Form 4: Global Partners LP Executive Mark Romaine Reports Vesting of Phantom Units and Tax Withholding
SEC Form 4 Filing
Mark Romaine, Chief Operating Officer of Global Partners LP, reports the vesting of phantom units and a transaction to cover tax obligations.
Summary
- On May 3, 2025, Mark Romaine, Chief Operating Officer of Global Partners LP, had 33,647 phantom units vest.
- These phantom units convert into common units representing limited partner interests on a one-for-one basis.
- Also on May 3, 2025, 16,268 common units were withheld at a price of $51.32 to satisfy tax obligations related to the vesting of the phantom units.
- Following these transactions, Romaine directly owns 166,531 common units.
Sentiment
Score: 7
Explanation: The document reflects routine executive compensation activity and tax obligations, which is neutral to slightly positive as it indicates the executive is receiving previously agreed-upon compensation.
Industry Context
This Form 4 filing is a routine disclosure related to executive compensation and holdings, and is a standard practice for publicly traded companies.
Comparison to Industry Standards
- Form 4 filings are standard practice for publicly traded companies, such as Enterprise Products Partners (EPD) and Magellan Midstream Partners (MMP), when executives have transactions involving company securities.
- The vesting of phantom units is a common form of equity compensation used across the energy and logistics industry to align executive interests with shareholder value, similar to restricted stock units (RSUs) used by companies like Kinder Morgan (KMI).
Key Dates
| Date | Description |
|---|---|
| April 1, 2025 | Date of execution for the Limited Power of Attorney. |
| May 3, 2023 | Date of the Grant Agreement for the 33,647 Phantom Units. |
| May 3, 2025 | Date of phantom unit vesting and tax withholding. |
| May 6, 2025 | Date of signature for the Form 4 filing. |
Keywords
Form 4, Global Partners LP, GLP, Mark Romaine, Phantom Units, Common Units, Vesting, Tax Withholding, Section 16, Beneficial Ownership
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