Kelso Thomas E 4

What Happened
Thomas E. Kelso, a director of CrossAmerica Partners LP (CAPL), received 3,154 common units on July 23, 2026 through the vesting and conversion of phantom units (derivative transaction code M). The filing lists no per-unit price or cash consideration (N/A), indicating these units were issued as the economic equivalent of vested phantom units rather than bought on the open market.

Key Details

• Transaction date: July 23, 2026 (reported on Form 4 filed July 24, 2026).
• Transaction type: Exercise/conversion of derivative (M) — 3,154 units acquired; a separate zero-share derivative line appears to be a non‑economic/administrative entry.
• Price/value: N/A in the filing (units came from vested phantom units; no cash purchase reported).
• Shares/units owned after transaction: Not reported in the provided filing extract.
• Footnotes: F1 — each phantom unit equals one common unit and converted upon vesting; F2 — phantom units vested on July 23, 2026 and conversion into common units occurred at the issuer’s discretion.
• Timeliness: Filed the next day (7/24/2026); no late‑filing indication in the provided data.

Context
This was an award/compensation conversion (phantom units vesting into common units), not an open‑market purchase or sale. Such transactions typically reflect compensation or long‑term incentive vesting rather than an independent bullish or bearish trading signal. The filing does not indicate an immediate sale (cashless exercise) of the shares.