GLOBAL PARTNERS LP (GLP) CAO granted units and withholds shares for tax

Rhea-AI Filing Summary

GLOBAL PARTNERS LP Chief Accounting Officer Matthew Spencer reported equity compensation transactions involving common units and phantom units. He received 15,738 common units representing limited partner interests on February 25, 2026 as a grant or award, increasing his direct holdings to 63,046 common units before tax withholding. These units were earned from performance phantom units granted on August 22, 2023, based on the issuer’s distributable cash flow goal, with 200% of the target number ultimately earned and settled entirely in common units.

On the same date, 7,609 common units at $48.19 per unit were withheld at his request to cover tax obligations, reducing his direct common unit holdings to 55,437. On February 26, 2026, he was also granted 6,874 phantom units, each representing the right to receive one common unit on a one-for-one basis. These phantom units vest in three equal installments on January 5, 2027, January 5, 2028, and January 5, 2029, subject to the vesting conditions in the grant agreement.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Spencer Matthew

Role Chief Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Units	6,874	$0.00	--
Grant/Award	Common units representing limited partner interests	15,738	$0.00	--
Tax Withholding	Common units representing limited partner interests	7,609	$48.19	$367K

Holdings After Transaction: Phantom Units — 6,874 shares (Direct); Common units representing limited partner interests — 63,046 shares (Direct)

Footnotes (1)

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. Represents Common Units representing a limited partner interest in the Issuer that were earned under an award of performance phantom units ("Performance Units"), granted to the Reporting Person on August 22, 2023. Each Performance Unit represents a contingent right to receive one Common Unit, subject to the Issuer's level of achievement with respect to the certain distributable cash flow performance goal for the applicable performance period. Pursuant to the terms of the award agreement, the Reporting Person earned 200% of the target number of Performance Units, all of which settled in Common Units. Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person. Pursuant to a Grant Agreement dated February 26, 2026, the Reporting Person was granted 6,874 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units granted will vest as follows: One-third on January 5, 2027, one-third on January 5, 2028 and one-third on January 5, 2029.

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Form 4 Insider Transactions: What Each Field Means →

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^*

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)
02/25/2026

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)	02/25/2026		A		15,738(2)	A	$0	63,046	D
Common units representing limited partner interests	02/25/2026		F		7,609(3)	D	$48.19	55,437	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(1)	$0	02/26/2026		A		6,874		(4)	(4)	Common units representing limited partner interests	6,874	$0	6,874	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. Represents Common Units representing a limited partner interest in the Issuer that were earned under an award of performance phantom units ("Performance Units"), granted to the Reporting Person on August 22, 2023. Each Performance Unit represents a contingent right to receive one Common Unit, subject to the Issuer's level of achievement with respect to the certain distributable cash flow performance goal for the applicable performance period. Pursuant to the terms of the award agreement, the Reporting Person earned 200% of the target number of Performance Units, all of which settled in Common Units.

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 February 26, 2026, the Reporting Person was granted 6,874 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units granted will vest as follows: One-third on January 5, 2027, one-third on January 5, 2028 and one-third on January 5, 2029.

	Erin Powers Brennan, Attorney-in-Fact for Matthew Spencer	02/27/2026
	** 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 transactions did GLP’s Chief Accounting Officer report on this Form 4?

Matthew Spencer reported equity grants and tax withholding. He received 15,738 common units as an award, had 7,609 units withheld to cover taxes, and was granted 6,874 phantom units that may convert into common units upon future vesting.

How many GLOBAL PARTNERS LP common units does the insider hold after these transactions?

After these transactions, Spencer directly holds 55,437 common units. His holdings first rose to 63,046 units after the award of 15,738 units, then decreased when 7,609 units were withheld to satisfy his tax obligations on the award.

What are the terms of the 6,874 GLP phantom units granted to the insider?

The 6,874 phantom units each represent one future common unit. They vest in three equal installments on January 5, 2027, January 5, 2028, and January 5, 2029, subject to the vesting conditions specified in the February 26, 2026 grant agreement.

How were the GLOBAL PARTNERS LP performance units earned by the insider determined?

The performance units were tied to distributable cash flow goals. Spencer’s award, granted August 22, 2023, depended on the issuer’s performance for a set period. He ultimately earned 200% of the target performance units, all of which settled in common units.

Was the GLP insider’s disposition of 7,609 units an open-market sale?

No, the 7,609 units were withheld for tax obligations. The filing states each common unit withheld was to satisfy Spencer’s tax withholding liability, classifying the transaction as a tax-withholding disposition rather than an open-market sale or discretionary trade.

What is the one-for-one conversion feature of GLP phantom units?

Each phantom unit can convert into one common unit upon vesting. The filing explains that every phantom unit represents the right to receive a single common unit representing a limited partner interest, provided the applicable vesting conditions are met in the future.