CrossAmerica (CAPL) 10% Owner Joseph V. Topper Converts 3,154 Units

What Happened

• Joseph V. Topper Jr., a reported 10% owner of CrossAmerica Partners LP (CAPL), acquired 3,154 common units on July 23, 2026 through the exercise/conversion of derivative awards (transaction code M). No per-share price or cash value is listed in the filing (N/A).
• The filing also lists a second derivative line showing 0 shares (no economic effect).

Key Details

• Transaction date: July 23, 2026; Form 4 filed July 24, 2026 (filed promptly).
• Price reported: N/A (units were issued upon conversion/vesting rather than an open-market cash purchase).
• Shares acquired: 3,154 common units (plus a separate 0-share derivative line).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes: F1/F2 state these were phantom units (each equaled one common unit) that vested on July 23, 2026 and were converted into common units at the issuer’s discretion.
• Transaction code: M = exercise or conversion of derivative instrument.

Context

• This was not a sale; it represents the vesting/conversion of phantom units into common units (an issuance/acquisition), which is typically part of compensation or long‑term incentive plans rather than an open-market buy or sell.
• As a reported 10% owner, Topper is a significant holder; these transactions reflect unit issuance/conversion for that holder and should not be read as a market-timing trade.