Global Partners LP (GLP) CFO Hanson details 2026 phantom unit vesting and unit withholdings
Rhea-AI Filing Summary
Global Partners LP’s Chief Financial Officer Gregory B. Hanson reported multiple equity compensation transactions involving the partnership’s common units in early January 2026. On January 5, 2026, phantom units granted under prior awards vested and were converted into 5,437 and 6,614 common units in separate transactions at an exercise price of $0, increasing his directly held units after each conversion.
On the same day, 1,656 and 1,940 common units were withheld at prices of $42.26 per unit to satisfy tax withholding obligations. On January 6, 2026, an additional 5,158 phantom units vested and converted into common units at an exercise price of $0, followed by 1,513 common units withheld at $42.97 per unit for taxes. The filing notes that each phantom unit is economically equivalent to, and converts on a one-for-one basis into, a common unit.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Units | 5,158 | $0.00 | -- |
| Exercise | Common units representing limited partner interests | 5,158 | $0.00 | -- |
| Tax Withholding | Common units representing limited partner interests | 1,513 | $42.97 | $65K |
| Exercise | Phantom Units | 5,437 | $0.00 | -- |
| Exercise | Phantom Units | 6,614 | $0.00 | -- |
| Exercise | Common units representing limited partner interests | 5,437 | $0.00 | -- |
| Tax Withholding | Common units representing limited partner interests | 1,656 | $42.26 | $70K |
| Exercise | Common units representing limited partner interests | 6,614 | $0.00 | -- |
| Tax Withholding | Common units representing limited partner interests | 1,940 | $42.26 | $82K |
Footnotes (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. Pursuant to a Grant Agreement dated March 3, 2023, the Reporting Person was granted 16,309 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. 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 March 25, 2024, the Reporting Person was granted 19,841 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. Pursuant to a Grant Agreement dated February 26, 2025, the Reporting Person was granted 15,472 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. Each Phantom Unit is the economic equivalent of one Common Unit.
FAQ
What insider activity did Global Partners LP (GLP) report for its CFO?
The filing shows that Chief Financial Officer Gregory B. Hanson had several phantom unit awards vest on January 5, 2026 and January 6, 2026, which were converted into common units representing limited partner interests at an exercise price of $0 per unit. Some of the resulting common units were then withheld to cover tax obligations.
How many Global Partners LP phantom units vested in the reported Form 4 transactions?
The Form 4 reports separate vesting transactions of 5,437, 6,614, and 5,158 phantom units on January 5–6, 2026. Each phantom unit converts into one common unit representing a limited partner interest when vesting conditions set in the grant agreements are met.
At what prices were Global Partners LP common units withheld for taxes in this filing?
Common units representing limited partner interests were withheld to satisfy tax withholding obligations at prices of $42.26 per unit in two separate transactions on January 5, 2026, and at $42.97 per unit in a transaction on January 6, 2026, as disclosed in the Form 4.
What are phantom units in the context of Global Partners LP (GLP) compensation?
The filing explains that each phantom unit represents the right to receive one common unit of Global Partners LP upon vesting. Each phantom unit is described as the economic equivalent of one common unit, converting on a one-for-one basis when vesting and other grant conditions are satisfied.
Which grant agreements are referenced for the Global Partners LP phantom unit awards?
The Form 4 references grant agreements dated March 3, 2023, March 25, 2024, and February 26, 2025. These agreements cover awards of 16,309, 19,841, and 15,472 phantom units, respectively, with vesting schedules that include the vesting dates on January 5–6, 2026 reported in this filing.
Why were some Global Partners LP common units disposed of in the Form 4?
The filing notes that each common unit shown with transaction code F was withheld at the request of the reporting person to satisfy his tax withholding obligations arising from the vesting and conversion of phantom units into common units.