Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 215

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 215
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 the parties to these transactions and agreements as the terms that could have been obtained from unrelated third parties.

Distributions and Payments to our General Partner and Certain Related Parties

The following table summarizes the distributions and payments to be made by us to our General Partner and certain related parties in connection with the ongoing operation of our business and distributions and payments that would be made by us if we were to liquidate in accordance with the terms of our Partnership Agreement.

Operational Stage

    Distributions
     
    We will generally make cash distributions to the unitholders, including the Topper Group and Mr. Reilly and their respective affiliates.Assuming we have sufficient cash available for distribution to pay the full minimum quarterly distribution on all of our outstanding units for four quarters, the Topper Group and Mr. Reilly and their respective affiliates would receive an annual distribution of $34.4 million, collectively, on their common units.Cash distributions to the Topper Group and Mr. Reilly and their respective affiliates amounted to $41.3 million in 2024.

109 

    Payments to our General Partnerand its affiliates
     
    The Topper Group and CrossAmerica have the right to negotiate the amount of the management fee on an annual basis, or more often as circumstances require.  The Partnership incurred $125.2 million in management fees under the Omnibus Agreement for 2024.

    Liquidation Stage

    Liquidation
     
    Upon our liquidation, the partners, including our General Partner, is entitled to receive liquidating distributions according to their particular capital account balances.

Ownership of Our General Partner

Since November 19, 2019, the Topper Group has indirectly owned all of the membership interests of our General Partner. 

Agreements with the Topper Group and Affiliates

Omnibus Agreement

On January 15, 2020, the Partnership entered into an Omnibus Agreement, effective as of January 1, 2020 (the “Omnibus Agreement”), among the Partnership, the General Partner and DMI. The terms of the Omnibus Agreement were approved by the independent conflicts committee of the Board, which is composed of the independent directors of the Board.

Pursuant to the Omnibus Agreement, DMI agreed, among other things, to provide, or cause to be provided, to the General Partner for the benefit of the Partnership, at cost without markup, certain management, administrative and operating services.

We incurred expenses under the Omnibus Agreement, including costs for store level personnel at our company operated sites,