GLP Insider Filing: Global GP LLC Acquires 12,500 Units at ~$50

Rhea-AI Filing Summary

Global GP LLC, acting as general partner and officer for Global Partners LP, reported purchases of common units over three days to satisfy awards under the partnership's Long-Term Incentive Plan. The filing shows 2,500 units purchased on 09/23/2025 at a weighted-average price of $49.16, 5,000 units on 09/24/2025 at $50.52, and 5,000 units on 09/25/2025 at $50.08. Following these transactions, Global GP LLC's reported beneficial ownership increased from 159,724 units to 169,724 units. The filing expressly states the purchases were made to satisfy LTIP obligations and that the reporting person disclaims any pecuniary interest and does not admit beneficial ownership for Section 16 purposes.

Positive

• 12,500 common units acquired over three days, increasing reported holdings to 169,724 units
• Transparent pricing: weighted-average prices disclosed for each transaction date
• Purpose disclosed: purchases made to satisfy awards under the Global Partners LP Long-Term Incentive Plan

Negative

• Reporting disclaimer: the reporting person disclaims pecuniary interest and does not admit beneficial ownership, which limits clarity on actual control or economic exposure

Insights

Corporate Governance Expert

TL;DR: Routine LTIP-related purchases by the general partner; governance disclosure is clear and standard.

The Form 4 documents customary purchases by Global GP LLC to fulfill equity awards under the Long-Term Incentive Plan. Reporting the weighted-average prices and resulting unit counts provides transparency on dilution and insider holdings. The explicit disclaimer that the reporting person does not claim beneficial ownership is a standard legal position when units are held in a plan or for named individuals, but it may limit clarity about who exercises voting or dispositive power. Overall, this is a routine, non-material governance disclosure rather than a change in control or strategy.

Securities Analyst

TL;DR: Incremental insider purchases of 12,500 units over three days; increases reported holdings to 169,724 units.

The transactions total 12,500 common units acquired across 09/23–09/25/2025 at weighted-average prices reported for each day. The filing quantifies the step-up in reported units, which is useful for tracking insider accumulation and potential dilution from LTIP awards. No derivative transactions or dispositions are reported. Because the filing ties the buys to LTIP obligations, these purchases reflect compensation settlement activity rather than independent open-market accumulation, making the investor impact limited.

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
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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).

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)
09/23/2025

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	09/23/2025		P(1)		2,500	A	$49.16(2)	159,724(1)	D
Common units representing limited partner interests	09/24/2025		P(1)		5,000	A	$50.52(3)	164,724(1)	D
Common units representing limited partner interests	09/25/2025		P(1)		5,000	A	$50.08(4)	169,724(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 $49.04 to $49.30, 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.

3. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $49.90 to $50.91, 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 (3) to this Form 4.

4. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $49.98 to $50.25, 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 (4) to this Form 4.

	Erin Powers Brennan, Attorney-in-Fact for Global GP LLC	09/25/2025
	** 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 transactions did Global GP LLC report in the Form 4 for GLP?

Global GP LLC reported purchases of 2,500 units on 09/23/2025, 5,000 units on 09/24/2025, and 5,000 units on 09/25/2025.

What prices were paid for the GLP units reported on the Form 4?

Weighted-average prices were reported: $49.16 on 09/23/2025, $50.52 on 09/24/2025, and $50.08 on 09/25/2025; price ranges for each day are provided in footnotes.

Why did Global GP LLC acquire these GLP common units?

The filing states the purchases were made to satisfy obligations under the Global Partners LP Long-Term Incentive Plan (LTIP).

How did these transactions change Global GP LLC's ownership in GLP?

Reported beneficial ownership increased from 159,724 units to 169,724 units following the transactions.

Does the Form 4 state that Global GP LLC is the beneficial owner of the units?

No. The reporting person disclaims pecuniary interest and states this report should not be deemed an admission of beneficial ownership for Section 16 purposes.