CrossAmerica Partners insider boosts stake with 3,419-unit conversion

Rhea-AI Filing Summary

Form 4 filed for CrossAmerica Partners LP (CAPL) discloses that director Mickey Kim acquired 3,419 common units on 23 Jul 2025. The units were received through the vesting and mandatory conversion of an equal number of phantom units, coded “M,” indicating no open-market activity. After the transaction, Kim directly owns 30,844 common units and holds no remaining phantom units related to this award.

The filing represents a routine equity-incentive settlement that modestly raises insider ownership and further aligns the director’s economic interest with other unitholders. No sales, cash purchases, or additional derivative grants were reported, and the document contains no financial performance data or forward-looking statements.

Positive

• Director increased direct ownership by 3,419 common units, enhancing alignment with unitholders
• No insider sales were reported, resulting in a net positive insider flow

Negative

• None.

Insights

Securities Analyst

TL;DR: Director adds 3,419 units via equity award; small positive signal, minimal market impact.

The transaction is a non-cash conversion of phantom units, increasing direct ownership to 30,844 common units. While insider accumulation is generally viewed favorably, the size is immaterial relative to CAPL’s total units outstanding and does not alter capital structure or liquidity. No sales were reported, so the net insider flow is positive, but the event is unlikely to move valuation.

Corporate Governance Specialist

TL;DR: Vesting improves alignment; standard incentive plan action, low governance risk.

The conversion follows plan terms and removes outstanding phantom units, simplifying Kim’s holding structure. Continued participation in equity programs supports alignment between board and unitholders. No red flags such as late filing, complex derivatives, or discretionary sales appear. Impact on governance perception is mildly positive but not material.

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^*

Kim Mickey

(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		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	07/23/2025		M		3,419	A	(1)	30,844	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 as Attorney-in-Fact for Mickey Kim	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

What insider activity did CAPL report on 23 Jul 2025?

Director Mickey Kim acquired 3,419 common units through the vesting of phantom units.

How many CrossAmerica Partners units does Mickey Kim now own?

After the transaction, Kim directly owns 30,844 common units.

Were any CAPL units sold in this Form 4 filing?

No. The filing only shows an acquisition resulting from phantom unit conversion.

What does transaction code "M" mean in CAPL's Form 4?

Code "M" indicates a conversion of a derivative security, such as phantom units, into common units.

Did the filing report any remaining derivative securities for Kim?

No. After conversion, Kim holds 0 phantom units linked to this award.