Global Partners (GLP) CAO Spencer details phantom unit vesting and taxes

Rhea-AI Filing Summary

Global Partners LP Chief Accounting Officer Matthew Spencer reported equity compensation activity involving phantom units that convert into common units of the partnership. On January 5 and 6, 2026, a total of 2,624, 2,205 and 1,719 phantom units vested and were converted on a one-for-one basis into common units under prior grant agreements dated March 3, 2023, March 25, 2024 and February 26, 2025. In connection with these vestings, the company withheld 919 and 653 common units at a price of $42.26 per unit and 504 common units at $42.97 per unit to cover Spencer’s tax withholding obligations at his request. Following the reported transactions, Spencer directly held 47,308 common units of Global Partners LP, along with remaining phantom units that are economically equivalent to 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

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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^*

Spencer Matthew

(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 Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/05/2026

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(1)	01/05/2026		M		2,624(2)	A	$0	45,460	D
Common units representing limited partner interests	01/05/2026		F		919(3)	D	$42.26	44,541	D
Common units representing limited partner interests(1)	01/05/2026		M		2,205(4)	A	$0	46,746	D
Common units representing limited partner interests	01/05/2026		F		653(3)	D	$42.26	46,093	D
Common units representing limited partner interests(1)	01/06/2026		M		1,719(5)	A	$0	47,812	D
Common units representing limited partner interests	01/06/2026		F		504(3)	D	$42.97	47,308	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
Phantom Units(6)	$0	01/05/2026		M			2,624	(2)	(2)	Common units representing limited partner interests	2,624	$0	0	D
Phantom Units(6)	$0	01/05/2026		M			2,205	(4)	(4)	Common units representing limited partner interests	2,205	$0	2,204	D
Phantom Units(6)	$0	01/06/2026		M			1,719	(5)	(5)	Common units representing limited partner interests	1,719	$0	3,438	D

Explanation of Responses:

1. Each phantom unit representing the right to receive one Common Unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis.

2. Pursuant to a Grant Agreement dated March 3, 2023, the Reporting Person was granted 7,868 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vested as follows: one-third on January 5, 2024, one-third on January 5, 2025 and one-third on January 5, 2026.

3. Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person.

4. Pursuant to a Grant Agreement dated March 25, 2024, the Reporting Person was granted 6,614 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vested or will vest as follows: one-third on January 6, 2025, one-third on January 5, 2026 and one-third on January 5, 2027.

5. Pursuant to a Grant Agreement dated February 26, 2025, the Reporting Person was granted 5,157 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units cumulatively vested or will vest as follows: one-third on January 6, 2026, one-third on January 6, 2027 and one-third on January 6, 2028.

6. Each Phantom Unit is the economic equivalent of one Common Unit.

	Erin Powers Brennan, Attorney-in-Fact for Matthew Spencer	01/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did GLP Chief Accounting Officer Matthew Spencer report?

Matthew Spencer reported vesting and conversion of phantom units into Global Partners LP common units on January 5 and 6, 2026, along with related tax withholding transactions.

How many Global Partners LP phantom units vested and converted in this Form 4 for GLP?

Phantom units vesting and converting into common units totaled 2,624, 2,205 and 1,719 units under three separate equity grant agreements.

Why were some Global Partners LP common units withheld in Matthew Spencers Form 4?

The filing states that each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person in connection with the vesting events.

At what prices were GLP common units withheld to cover taxes?

Common units were withheld at prices of $42.26 per unit 919 and 653 units) and $42.97 per unit 504 units), as disclosed in the non-derivative transaction table.

How many Global Partners LP common units does Matthew Spencer own after these transactions?

After the reported transactions, Matthew Spencer directly beneficially owned 47,308 Global Partners LP common units, according to the Form 4 table.

What do phantom units represent in this GLP Form 4 filing?

The filing explains that each Phantom Unit represents the right to receive one common unit representing a limited partner interest in Global Partners LP and is the economic equivalent of one Common Unit.

Which grant agreements are referenced in the GLP Form 4 for these phantom units?

The vesting phantom units come from grant agreements dated March 3, 2023, March 25, 2024, and February 26, 2025, each with specified one-third vesting on different January dates from 2024 through 2028.