Form 4: Global GP LLC Acquires GLP Units for LTIP Obligations

Global GP LLC, the general partner of Global Partners LP, acquired 2,500 common units at a weighted average price of $51.60 to fulfill 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 2,500 common units representing limited partner interests.
• The transaction occurred on September 5, 2025, at a weighted average price of $51.60 per unit.
• The units were purchased to satisfy obligations for awards previously granted to directors and officers under the Global Partners LP Long-Term Incentive Plan (LTIP).
• The purchase price for these units ranged from $51.25 to $51.85.
• Following this acquisition, Global GP LLC directly beneficially owns 149,501 common units.
• Global GP LLC disclaims any pecuniary interest in these specific securities, clarifying that the report is not an admission of beneficial ownership for Section 16 purposes.

Sentiment

Score: 7

Explanation: The acquisition of units by the general partner to fulfill long-term incentive plan obligations is generally viewed as a positive signal, indicating management alignment and commitment to the company's future, though the transaction size is relatively small.

Positives

• The acquisition of units by the general partner demonstrates a commitment to the company's long-term incentive plan, aligning management interests with unitholders.
• The transaction supports the retention and motivation of directors and officers through the fulfillment of equity awards under the LTIP.

Future Outlook

The transaction indicates the ongoing execution of the company's Long-Term Incentive Plan, suggesting a continued strategy to align the interests of directors and officers with unitholders through equity compensation.

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."
• "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."

Industry Context

Insider purchases, particularly by a general partner to fulfill long-term incentive plan obligations, are a common practice in publicly traded companies. Such transactions are generally viewed as a positive signal, indicating management's confidence in the company's future and a commitment to aligning their interests with those of unitholders, which is a standard corporate governance practice across various industries.

Comparison to Industry Standards

• The use of a Long-Term Incentive Plan (LTIP) to compensate and incentivize directors and officers is a widely adopted corporate governance practice across public companies, including those in the energy and midstream sectors, similar to peers like MPLX LP or Energy Transfer LP.
• The disclosure of insider transactions via Form 4 is a standard regulatory requirement, ensuring transparency in line with global benchmarks for corporate reporting.

Corporate Governance

Related Party Transactions

• Global GP LLC, as the general partner of Global Partners LP, acquired common units of the issuer to satisfy obligations under the LTIP for directors and officers. This constitutes a related-party transaction due to the relationship between the reporting person and the issuer, and the beneficiaries of the LTIP.

Stakeholder Impact

• Shareholders/Unitholders: The transaction aligns the interests of directors and officers with unitholders through equity compensation, potentially fostering long-term value creation and demonstrating management's commitment.
• Directors and Officers: Receive equity awards as part of their compensation, incentivizing performance and retention within the company.

Next Steps

• Global GP LLC undertakes to provide full information regarding the number of common units purchased at each separate price within the reported range upon request from Global Partners LP, any security holder, or the SEC staff.

Key Dates

Keywords

Global Partners LP, GLP, Form 4, Insider Transaction, Unit Acquisition, Long-Term Incentive Plan, General Partner, Equity Compensation