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

Rhea-AI Filing Summary

Reilly John B. III reported acquisition or exercise transactions in this Form 4 filing.

CrossAmerica Partners LP director and 10% owner John B. Reilly III received a grant of 3,040 phantom units on 2026-07-21 as equity compensation, with no cash paid. Each phantom unit is economically equivalent to one common unit and carries distribution equivalent rights matching common unit distributions.

The phantom units vest in one annual installment on the first anniversary of the grant date, subject to his continuous service as a director, and upon vesting will be settled in either cash or common units at the issuer’s discretion. Following this award, he directly holds 36,507 phantom units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Reilly John B. III

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 — 36,507 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 LP, 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 units Transaction price per phantom unit: 0.0000 per unit Phantom units held after grant: 36507.0000 units

3 metrics

Phantom units granted 3040.0000 units Equity grant to John B. Reilly III on 2026-07-21

Transaction price per phantom unit 0.0000 per unit Reported grant price, indicating no cash paid by the reporting person

Phantom units held after grant 36507.0000 units Total phantom units directly owned by John B. Reilly III following the award

Key Terms

Phantom Units, distribution equivalent rights, limited partner interest, vesting

4 terms

Phantom Units financial

"Security title Phantom Units economically equivalent to common units"

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 LP"

vesting financial

"The phantom units will vest in one annual installment on the first anniversary"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

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

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FAQ

What insider transaction did CAPL report for John B. Reilly III?

CrossAmerica Partners LP reported that director and 10% owner John B. Reilly III received a grant of 3,040 phantom units on 2026-07-21 as equity-based compensation, increasing his direct phantom unit holdings to 36,507 after the transaction.

How many phantom units were granted in the latest CAPL Form 4 and what is the new total?

The filing shows a grant of 3,040 phantom units to John B. Reilly III. After this award, his direct holdings total 36,507 phantom units, all tied economically to CrossAmerica Partners LP common units through distribution equivalent rights.

What are phantom units and distribution equivalent rights at CAPL?

Each CAPL phantom unit is the economic equivalent of one common unit and is paired with distribution equivalent rights, which provide cash payments equal to distributions authorized for holders of CrossAmerica Partners LP common units.

When do the newly granted CAPL phantom units vest and how are they settled?

The 3,040 CAPL phantom units vest in one annual installment on the first anniversary of the grant date, assuming continuous board service, and upon vesting are converted into either cash or common units at CrossAmerica Partners LP’s discretion.

Was the CAPL Form 4 transaction a market purchase or sale of common units?

No, the Form 4 reports a grant of phantom units, not an open-market purchase or sale. The transaction occurred at a reported price of 0.0000 per unit, reflecting equity compensation rather than a cash-financed trade in CAPL common units.

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^*

Reilly John B. III

(Last) (First) (Middle)

645 HAMILTON STREET, SUITE 600

(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	36,507	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 LP, 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 as Attorney in Fact for John B. Reilly, III	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)