Company: CAPL
Filing Date: 2025-07-24
Form Type: 8-K
Source: 0000950170-25-097994
Chunk: 0

Company: CrossAmerica Partners LP
Filing Date: 2025-07-24
Form: 8-K
Item: Item 5.02
Chunk 0
---
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Award of Phantom Unit Grant to Non-Employee Directors. The Board of Directors (the “ Board”) of CrossAmerica GP LLC, the general partner (the “ General Partner”) of CrossAmerica Partners LP, a publicly traded Delaware limited partnership (the “ Partnership”), approved the grant under the CrossAmerica Partners LP 2022 Incentive Award Plan (the “ Plan”) of phantom units to each of Justin A. Gannon, Thomas E. Kelso, Mickey Kim, Kenneth G. Valosky, Joseph V. Topper, Jr. and John B. Reilly, III (the “ Non-Employee Directors”). Pursuant to separate Phantom Unit Award Agreements (the “ Agreements”), each of Messrs. Gannon, Kelso, Kim, Valosky, Topper and Reilly has been granted, effective July 23, 2025 (the “ Grant Date”), an award of phantom units in an amount equal to the Fair Market Value (as defined in the Plan) of $66,875 on the Grant Date. The Agreements also include awards of distribution equivalent rights (“ DERs”, as defined in the Plan) entitling the holder thereof to an amount equal to the distributions authorized to be paid quarterly to holders of common units representing limited partner interests in the Partnership (“ Partnership Units”), which payments shall be made on or about the same date as the distributions to holders of Partnership Units. The phantom units awarded to the Non-Employee Directors will fully vest on the first anniversary of the Grant Date, conditioned upon continuous service as a Non-Employee Director. Upon vesting, each phantom unit will entitle the holder to receive a Partnership Unit or cash in an amount equal to the Fair Market Value of a Partnership Unit, as determined at the discretion of the Board or a duly appointed committee thereof.

Item 7.01 Regulation FD Disclosure