Form 4: Global Partners LP Executive Gregory B. Hanson Reports Unit Transactions
SEC Form 4
Gregory B. Hanson, Chief Financial Officer of Global Partners LP, reports the vesting and conversion of phantom units into common units, as well as a transaction to cover tax obligations.
Summary
- On January 1, 2025, Gregory B. Hanson, the Chief Financial Officer of Global Partners LP, reported transactions involving common units representing limited partner interests.
- Hanson acquired 4,601 common units through the vesting of phantom units, which convert on a one-for-one basis.
- Simultaneously, 1,610 common units were withheld to satisfy tax obligations at a price of $46.55 per unit.
- Following these transactions, Hanson directly owns 27,502 common units.
- The phantom units vested according to a Grant Agreement dated June 8, 2022, with one-third vesting annually on January 1, 2023, 2024, and 2025.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing detailing transactions related to executive compensation, with no inherent positive or negative sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies, such as Global Partners LP, and are comparable to similar filings made by executives at companies like Energy Transfer LP (ET) and Enterprise Products Partners LP (EPD).
- The vesting schedules and equity compensation structures are also common and can be compared to those of other master limited partnerships (MLPs) in the energy sector.
Stakeholder Impact
- The transactions have a minor impact on shareholders, reflecting changes in executive ownership.
Key Dates
| Date | Description |
|---|---|
| 06/08/2022 | Date of Grant Agreement for Phantom Units |
| 01/01/2023 | One-third of Phantom Units vested |
| 01/01/2024 | One-third of Phantom Units vested |
| 01/01/2025 | Date of reported transactions: vesting of Phantom Units and tax withholding |
| 01/03/2025 | Date of signature on the Form 4 filing |
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