Form 4: Global Partners LP: Matthew Spencer Reports Changes in Beneficial Ownership

Matthew Spencer, Chief Accounting Officer of Global Partners LP, reports the vesting of phantom units and a transaction to cover tax obligations.

Summary

• On May 3, 2025, Matthew Spencer, Chief Accounting Officer of Global Partners LP, reported changes in beneficial ownership.
• These changes involve the vesting of 5,047 phantom units, which convert into common units on a one-for-one basis.
• Additionally, 2,440 common units were withheld at $51.32 per unit to satisfy tax obligations.
• Following these transactions, Spencer directly owns 42,836 common units.
• A Power of Attorney was executed on April 1, 2025, granting Sean T. Geary and Erin Powers Brennan the authority to file Section 16 reports on Spencer's behalf.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and compliance with SEC regulations. The vesting of phantom units is a positive sign, suggesting that performance targets were met. The sentiment is neutral to slightly positive.

Positives

• The vesting of phantom units suggests that performance metrics related to the grant agreement were met.

Industry Context

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

Comparison to Industry Standards

• Executive compensation structures involving phantom units are common among publicly traded companies, particularly in the energy and logistics sectors.
• Similar companies like Energy Transfer LP (ET) and Enterprise Products Partners LP (EPD) also utilize equity-based compensation, including phantom units, to align management interests with those of unitholders.
• The vesting schedules and terms of these grants vary, but the underlying principle of incentivizing performance and retention remains consistent.

Stakeholder Impact

• The vesting of phantom units aligns management's interests with those of unitholders, potentially driving long-term value creation.
• The tax withholding ensures compliance with tax regulations.

Key Dates

Keywords

Form 4, beneficial ownership, Global Partners LP, GLP, Matthew Spencer, phantom units, common units, tax withholding, Section 16, Power of Attorney