Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 16

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 11
Chunk 16
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, not the portion allocated to the Partnership.

(2)The amounts shown will be paid in 2025.

(3)The amounts will be paid as follows: the first $25,000 in cash and the remainder of the bonus will be paid 50% in cash and 50% in fully vested common units. The number of common units will be determined on a 20-day volume weighted average price through February 21, 2025 with a payment date on or before March 7, 2025.

Long-Term Incentive Compensation

2024 Grants of Equity Awards

Under the CrossAmerica Partners LP 2022 Incentive Award Plan, in 2024, an aggregate of 30,764 equity awards were granted to Messrs. Nifong, Lynch, Brecker and Lattig, and Ms. Topper in the form of Time-Based Phantom Units (“TBUAs”) with the associated Distribution Equivalent Rights (“DERs”). Of the total number of TBUAs granted, 50% will vest one-third on each December 31 over three years until December 31, 2027 if the executive remains employed over the vesting term, and 50% will vest upon death, disability or retirement, as long as such retirement is not adverse to the interests of the Partnership, as determined by the Board in its sole discretion.

In addition, Performance Based Phantom Unit Awards (“PBUAs”) were granted to Messrs. Nifong, Lynch, Brecker and Lattig, and Ms. Topper with an "Initial Target Dollar Amount" of $375,000, $121,875, $81,250, $81,250 and $146,250, respectively, and will be calculated in dollar amounts and then converted into common units, or cash, or both, at the discretion of the Board, based on attainment of the Performance Goals as described below. The PBUAs vest on December 31, 2027. Subject to certain discretionary adjustments as determined by the Board, the PBUAs are weighted 50% for Increase of Funds Flow from Operations per Unit and 50% for Partnership Leverage, with performance measured for the period from January 1, 2025 to December 31, 2027 (the “Measurement Period”) and the reference period ending on December 31, 2024. The Board has the sole and complete discretion over the administration of the PBUAs under the CrossAmerica Partners LP 2022 Incentive