Form 4: 5,000 GLP units purchased to satisfy LTIP awards

Rhea-AI Filing Summary

Global GP LLC reported the purchase of 5,000 common units of Global Partners LP (GLP) on 08/21/2025 at a weighted average price of $51.34 per unit, with transaction prices ranging from $50.85 to $51.49. After the reported purchase the reporting person beneficially owns 132,001 common units. The filing states the units were purchased to satisfy obligations under the Global Partners LP Long-Term Incentive Plan and the reporting person disclaims any pecuniary interest in the securities.

Positive

• Disclosure provides transaction detail including weighted average price and price range, increasing transparency
• Purchase tied to LTIP obligations, indicating the transaction is for compensation plan settlement rather than opportunistic trading
• Reporting person offers to provide breakdown of transactions by price on request, supporting record transparency

Negative

• Reporting person disclaims pecuniary interest, which may reduce the governance/alignment signal of an insider purchase
• Materiality unclear because the filing does not state total outstanding units or percentage ownership to contextualize 132,001 units

Insights

Financial Analyst

TL;DR Insiders acquired a small stake to satisfy LTIP awards; transactional detail is transparent but not materially transformative.

The 5,000-unit purchase at a weighted average $51.34 reflects a routine LTIP-related acquisition rather than a strategic investment or market-moving buyback. The reporting person disclaims pecuniary interest, indicating the units are held for plan obligations; that reduces the signal strength for management alignment with minority investors. Ownership following the purchase is 132,001 units, which should be assessed relative to total outstanding units to judge materiality; the filing provides no outstanding unit count.

Corporate Governance Expert

TL;DR Disclosure follows Section 16 requirements and clarifies purpose, but ownership significance is unclear without total unit context.

The Form 4 appropriately discloses the purpose (satisfying LTIP awards) and provides price ranges and an undertaking to supply price breakdowns on request, which supports transparency. The disclaimer of pecuniary interest is standard when an entity holds awards for plan participants, yet investors may interpret that as limiting the governance signal of an insider purchase. No information about total outstanding units or proportional ownership is provided, so material governance impact cannot be determined from this filing alone.

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^*

Global GP LLC

(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
	Officer (give title below)	X	Other (specify below)
			General Partner

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2025

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	08/21/2025		P(1)		5,000	A	$51.34(2)	132,001(1)	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. Global GP LLC is purchasing common units for the purpose of satisfying obligations pursuant to awards previously granted to directors and officers under the Global Partners LP Long-Term Incentive Plan ("LTIP"). The reporting person disclaims any pecuniary interest in these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for the purpose of Section 16.

2. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $50.85 to $51.49, inclusive. The reporting person undertakes to provide to Global Partners LP, any security holder of Global Partners LP, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of common units purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.

	Erin Powers Brennan, Attorney-in-Fact for Global GP LLC	08/25/2025
	** 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

What did Global GP LLC report on Form 4 for GLP?

Global GP LLC reported the purchase of 5,000 common units of Global Partners LP on 08/21/2025 at a weighted average price of $51.34 per unit.

Why were the common units purchased according to the filing?

The units were purchased to satisfy obligations under the Global Partners LP Long-Term Incentive Plan (LTIP).

How many common units does the reporting person own after the transaction?

The reporting person beneficially owns 132,001 common units following the reported transaction.

What price range was paid for the units in the transaction?

Purchase prices ranged from $50.85 to $51.49, with a weighted average of $51.34 per unit.

Did the reporting person claim an economic interest in the purchased units?

No. The filing states the reporting person disclaims any pecuniary interest in these securities.