CrossAmerica Partners (NYSE: CAPL) awards 4,402 phantom units with long-term vesting

Rhea-AI Filing Summary

CrossAmerica Partners LP reported an equity-based compensation grant to an executive officer. On 12/10/2025, the company awarded 4,402 phantom units, each economically equivalent to one common unit representing a limited partner interest in CrossAmerica Partners LP. Following this grant, the reporting person beneficially owned 16,899 derivative securities.

According to the terms, 50% of the phantom units vest ratably over three years, with vesting as of December 31 each year until December 31, 2028. The remaining 50% will vest upon death or disability, or certain retirements that are not adverse to the issuer’s interests, as determined by the board. This second portion expires, if unvested, 20 years from the grant date.

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^*

Brecker Robert

(Last) (First) (Middle)

107 SACRAMENTO DRIVE

SUITE 400

(Street)

QUAKERTOWN PA 18951

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice Pres Operations

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		4,402(1)		(2)	(2)	Common Units	4,402	$0	16,899	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:

	Christina Casey-Best as Attorney-in-Fact for Robert Brecker	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.
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 transaction did CrossAmerica Partners LP (CAPL) report in this Form 4?

The filing reports that an executive officer of CrossAmerica Partners LP (CAPL) received a grant of 4,402 phantom units on 12/10/2025 as equity-based compensation.

What are the phantom units granted by CrossAmerica Partners LP (CAPL)?

Each phantom unit is the economic equivalent of one common unit of CrossAmerica Partners LP and includes distribution equivalent rights that pay cash equal to distributions authorized for common unitholders.

How do the CAPL phantom units vest for this executive grant?

50% of the 4,402 phantom units vest ratably over three years as of December 31 each year until December 31, 2028, while the remaining 50% vests upon death, disability, or qualifying retirement.

When do the unvested CAPL phantom units expire?

For this award, the 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 the CAPL executive own after this transaction?

After the reported grant, the executive beneficially owned 16,899 derivative securities, including the newly granted phantom units.

What is the exercise price of the CAPL phantom units in this grant?

The conversion or exercise price listed for the phantom units is $0, reflecting their nature as cash-settled, equity-linked compensation rather than traditional options.