Form 4: Global Partners LP Executive Sean T. Geary Reports Changes in Beneficial Ownership

Sean T. Geary, Chief Legal Officer & Secretary of Global Partners LP, reports the vesting and subsequent tax withholding of common units representing limited partner interests.

Summary

• On January 1, 2025, Sean T. Geary, Chief Legal Officer & Secretary of Global Partners LP, reported changes in his beneficial ownership of the company's securities.
• Specifically, 3,286 phantom units vested and converted into common units.
• Additionally, 1,180 common units were withheld to satisfy tax obligations at a price of $46.55 per unit.
• Following these transactions, Geary directly owns 24,884.4894 common units.
• The phantom units are the economic equivalent of common units and vest according to a grant agreement from June 8, 2022.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing reflecting standard compensation practices; it doesn't inherently indicate positive or negative sentiment.

Industry Context

This filing is a routine disclosure related to executive compensation and equity ownership, common in publicly traded partnerships like Global Partners LP.

Comparison to Industry Standards

• Executive compensation packages including phantom units are common across the energy and logistics industry.
• Companies like Enterprise Products Partners (EPD) and Magellan Midstream Partners (MMP) (now ONEOK) also utilize similar equity-based compensation to align management interests with those of unitholders.
• The vesting schedules and tax withholding practices are generally in line with standard practices for publicly traded partnerships.

Stakeholder Impact

• The vesting of phantom units aligns management's interests with those of the unitholders.
• Tax withholding impacts the executive's net compensation.

Key Dates