Insider Filing: GLP Executive Trims Stake by 5% in Pre-Planned Sale

Rhea-AI Filing Summary

Global Partners (NYSE:GLP) filed a Form 4 reporting that Chief Operating Officer Mark Romaine sold a total of 9,000 common units on 06/24–06/25/2025 under a pre-arranged Rule 10b5-1 plan.

The transactions comprised 6,659 units at a weighted-average $54.26 (range $54.00-$54.83) and 2,341 units at $51.53 (range $51.35-$51.82), generating roughly $0.48 million in proceeds.

Romaine’s beneficial ownership declined from 166,531 to 157,531 units, a 5.4% reduction. No derivative trades were reported.

While the plan mitigates timing concerns, a C-suite sale of this size can influence investor sentiment.

Positive

• None.

Negative

• COO Mark Romaine sold 9,000 units (≈5.4% of his holdings) for about $0.48 million under a Rule 10b5-1 plan

Insights

Corporate Governance Expert

TL;DR: COO trims stake by 5.4%; modest negative signal despite 10b5-1 shield.

The sale exceeds the 5% materiality threshold and involves a key executive, so it deserves scrutiny. Although executed under a Rule 10b5-1 plan—reducing the likelihood of opportunistic timing—it still lowers insider alignment. Post-sale, Romaine retains ~157.5 k units (≈$8 m), suggesting continued exposure. The $0.48 m proceeds are immaterial to GLP’s market cap and daily volume but can influence perception if followed by similar trades from other insiders. Investors should monitor cluster activity and any revisions to distribution guidance that could explain liquidity needs.

Portfolio Manager

TL;DR: Pre-planned sale is small versus float; neutral on valuation.

The 9,000 units represent about 0.25% of GLP’s ~39 m unit float and only 5.4% of Romaine’s holdings. Size and 10b5-1 structure imply personal diversification rather than adverse outlook. Fundamentals—refined‐product margins, distribution coverage, and leverage—remain the main drivers. Unless insider selling accelerates or accompanies negative guidance, I view the disclosure as sentiment-neutral. Watch for subsequent Forms 4 and quarterly commentary for confirmation.

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^*

Romaine Mark

(Last) (First) (Middle)

C/O GLOBAL PARTNERS LP

800 SOUTH STREET, SUITE 500

(Street)

WALTHAM MA 02453

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GLOBAL PARTNERS LP [ GLP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

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
Common Units representing limited partner interests	06/24/2025		S(1)		6,659	D	$54.26(2)	159,872	D
Common units representing limited partner interests	06/25/2025		S(1)		2,341	D	$51.53(3)	157,531	D

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

Explanation of Responses:

1. Sale pursuant to 10b5-1 Plan dated March 25, 2025.

2. Common Units representing limited partner interests in the Issuer ("Common Units") were sold at a weighted average price. These common units were sold in multiple transactions at prices from $54.00 to $54.83, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units sold at each separate price within the range set forth in this footnote (2) to this Form 4

3. Common Units representing limited partner interests in the Issuer ("Common Units") were sold at a weighted average price. These common units were sold in multiple transactions at prices from $51.35 to $51.82, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units sold at each separate price within the range set forth in this footnote (3) to this Form 4

	Erin Powers Brennan, Attorney-in-Fact for Mark Romaine	06/26/2025
	** 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

How many Global Partners units did COO Mark Romaine sell on 24 June 2025?

He sold 6,659 units at a weighted-average price of $54.26.

What was the total value of GLP units sold by the COO in June 2025?

Combined sales on 24-25 June 2025 generated roughly $0.48 million.

How many GLP units does Mark Romaine still own after the June 2025 sales?

After the transactions, he beneficially owns 157,531 common units.

Was the insider sale executed under a Rule 10b5-1 trading plan?

Yes. The filing states the sales were pursuant to a 10b5-1 plan dated 25 March 2025.

Did the June 2025 transactions exceed 5% of the COO's GLP holdings?

Yes. The 9,000 units sold represent approximately 5.4% of his pre-sale position.