Form 4: Global GP LLC Acquires GLP Units for Incentive Plan

Global GP LLC, the general partner of Global Partners LP, purchased common units on November 13 and 14, 2025, to satisfy obligations under the company's Long-Term Incentive Plan.

Summary

• Global GP LLC, the general partner and a 10% owner of Global Partners LP (GLP), acquired common units.
• The transactions occurred on November 13, 2025, and November 14, 2025.
• On November 13, 2025, 5,000 common units were purchased at a weighted average price of $42.05 per unit, with prices ranging from $41.73 to $42.48.
• On November 14, 2025, an additional 2,091 common units were purchased at a weighted average price of $43.95 per unit, with prices ranging from $42.70 to $44.31.
• These purchases were made to satisfy obligations for awards previously granted to directors and officers under the Global Partners LP Long-Term Incentive Plan (LTIP).
• Following these transactions, Global GP LLC beneficially owns 176,815 common units.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the General Partner is fulfilling its obligations under an incentive plan, which generally aligns management interests with unitholders. However, it's not a strong positive as it's not a discretionary investment purchase.

Positives

• The acquisition of units by the General Partner, even for compensation purposes, indicates alignment of interests between management/GP and unitholders.
• Fulfilling obligations under the LTIP helps retain and incentivize key personnel.

Negatives

• The purchases are not discretionary open-market buys for investment purposes by the General Partner, but rather to meet pre-existing compensation plan obligations.

Future Outlook

The transactions indicate ongoing commitment to the Global Partners LP Long-Term Incentive Plan, suggesting future equity-based compensation for directors and officers will continue to be a component of their remuneration strategy.

Management Comments

• 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.

Industry Context

Equity-based compensation plans like the Long-Term Incentive Plan are standard practice across many industries, particularly in master limited partnerships (MLPs) and publicly traded companies, to align the interests of management and unitholders. The General Partner's role in facilitating these awards is typical for the structure of an MLP.

Corporate Governance

Related Party Transactions

• The transactions involve Global GP LLC, the General Partner of Global Partners LP, acquiring units to satisfy obligations under an incentive plan for GLP's directors and officers. This constitutes a transaction between related parties (General Partner and the LP for the benefit of its management).

Stakeholder Impact

• Shareholders/Unitholders: The fulfillment of LTIP obligations can lead to better alignment of interests between management and unitholders, potentially encouraging long-term value creation.
• Directors and Officers: Receive equity awards as part of their compensation, incentivizing performance tied to the company's unit price.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to the fulfillment of obligations under an existing Long-Term Incentive Plan. While it indicates ongoing alignment between the General Partner and unitholders, it does not represent a discretionary investment decision that would significantly alter the fundamental outlook or warrant a change in investment recommendation based solely on this report. Investors should 'hold' and consider broader financial performance and strategic developments.

Keywords

Global Partners LP, GLP, Global GP LLC, Form 4, Insider Trading, Common Units, Long-Term Incentive Plan, LTIP, Beneficial Ownership, General Partner, Equity Compensation