Ferrellgas Director James E. Ferrell Receives Phantom Unit Award

What Happened
James E. Ferrell, a director of Ferrellgas Partners L.P., was granted 5,782 phantom units on September 23, 2026. The grant is reported as a derivative award (price $0.00 at grant); no cash was paid by the insider. Phantom units represent the economic equivalent of Class A Units and will convert to a cash payment if and when they vest and a payout event occurs.

Key Details

• Transaction date: 2026-09-23; Form 4 filed 2026-09-25 (appears timely; Form 4s are generally due within two business days).
• Grant: 5,782 Phantom Units; reported acquisition price $0.00 (derivative award).
• Vesting/payment: Units vest on 2027-09-23. Each vested Phantom Unit entitles the holder to a cash payment after the first to occur of (1) termination of Board service, (2) a change of control, or (3) the third anniversary of the 9/23/2026 grant (payment equals the average closing price of a Class A Unit over the 10 trading days before the triggering event).
• Dividend equivalents: The award accrues dividend-equivalent rights.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 = 1 Phantom Unit = 1 Class A Unit economic equivalent; F2 = accrues dividend equivalents; F3/F4 = vesting and payout mechanics described above.

Context
This was an equity-based compensation award (phantom units), not a cash purchase or sale. Phantom units are typically cash-settled upon vesting/trigger and do not provide immediate voting rights or change outstanding shares. Such awards are routine director compensation and should be interpreted as compensation, not a direct market buy/sell signal.