Form 4: Global Partners CFO Converts Phantom Units, Boosts Stake

Global Partners LP CFO Gregory B. Hanson converted phantom units into common units and disposed of some for tax obligations in early January 2026.

Summary

• Gregory B. Hanson, Chief Financial Officer of Global Partners LP (GLP), reported multiple transactions involving common units and phantom units.
• On January 5, 2026, Hanson acquired 5,437 common units through the conversion of phantom units from a March 3, 2023 grant, and 6,614 common units from a March 25, 2024 grant, both at an exercise price of $0.
• Concurrently, on January 5, 2026, Hanson disposed of 1,656 common units and 1,940 common units at $42.26 per unit to satisfy tax withholding obligations.
• On January 6, 2026, Hanson acquired an additional 5,158 common units from the conversion of phantom units from a February 26, 2025 grant, also at an exercise price of $0.
• On January 6, 2026, Hanson disposed of 1,513 common units at $42.97 per unit to satisfy tax withholding obligations.
• Following these transactions, Hanson's direct beneficial ownership of common units increased to 70,237 units, and he holds 10,314 phantom units directly.

Sentiment

Score: 5

Explanation: The filing reports scheduled vesting and tax-related dispositions of phantom units by a key executive, which are routine compensation events and do not reflect new operational or strategic developments.

Positives

• The conversion of phantom units into common units increases the CFO's direct ownership stake in Global Partners LP, aligning his interests with those of shareholders.
• The transactions are part of pre-established grant agreements, indicating a structured and expected compensation process.

Negatives

• A portion of the acquired common units was immediately disposed of to cover tax withholding obligations, which is a common practice but reduces the net increase in direct ownership.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The increase in the CFO's direct ownership aligns management's interests with shareholders, potentially signaling confidence in the company's long-term performance.

Next Steps

• Future vesting of remaining phantom units granted on March 25, 2024 (one-third on January 5, 2027).
• Future vesting of remaining phantom units granted on February 26, 2025 (one-third on January 6, 2027, and one-third on January 6, 2028).

Key Dates

Recommendation

This Form 4 filing details routine vesting and tax-related dispositions of equity by a key executive. It does not provide new information regarding the company's operational performance, strategic direction, or financial health that would warrant a change in investment recommendation. The transactions are part of a pre-established compensation plan, indicating no immediate change in management's confidence or the company's fundamentals.

Keywords

GLOBAL PARTNERS LP, GLP, Form 4, Insider Transaction, Phantom Units, Common Units, Executive Compensation, Gregory B. Hanson, CFO, Equity Vesting