Do the LLC Interests related to Yesway (YSWY) have an expiration date?

The LLC Interests reported in the Form 3 have no expiration date. They remain outstanding until redeemed, at which point they convert into Class A Common Stock on a 1-to-1 basis and trigger cancellation of an equal number of Class B shares held.

Yesway, Inc. Initial Statement of Beneficial Ownership

Yesway, Inc. director Greg M. Papazian filed an initial ownership report showing his equity interests in the company.

Accepted by SEC EDGAR 04/22/2026 - 09:12 PM EDT

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

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Form Type

Rhea-AI Filing Summary

Yesway, Inc. director Greg M. Papazian filed an initial ownership report showing his equity interests in the company. He directly holds 22,954 shares of Class B Common Stock and 22,954 LLC Interests in BW Ultimate Parent, LLC.

Each LLC Interest may be redeemed on or following the closing of the initial public offering for 1 share of Class A Common Stock, subject to stated exceptions, conditions and adjustments. At the time of any such exchange, an equal number of Class B Common Stock shares held by him are cancelled, and the LLC Interests have no expiration date.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider Papazian Greg M.

Role Director

Type	Security	Shares	Price	Value
Holding	LLC Interests	--	--	--
Holding	Class B Common Stock	--	--	--

Holdings: LLC Interests — 22,954 contracts (Direct); Class B Common Stock — 22,954 shares (Direct)

Footnotes (1)

F1. The membership units of BW Ultimate Parent, LLC ("LLC Interests") may be redeemed by the Reporting Person at any time on or following the closing of the Initial Public Offering for shares of Class A Common Stock on a 1-to-1 basis, subject to certain exceptions, conditions and adjustments. At the time of any such exchange, an equal number of shares of Class B Common Stock of the Issuer held by the Reporting Person, are cancelled. The LLC Interests have no expiration date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Yesway (YSWY) Form 3 filing by Greg M. Papazian show?

The Form 3 shows Greg M. Papazian’s initial ownership in Yesway. He reports 22,954 shares of Class B Common Stock and 22,954 LLC Interests, which are exchangeable into Class A Common Stock under specified conditions tied to the initial public offering.

How many Yesway (YSWY) Class B shares does Greg M. Papazian report?

Greg M. Papazian reports holding 22,954 shares of Class B Common Stock. These shares are directly owned and are linked to his LLC Interests, which, when exchanged for Class A Common Stock, cause an equal number of Class B shares to be cancelled.

What are the LLC Interests reported for Yesway (YSWY) on this Form 3?

The filing lists 22,954 LLC Interests of BW Ultimate Parent, LLC. Each LLC Interest can be redeemed on or after the closing of the initial public offering for one share of Class A Common Stock, with associated cancellation of an equal number of Class B Common Stock shares.

How does the exchange of LLC Interests affect Yesway (YSWY) Class B shares?

Exchanging LLC Interests results in cancellation of Class B shares. When a LLC Interest is redeemed for Class A Common Stock, an equal number of Class B Common Stock shares held by Greg M. Papazian are cancelled, maintaining a consistent relationship between his interests and share classes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Papazian Greg M.

(Last)

(First)

(Middle)

C/O YESWAY, INC.

2301 EAGLE PARKWAY

(Street)

FORT WORTH

TEXAS

76177

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/22/2026

3. Issuer Name and Ticker or Trading Symbol
Yesway, Inc. [ YSWY ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class B Common Stock	22,954	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
LLC Interests	⁽¹⁾	⁽¹⁾	Class A Common Stock	22,954	⁽¹⁾	D

Explanation of Responses:

1. The membership units of BW Ultimate Parent, LLC ("LLC Interests") may be redeemed by the Reporting Person at any time on or following the closing of the Initial Public Offering for shares of Class A Common Stock on a 1-to-1 basis, subject to certain exceptions, conditions and adjustments. At the time of any such exchange, an equal number of shares of Class B Common Stock of the Issuer held by the Reporting Person, are cancelled. The LLC Interests have no expiration date.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Thomas N. Trkla, Attorney-in-fact for Greg M. Papazian	04/22/2026
	** 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 5 (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.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR