CrossAmerica Partners (NYSE: CAPL) grants 5,880 phantom units to director-officer

Rhea-AI Filing Summary

CrossAmerica Partners LP reported an insider equity award for director and officer Keenan D. Lynch. On 12/10/2025, Lynch received 5,880 phantom units, each economically equivalent to one common unit and accompanied by rights to receive cash equal to distributions on common units. The award was granted at a price of $0 and increased his beneficial ownership in derivative securities to 25,659 units.

According to the vesting terms, 50% of the grant will vest ratably over three years, each as of December 31, until December 31, 2028. The remaining 50% will vest upon death or disability, or upon certain retirements deemed not adverse to the issuer’s interests by the board, and this portion will expire 20 years from the grant date if it does not vest.

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

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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lynch Keenan D

(Last) (First) (Middle)

645 HAMILTON STREET, 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
X	Officer (give title below)		Other (specify below)
	Gen Counsel and CAO

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2025

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

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(1)	(1)	12/10/2025		A		5,880(1)		(2)	(2)	Common Units	5,880	$0	25,659	D

Explanation of Responses:

1. Each phantom unit is the economic equivalent of one common unit ("Common Unit") representing a limited partner interest in CrossAmerica Partners L.P. and is accompanied by tandem distribution equivalent rights that entitle the holder to cash payments equal to the amount of distributions authorized to be paid to the holders of Common Units.

2. 50% of the grant will vest ratably over three years, each as of December 31, until December 31, 2028. 50% of the grant will vest upon death or disability, or retirement if such retirement is not adverse to the interests of the Issuer, as determined by the Board in its sole discretion. This 50% portion will expire, if unvested, 20 years from the grant date.

Remarks:

	Keenan D. Lynch	12/12/2025
	** 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.
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FAQ

What insider transaction did CrossAmerica Partners LP (CAPL) report for Keenan D. Lynch?

The company reported that Keenan D. Lynch, a director and officer, received 5,880 phantom units on 12/10/2025, each economically equivalent to one common unit.

What are the terms of the 5,880 phantom units reported by CAPL?

Each phantom unit equals one common unit in economic value and includes distribution equivalent rights that pay cash equal to distributions authorized on common units.

How do the phantom units granted to CAPL insider Keenan D. Lynch vest?

50% of the grant vests ratably over three years as of December 31 each year until December 31, 2028, while the other 50% vests upon death, disability, or qualifying retirement.

When do the unvested phantom units granted to CAPL’s Keenan D. Lynch expire?

The 50% portion that vests upon death, disability, or qualifying retirement will expire 20 years from the grant date if it remains unvested.

How many derivative securities does Keenan D. Lynch beneficially own after this CAPL grant?

Following the reported transaction, Keenan D. Lynch beneficially owns 25,659 derivative securities in the form of phantom units.

What role does Keenan D. Lynch hold at CrossAmerica Partners LP (CAPL)?

Keenan D. Lynch is reported as both a director and an officer, serving as General Counsel and Chief Administrative Officer.