.  The Committee reviews and approves the compensation packages of our managing directors, assistant vice presidents, vice presidents, senior vice presidents, and our named executive officers. The Committee establishes and oversees our general compensation philosophy in consultation with our President and Chief Executive Officer, and supplements that by seeking advice, best practices and benchmarking from outside compensation consultants on an as needed basis.  

Among other duties, the Committee has overall responsibility for:

•Reviewing and approving the compensation of our President and Chief Executive Officer, our Chief Financial Officer, and our other executive officers;

•Reporting to the Board of Supervisors any and all decisions regarding compensation changes for our President and Chief Executive Officer and our other executive officers;