Hawks Carney 4

What Happened

• Hawks Carney, a director of Ferrellgas Partners L P, had 12,729 Phantom Units convert and be paid out in cash on May 18, 2026. The Form 4 reports a cash amount of $312,115.08 for that conversion (about $24.52 per unit). The filing also shows a separate reported aggregate value of $3,972,912,853 that appears to be an error or formatting anomaly.
• On the same date, 8,492 additional Phantom Units were listed as forfeited and reported with a $0.00 disposition. These transactions are settlements of Phantom Unit awards (cash-settled, not open-market share sales).

Key Details

• Transaction date: May 18, 2026; Form 4 filed May 20, 2026 (within the typical 2-business-day reporting window).
• Primary items reported: conversion/exercise of 12,729 Phantom Units and cash disposition of $312,115.08; forfeiture of 8,492 Phantom Units with $0 value.
• Per-unit implied payout (based on the $312,115.08 figure): approx. $24.52 each.
• Shares/units owned after the transaction: not specified in the filing.
• Footnotes: F1—Phantom Units vested on Sept 25, 2025 and were payable in cash equal to the 10-day average closing price prior to May 18, 2026. F2—8,492 Phantom Units were forfeited on May 18, 2026.
• Filing anomaly: the form also lists an aggregate disposed value of $3,972,912,853 for one line item, which conflicts with the $312,115.08 cash figure and the footnote; this appears to be a reporting or formatting error in the filing.

Context

• Phantom Units are cash-settled awards that pay the economic equivalent of partnership units; they are not open-market purchases or sales of publicly traded shares. This was a routine award settlement and partial forfeiture, not a market sale that directly signals buying or selling sentiment.
• Because this was a cash settlement to the insider (rather than an open-market sale), it should be interpreted as compensation/payment under the award terms rather than a directional insider trade.