Ferrellgas Director Joe Eby Receives 5,782 Phantom Units

What Happened
Joe Eby, a director of Ferrellgas Partners L P, was granted 5,782 phantom units (a derivative award) on September 23, 2026. The award was recorded at $0.00 per unit (no cash purchase); the units are a form of compensation rather than an open‑market buy. According to the filing, each Phantom Unit equals the economic value of one Class A Unit and carries dividend equivalent rights.

Key Details

• Transaction date: 2026-09-23; filing date: 2026-09-25 (filed within the standard 2‑day Form 4 window).
• Transaction type/code: A = Award/Grant. Price reported: $0.00. Quantity: 5,782 Phantom Units.
• Vesting/payable: Vests on September 23, 2027 (footnote). Each vested Phantom Unit entitles the holder to a cash payment upon 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 date. Payout equals the average closing price of a Class A Unit for the 10 trading days immediately preceding the triggering event. (Footnotes F1–F4.)
• Dividend equivalents: Award accrues dividend equivalent rights (footnote F2).
• Shares/units owned after transaction: not specified in the excerpt of the filing.

Context
Phantom units are a deferred, cash‑settled form of equity compensation — they track the economic value of units but do not immediately transfer equity. Such awards to directors are routine compensation and not the same signal as an open‑market purchase or sale. The filing appears timely; no late filing indicator was reported.