Form 4: CrossAmerica Partners LP: Director Justin A. Gannon Reports Acquisition of Phantom Units

Director Justin A. Gannon reports the acquisition of 3,419 phantom units in CrossAmerica Partners LP, convertible to cash or common units upon vesting.

Summary

• On July 23, 2024, Justin A. Gannon, a director of CrossAmerica Partners LP, reported acquiring 3,419 phantom units.
• These phantom units are the economic equivalent of common units representing a limited partner interest in CrossAmerica Partners L.P.
• Each phantom unit is accompanied by tandem distribution equivalent rights, entitling the holder to cash payments equal to the distributions paid to common unit holders.
• The phantom units vest in one annual installment on the first anniversary of the grant date, provided continuous service as a director is maintained.
• Upon vesting, the units will be converted into either cash or common units at the discretion of the Issuer.
• Following the reported transaction, Gannon directly owns 29,860 common units.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing. It doesn't inherently convey positive or negative sentiment.

Positives

• The acquisition of phantom units aligns the director's interests with those of the common unit holders.
• The vesting schedule incentivizes continued service as a director.

Future Outlook

The phantom units will vest in one annual installment on the first anniversary of the grant date, provided the reporting person was in continuous service as a director to the Issuer as of the vesting date, and when vested will be converted into either cash or common units, at the discretion of the Issuer.

Industry Context

This filing is a routine disclosure of insider transactions, which is common in publicly traded companies. It provides transparency into the holdings and transactions of company insiders.

Stakeholder Impact

• The acquisition of phantom units aligns the director's interests with those of the common unit holders, potentially benefiting shareholders.

Key Dates