Spencer Matthew 4

4 · GLOBAL PARTNERS LP · Filed Feb 27, 2026

AI-generated summary of this filing

Updated Feb 27, 2026

Global Partners (GLP) CAO Spencer Matthew Receives Award; Withholds Shares

What Happened

Spencer Matthew, Chief Accounting Officer of Global Partners LP (GLP), had 15,738 performance phantom units convert into common units on Feb 25, 2026 (no cash purchase). Of those, 7,609 common units were withheld to satisfy tax withholding obligations, valued at $48.19 each for a total withholding value of $366,678. On Feb 26, 2026 he was also granted 6,874 new phantom units (derivative award) that will vest over three years.

Key Details

Transaction dates and prices:
- 2026-02-25: 15,738 common units acquired via settlement of Performance Units (price $0 for acquisition).
- 2026-02-25: 7,609 common units withheld/disposed for tax withholding at $48.19 each = $366,678.
- 2026-02-26: 6,874 Phantom Units granted (derivative award; acquisition recorded at $0).
Shares owned after transaction: Not specified in the provided report.
Notable footnotes:
- Phantom Units convert one-for-one into common units upon vesting (F1).
- The 15,738 units reflect earned Performance Units granted Aug 22, 2023; the Reporting Person earned 200% of target and those Performance Units settled in Common Units (F2).
- The 7,609 Common Units were withheld at the request of the Reporting Person to satisfy tax withholding obligations (F3).
- The 6,874 Phantom Units granted Feb 26, 2026 vest one-third on Jan 5 of 2027, 2028 and 2029 (F4).
Filing timeliness: Report filed Feb 27, 2026 for transactions on Feb 25–26, 2026 (filed within the standard 2-business-day Form 4 window).

Context

This was a settlement of performance-based phantom units (not an open-market purchase). The withholding of 7,609 units to meet tax obligations is a common administrative step and not an open-market sale that necessarily signals a change in insider view.
The Feb 26 grant is a time-vesting phantom unit award (derivative), not immediate common-unit ownership; vesting will occur in three installments over 2027–2029.

Form 4

Period: 2026-02-25

Chief Accounting Officer

Transactions

Award
Common units representing limited partner interests
[F1][F2]
2026-02-25+15,738→ 63,046 total
Tax Payment
Common units representing limited partner interests
[F3]
2026-02-25$48.19/sh−7,609$366,678→ 55,437 total
Award
Phantom Units
[F1][F4]
2026-02-26+6,874→ 6,874 total
Exercise: $0.00→ Common units representing limited partner interests (6,874 underlying)

Footnotes (4)

[F1]Each phantom unit representing the right to receive one common unit upon vesting ("Phantom Unit") converts into a common unit representing a limited partner interest in the Issuer ("Common Unit") on a one-for-one basis.
[F2]Represents Common Units representing a limited partner interest in the Issuer that were earned under an award of performance phantom units ("Performance Units"), granted to the Reporting Person on August 22, 2023. Each Performance Unit represents a contingent right to receive one Common Unit, subject to the Issuer's level of achievement with respect to the certain distributable cash flow performance goal for the applicable performance period. Pursuant to the terms of the award agreement, the Reporting Person earned 200% of the target number of Performance Units, all of which settled in Common Units.
[F3]Each Common Unit was withheld at the request of the Reporting Person to satisfy the tax withholding obligations of the Reporting Person.
[F4]Pursuant to a Grant Agreement dated February 26, 2026, the Reporting Person was granted 6,874 Phantom Units. Upon satisfying the vesting conditions set forth in said Grant Agreement, the Phantom Units granted will vest as follows: One-third on January 5, 2027, one-third on January 5, 2028 and one-third on January 5, 2029.

Signature

Erin Powers Brennan, Attorney-in-Fact for Matthew Spencer|2026-02-27

1 file