[Form 4] CrossAmerica Partners LP Common units representing limited partner interests Insider Trading Activity

Rhea-AI Filing Summary

CrossAmerica Partners LP (CAPL) – Form 4 insider filing.

Director and 10% owner Joseph V. Topper Jr. converted vested phantom units into 3,419 common units on 07/23/2025 (Transaction Code M). After the transaction, he directly owns 93,404 common units. The phantom units were economically equivalent to one common unit each and vested on the same date; they were settled at the issuer’s discretion. No derivative securities remain outstanding and no sales or open-market purchases were reported.

The filing shows a routine increase in insider ownership with no other material corporate events disclosed.

Positive

• Director/10% owner added 3,419 common units, raising direct holdings to 93,404.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine vesting adds 3,419 CAPL units to Topper’s stake; ownership now 93,404 units—no buying or selling signal implied.

The Form 4 records conversion of phantom units rather than an open-market purchase, so cash outlay is not involved. The incremental 3,419 units represent a small percentage of CAPL’s public float but keep Topper’s status above the 10% threshold. Because the transaction was pre-scheduled by the vesting terms, market impact should be minimal. Overall, the disclosure is neutral yet slightly supportive, as it increases insider alignment without indicating distribution of shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Topper Joseph V. Jr.

(Last) (First) (Middle)

645 HAMILTON ST., SUITE 400

(Street)

ALLENTOWN PA 18101

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CrossAmerica Partners LP [ CAPL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	07/21/2025		M		3,419	A	(1)	93,404	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Units	(2)	07/23/2025		M		3,419		(2)	(2)	Common Units	3,419	(1)	0	D

Explanation of Responses:

1. Each phantom unit was the economic equivalent of one common unit ("Common Unit") representing a limited partner interest in CrossAmerica Partners LP (the "Issuer"). The reporting person acquired Common Units upon vesting of the phantom units.

2. Phantom units vested on July 23, 2025 and were converted into Common Units at the discretion of the Issuer.

Remarks:

	/s/ Christina Casey-Best, Attorney in Fact for Joseph V. Topper, Jr.	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many CAPL units did Joseph V. Topper Jr. acquire?

He received 3,419 common units through the conversion of vested phantom units.

What is Topper’s total ownership after the Form 4 transaction?

Following the transaction, he directly holds 93,404 CAPL common units.

What transaction code was used in the Form 4 for CAPL?

The filing lists transaction code M, indicating a conversion of derivative securities.

When did the phantom units vest and convert to CAPL common units?

The phantom units vested and converted on 07/23/2025.

Were any CAPL shares sold in this Form 4 filing?

No. The filing only reports acquisition via conversion; no dispositions were disclosed.