Global Partners (GLP) Insider Sale: 9,000 Units Sold Under 10b5-1 Plan

Rhea-AI Filing Summary

Mark Romaine, Chief Operating Officer of Global Partners LP (GLP), reported a sale of 9,000 Common Units on 09/15/2025 under a pre-existing 10b5-1 trading plan. The units were sold at a weighted average price of $51.44 in multiple transactions that ranged from $51.18 to $52.25. After the reported disposals, the reporting person beneficially owns 130,531 Common Units. The Form 4 was signed by an attorney-in-fact on 09/16/2025 and discloses that the seller will provide details on the number of units sold at each price upon request.

Positive

• None.

Negative

• Insider disposed of 9,000 Common Units on 09/15/2025, which reduced the reporting person's holdings to 130,531 Common Units

Insights

Financial Analyst

TL;DR: Insider sale of 9,000 units under a 10b5-1 plan is a routine liquidity event, likely neutral absent other material signals.

The reported transaction is a disposal executed pursuant to a documented 10b5-1 trading plan dated March 25, 2025, which typically indicates pre-authorized sales rather than opportunistic timing. The sale size (9,000 units) and post-sale holding (130,531 units) should be assessed relative to total outstanding units to judge materiality; that context is not provided in this filing. The disclosed sale price range ($51.18–$52.25; weighted avg $51.44) gives transparency on execution level but does not, by itself, indicate company performance or forthcoming operational changes.

Corporate Governance Expert

TL;DR: Filing follows required disclosure protocols; 10b5-1 usage reduces concerns but invites typical governance questions about insider liquidity.

The Form 4 clearly states the sale was conducted under a 10b5-1 plan and offers to provide a breakdown of quantities at each price, which supports regulatory transparency. As a governance matter, recurrent or large insider sales outside scheduled plans would be more concerning; this single planned sale is consistent with routine executive liquidity. Investors may request the unit-level breakdown or additional context on any other contemporaneous transactions to fully evaluate intent.

Insider Trade Summary

Net Seller: 9,000 shares ($462,960)

Net Sell 1 txn

Insider Romaine Mark

Role Chief Operating Officer

Sold 9,000 shs ($463K)

Type	Security	Shares	Price	Value
Sale	Common Units representing limited partner interests	9,000	$51.44	$463K

Holdings After Transaction: Common Units representing limited partner interests — 130,531 shares (Direct)

Footnotes (1)

1. Sale pursuant to 10b5-1 Plan dated March 25, 2025. Common Units representing limited partner interests in the Issuer ("Common Units") were sold at a weighted average price. These common units were sold in multiple transactions at prices from $51.18 to $52.25, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units sold at each separate price within the range set forth in this footnote (2) to this Form 4

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^*

Romaine Mark

(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 Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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	09/15/2025		S(1)		9,000	D	$51.44(2)	130,531	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. Sale pursuant to 10b5-1 Plan dated March 25, 2025.

2. Common Units representing limited partner interests in the Issuer ("Common Units") were sold at a weighted average price. These common units were sold in multiple transactions at prices from $51.18 to $52.25, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Common Units sold at each separate price within the range set forth in this footnote (2) to this Form 4

	Erin Powers Brennan, Attorney-in-Fact for Mark Romaine	09/16/2025
	** 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.
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 did GLP insider Mark Romaine report on Form 4?

The filing shows Mark Romaine sold 9,000 Common Units on 09/15/2025 under a 10b5-1 plan and now beneficially owns 130,531 units.

Was the sale by the GLP insider part of a prearranged plan?

Yes. The sale was made pursuant to a 10b5-1 plan dated March 25, 2025, as disclosed in the Form 4.

At what prices were the GLP units sold?

The units were sold at prices ranging from $51.18 to $52.25, with a weighted average price of $51.44.

Who signed the Form 4 for Mark Romaine?

The Form 4 was signed by Erin Powers Brennan, Attorney-in-Fact on behalf of Mark Romaine on 09/16/2025.

Can investors get details of how many units were sold at each price?

Yes. The reporting person has offered to provide, upon request, full information on the number of Common Units sold at each separate price within the disclosed range.