Reilly John B. III 4

What Happened John B. Reilly III, a reported 10% owner of CrossAmerica Partners LP (CAPL), was granted 3,040 phantom units (a derivative award) on July 21, 2026. The units were reported at an acquisition price of $0.00 (grant), so no cash changed hands at grant; the filing treats these as derivative securities rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-07-21; Grant/Award (code A) of 3,040 phantom units at $0.00.
• Reported as a derivative award — economic equivalents of common units with distribution-equivalent rights (see footnote).
• Vesting: units vest in one annual installment on the first anniversary of the grant if Reilly remains in continuous service as a director; upon vesting they will be converted to cash or common units at the issuer’s discretion (per footnotes F1–F2).
• Shares/units owned after the transaction: not specified in the provided excerpt of the filing.
• Filing timeliness: Form 4 filed on the same date as the reported grant (no late filing flag indicated).

Context Phantom units are deferred compensation instruments that mirror economic exposure to common units (including distribution equivalents) but are not immediate common-unit issuances — value depends on future distributions and any conversion decision by the issuer. As a 10% owner, Reilly is a substantial holder; this award appears to be a director compensation/incentive grant rather than a cash purchase or sale and does not by itself signal an immediate market trade.