CrossAmerica Partners (NYSE: CAPL) awards 3,040 phantom units to director

Rhea-AI Filing Summary

Kelso Thomas E reported acquisition or exercise transactions in this Form 4 filing.

CrossAmerica Partners LP reported that director Thomas E. Kelso received a grant of 3,040 phantom units, each economically equivalent to one common unit and carrying distribution equivalent rights. The award increases his directly held phantom units to 12,184, vests in one annual installment, and will settle in cash or common units at the issuer’s discretion.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kelso Thomas E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units F1, F2	3,040	$0.00	$0.00

Holdings After Transaction: Phantom Units — 12,184 shares (Direct)

Footnotes (2)

1. F1. 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. F2. The phantom units will vest in one annual installment on the anniversary of the grant date, provided the reporting person was in continuous service as a director to the Issuer as of the vesting date, and when vested will be converted into either cash or common units, at the discretion of the Isser.

Key Figures

Phantom units granted: 3,040 units Phantom units after grant: 12,184 units Transaction price per unit: $0.0000

3 metrics

Phantom units granted 3,040 units Grant of phantom units to director Thomas E. Kelso

Phantom units after grant 12,184 units Total phantom units directly held following the award

Transaction price per unit $0.0000 Per-unit grant price for the phantom unit award

Key Terms

Phantom Units, distribution equivalent rights, limited partner interest

3 terms

Phantom Units financial

"Each phantom unit is the economic equivalent of one common unit"

Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.

distribution equivalent rights financial

"accompanied by tandem distribution equivalent rights that entitle the holder to cash"

limited partner interest financial

"Common Unit representing a limited partner interest in CrossAmerica Partners L.P."

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider transaction did CAPL report for director Thomas E. Kelso?

Thomas E. Kelso received a grant of 3,040 phantom units tied to CrossAmerica common units. These derivative awards represent director compensation rather than an open-market trade and include rights to distributions equivalent to those on common units.

How many CAPL phantom units does Thomas E. Kelso hold after this grant?

After this award, Thomas E. Kelso directly holds 12,184 phantom units. This total reflects the newly granted 3,040 phantom units added to his prior phantom-unit holdings, as reported in the Form 4 filing.

What are phantom units for CrossAmerica Partners LP (CAPL)?

Phantom units are derivative awards economically equivalent to one CAPL common unit. They include tandem distribution equivalent rights, providing cash payments equal to distributions paid on common units, but are settled later in cash or common units.

How do the newly granted CAPL phantom units vest for Thomas E. Kelso?

The 3,040 phantom units vest in one annual installment on the grant’s anniversary. Vesting requires Kelso’s continuous service as a director through that date, after which the units convert into cash or common units at the issuer’s discretion.

Was the CAPL Form 4 grant reported under a Rule 10b5-1 trading plan?

The Form 4’s Rule 10b5-1 checkbox was not selected. This indicates the phantom unit grant was not affirmatively reported as executed pursuant to a pre-arranged Rule 10b5-1 trading plan.

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
Estimated average burden
hours per response:			0.5

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^*

Kelso Thomas E

(Last) (First) (Middle)

14921 OLD YORK ROAD

(Street)

PHOENIX MARYLAND 21131

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2026

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

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

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

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)	07/21/2026		A		3,040(1)		(2)	(2)	Common Units	3,040	$0	12,184	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. The phantom units will vest in one annual installment on the anniversary of the grant date, provided the reporting person was in continuous service as a director to the Issuer as of the vesting date, and when vested will be converted into either cash or common units, at the discretion of the Isser.

Remarks:

	Christina Casey-Best as attorney-in-fact for Thomas E. Kelso	07/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)