CrossAmerica director granted 3,040 phantom units

Topper Joseph V. Jr. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Topper Joseph V. Jr. reported acquisition or exercise transactions in this Form 4 filing.

CrossAmerica Partners LP director and 10% owner Joseph V. Topper Jr. received a grant of 3,040 phantom units at a reported per-unit price of $0.0000. Each phantom unit is economically equivalent to one common unit and includes distribution equivalent rights. The award vests in one annual installment on the first anniversary of the grant, conditioned on continued board service, and will then be settled in cash or common units at the issuer’s discretion, bringing his reported phantom-unit holdings to 96,444.

Insider Trade Summary

Grant/Award: 3,040 shares

Grant/Award 1 txn

Insider Topper Joseph V. Jr.

Role Director, 10% Owner

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

Holdings After Transaction: Phantom Units — 96,444 contracts (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 first 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 Issuer.

Key Figures

Phantom units granted: 3040.0000 phantom units Per-unit grant price: 0.0000 per unit Phantom units after transaction: 96444.0000 phantom units +1 more

4 metrics

Phantom units granted 3040.0000 phantom units Grant to director and 10% owner Joseph V. Topper Jr.

Per-unit grant price 0.0000 per unit Reported transaction price per phantom unit

Phantom units after transaction 96444.0000 phantom units Total phantom-unit holdings following the reported grant

Underlying common units per phantom unit 1.0000 common unit Each phantom unit is economically equivalent to one common unit

Key Terms

Phantom Units, distribution equivalent rights, limited partner interest, Rule 10b5-1

4 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

"one common unit representing a limited partner interest in CrossAmerica Partners L.P."

Rule 10b5-1 financial

"The Rule 10b5-1 checkbox is not marked as an affirmative plan"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CAPL report for Joseph V. Topper Jr.?

CrossAmerica Partners LP reported that director and 10% owner Joseph V. Topper Jr. received 3,040 phantom units. These derivative awards are tied to common units and increase his total reported phantom-unit holdings to 96,444 following the grant.

How many CAPL phantom units were granted and at what price?

Joseph V. Topper Jr. was granted 3,040 phantom units at a reported per-unit price of $0.0000. The phantom units are compensation-linked derivatives that mirror the economic value and distributions of CAPL common units.

What are CAPL phantom units and their economic rights?

Each CAPL phantom unit is the economic equivalent of one common unit and carries distribution equivalent rights. These rights entitle the holder to cash payments equal to distributions authorized for holders of CAPL common units.

When do the newly granted CAPL phantom units vest and settle?

The 3,040 phantom units will vest in one installment on the first anniversary of the grant date, if Joseph V. Topper Jr. remains a director. Once vested, they will be converted into either cash or common units, at CrossAmerica Partners LP’s discretion.

How many CAPL phantom units does Joseph V. Topper Jr. hold after this grant?

After receiving the 3,040 phantom units, Joseph V. Topper Jr.’s reported phantom-unit holdings total 96,444. This figure reflects his direct derivative position in awards economically linked to CAPL common units.

Is the CAPL phantom unit grant under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox is not marked as an affirmative plan. The reported transaction is a compensation grant of phantom units, not a market trade executed under a pre-arranged trading program.

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

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Available on EDGAR 07/21/2026 - 04:17 PM Accepted by SEC EDGAR 07/21/2026 - 04:16 PM Learn about SEC filing dates

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^*

Topper Joseph V. Jr.

(Last) (First) (Middle)

645 HAMILTON ST., SUITE 400

(Street)

ALLENTOWN PENNSYLVANIA 18101

(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	X	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	96,444	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 first 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 Issuer.

Remarks:

	/s/ Christina Casey-Best, Attorney in Fact for Joseph V. Topper, Jr.	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)