Form 4: GLP Director Converts Phantom Units to Common Stock

Sentiment:

Insider Transaction Report 7 January 2026 4:50 PM

Global Partners LP Director Clare McGrory Kelly converted 2,149 phantom units into common units on January 6, 2026, increasing her direct beneficial ownership to 8,813 common units.

Summary

Clare McGrory Kelly, a Director of Global Partners LP (GLP), reported a change in beneficial ownership.
On January 6, 2026, 2,149 phantom units, granted on February 26, 2025, vested 100% and converted into common units representing limited partner interests.
The conversion price for these units was $0, which is typical for vesting equity awards.
Following this transaction, Kelly directly beneficially owns 8,813 common units of Global Partners LP.

Sentiment

Score: 6

Explanation: The conversion of phantom units into common units increases the director's direct beneficial ownership, which can be viewed as a positive signal of alignment with shareholder interests, although it is a pre-scheduled compensation event rather than a discretionary purchase.

Positives

The conversion of phantom units into common units increases the director's direct beneficial ownership, aligning her interests more closely with those of other shareholders.

Future Outlook

This filing reports a past transaction (vesting and conversion of equity awards) that occurred on January 6, 2026. It does not contain forward-looking statements regarding the company's financial performance or strategic direction.

Industry Context

This is a routine insider transaction report, reflecting a director's equity compensation vesting. It does not provide information directly related to broader industry trends or competitive positioning, but rather details an individual's ownership changes within the company.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Administrative Arrangement	Clare McGrory Kelly executed a Limited Power of Attorney, appointing Sean T. Geary and Erin Powers Brennan as attorneys-in-fact to prepare and file Section 16 reports (Forms 3, 4, and 5) on her behalf.	April 1, 2025	This is a standard administrative procedure to facilitate timely and accurate SEC filings for insider transactions, ensuring compliance with reporting requirements.

Related Party Transactions

The grant of 2,149 Phantom Units to Director Clare McGrory Kelly on February 26, 2025, which subsequently vested and converted, represents a form of equity compensation from the issuer to a related party (a director).

Stakeholder Impact

Shareholders: Increased direct ownership by a director may be perceived positively as it aligns management's interests with shareholder value.

Key Dates

Date	Description
February 26, 2025	Date of Grant Agreement for 2,149 Phantom Units to Clare McGrory Kelly.
April 1, 2025	Date the Limited Power of Attorney for Section 16 reporting purposes was executed by Clare McGrory Kelly.
January 6, 2026	Date 2,149 Phantom Units vested 100% and converted into Common Units.
January 7, 2026	Date the Form 4 was signed by Erin Powers Brennan, Attorney-in-Fact for Clare McGrory Kelly.

Recommendation

hold

This Form 4 reports a routine vesting and conversion of previously granted phantom units for a director. While it increases insider ownership, it does not reflect a discretionary open-market purchase or sale, nor does it provide new information about the company's operational or financial performance that would alter an investment recommendation.

Keywords

Global Partners LP, GLP, Form 4, Insider Transaction, Phantom Units, Common Units, Director Ownership, Equity Conversion, Vesting

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