Form 4: Global GP LLC acquires 15,000 GLP units over three days to satisfy LTIP

Rhea-AI Filing Summary

Global GP LLC reported three purchases of Global Partners LP common units on 08/26/2025, 08/27/2025 and 08/28/2025 to satisfy awards under the Global Partners LP Long-Term Incentive Plan. Each reported transaction was for 5,000 common units at weighted-average prices of $51.14, $51.97 and $52.75, respectively. Following the 08/28/2025 transaction, the report shows 147,001 common units beneficially owned. The filing states the purchases were made to satisfy LTIP award obligations and disclaims any pecuniary interest by the reporting person. The Form 4 is signed by Erin Powers Brennan as attorney-in-fact for Global GP LLC on 08/28/2025.

Positive

• Transactions completed to satisfy LTIP awards, indicating the company is executing its compensation plan as disclosed
• Consistent reporting over three consecutive days with weighted-average prices and purchase quantities clearly stated

Negative

• Reporting person disclaims pecuniary interest, limiting interpretation of economic alignment from these purchases
• Only weighted-average prices disclosed; the filing does not provide per-trade execution details without respondent request

Insights

Corporate Governance Expert

TL;DR: Insider purchases were executed to satisfy LTIP awards; disclosure is routine and not a change in control or ownership intent.

The filing documents scheduled purchases by the issuer's general partner to fulfill equity awards granted under the LTIP to directors and officers. This is an administrative execution of compensation obligations rather than an open-market discretionary buy by an insider. The report explicitly disclaims pecuniary interest, which limits interpretation of economic alignment signals. Materiality to governance is low: no new agreements, no change in board composition, and the transactions are routine plan-related settlements.

Securities Analyst

TL;DR: Transactions total 15,000 units across three days at modest price variation; impact on float and valuation is minimal.

The Form 4 lists three purchases of 5,000 units each at weighted-average prices between $51.14 and $52.75, indicating aggregated acquisition of 15,000 units. The filing notes weighted-average prices and ranges for the underlying executions, but does not itemize per-lot fills. For investors, these are administrative LTIP settlements rather than opportunistic insider accumulation; the incremental change in reported beneficial ownership to 147,001 units is unlikely to materially affect market supply or valuation metrics for GLP.

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
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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)
08/26/2025

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	08/26/2025		P(1)		5,000	A	$51.14(2)	137,001(1)	D
Common units representing limited partner interests	08/27/2025		P(1)		5,000	A	$51.97(3)	142,001(1)	D
Common units representing limited partner interests	08/28/2025		P(1)		5,000	A	$52.75(4)	147,001(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 $50.75 to $51.56, 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 $51.64 to $52.20, 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.

4. The price reported in Column 4 is a weighted average price. These common units were purchased in multiple transactions at prices ranging from $52.03 to $53.24, 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 (4) to this Form 4.

	Erin Powers Brennan, Attorney-in-Fact for Global GP LLC	08/28/2025
	** 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 did Global GP LLC report on Form 4 for GLP?

Global GP LLC reported three purchases totaling 15,000 common units on 08/26/2025, 08/27/2025 and 08/28/2025 to satisfy LTIP awards.

How many GLP units does Global GP LLC beneficially own after these transactions?

147,001 common units are reported as beneficially owned following the 08/28/2025 transaction.

At what prices were the GLP units acquired?

Weighted-average prices reported: $51.14 on 08/26/2025; $51.97 on 08/27/2025; $52.75 on 08/28/2025. Footnotes list execution ranges for each day.

Why were the GLP units purchased by Global GP LLC?

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

Who signed the Form 4 for Global GP LLC?

Erin Powers Brennan signed as attorney-in-fact for Global GP LLC on 08/28/2025.