Form 4: CrossAmerica Partners LP Director Kelso Acquires Phantom Units

Director Thomas E. Kelso acquired 3,419 phantom units of CrossAmerica Partners LP on July 23, 2024, convertible to cash or common units upon vesting.

Summary

• On July 23, 2024, Thomas E. Kelso, a director of CrossAmerica Partners LP, acquired 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 distribution equivalent rights, entitling the holder to cash payments equal to the distributions paid to common unit holders.
• The phantom units will vest in one annual installment on the anniversary of the grant date, provided the reporting person remains a director.
• Upon vesting, the units will be converted into either cash or common units at the discretion of the Issuer.
• Following the transaction, Kelso beneficially owns 1,476 common units.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction by a company director, indicating confidence in the company's prospects. The acquisition of phantom units is a positive sign, suggesting alignment of interests between management and shareholders.

Positives

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

Future Outlook

The phantom units will vest in one annual installment on the 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 Isser.

Industry Context

Form 4 filings are standard disclosures for corporate insiders, providing transparency into their transactions in the company's securities. This filing indicates a director's increased stake in CrossAmerica Partners LP.

Stakeholder Impact

• The acquisition of phantom units by a director could be viewed positively by shareholders, as it aligns the director's interests with the company's performance.

Key Dates