Spencer Matthew 4

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.