GLP insider report: General partner buys 7,723 units for LTIP settlement

Rhea-AI Filing Summary

Global GP LLC, the general partner of Global Partners LP (GLP), reported purchases of common units on behalf of the partnership to satisfy awards under the Global Partners LP Long-Term Incentive Plan. On 09/19/2025 the reporting person acquired 5,000 common units at a weighted average price of $49.63, increasing holdings to 154,501 units. On 09/22/2025 an additional 2,723 units were acquired at a weighted average price of $49.42, bringing total holdings to 157,224 units. The filing states these purchases were made in multiple transactions within disclosed price ranges and that Global GP LLC disclaims any pecuniary interest in the securities.

Positive

• Transparency: Filing discloses weighted average prices and price ranges for the multiple transactions.
• Compensation settlement: Purchases were made to satisfy LTIP awards, indicating alignment of compensation mechanics with governance processes.

Negative

• No pecuniary interest disclaimer may limit interpretation of beneficial ownership changes for investors.
• Limited detail on exact per-trade quantities at each price within reported ranges (though offered upon request).

Insights

Securities Analyst

TL;DR Insider-related unit purchases were executed by the general partner to satisfy LTIP awards, modestly increasing its reported holdings.

The transactions represent internal equity compensation mechanics rather than open-market strategic accumulation. The amounts—5,000 and 2,723 units—are small relative to institutional blocks but meaningful for LTIP settlement. Disclosed weighted average price ranges provide transparency on execution. The reporting person explicitly disclaims pecuniary interest, consistent with purchases made on behalf of the partnership.

Corporate Governance Expert

TL;DR Form 4 documents routine grant settlement activity under the LP's long-term incentive plan with full explanatory footnotes.

The filing appropriately identifies the purchaser as Global GP LLC acting to satisfy awards under the LTIP and includes footnotes describing weighted average prices and multiple trades. The signature by an attorney-in-fact and the disclaimer of pecuniary interest align with standard governance disclosure for unit settlements. No departures from filing norms are evident in the provided content.

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

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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^*

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)
09/19/2025

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	09/19/2025		P(1)		5,000	A	$49.63(2)	154,501(1)	D
Common units representing limited partner interests	09/22/2025		P(1)		2,723	A	$49.42(3)	157,224(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 $49.25 to $50.01, 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 $49.09 to $49.70 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.

	Erin Powers Brennan, Attorney-in-Fact for Global GP LLC	09/23/2025
	** 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 on Form 4 for GLP?

Global GP LLC reported purchases of 5,000 units on 09/19/2025 at a weighted average price of $49.63 and 2,723 units on 09/22/2025 at a weighted average price of $49.42.

Why were the common units purchased according to the Form 4?

The units were purchased to satisfy awards previously granted to directors and officers under the Global Partners LP Long-Term Incentive Plan (LTIP).

Does Global GP LLC claim beneficial ownership of the purchased units?

The filing states that the reporting person disclaims any pecuniary interest and that the report should not be deemed an admission of beneficial ownership for Section 16 purposes.

Were the reported prices single trades or averages?

The prices reported are weighted average prices; footnotes state the units were purchased in multiple transactions within disclosed price ranges.

Who signed the Form 4 on behalf of Global GP LLC?

The Form 4 was signed by Erin Powers Brennan, Attorney-in-Fact for Global GP LLC on 09/23/2025.