Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 293

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 293
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 The 2022 Plan expires on the tenth anniversary of its approval, when common units are no longer available under the 2022 Plan for grants or upon its termination by the Board, whichever occurs first.

79 

CROSSAMERICA PARTNERS LPNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

The table below summarizes our equity-based award activity:

        Employees

        Directors

        Employees

        Phantom

        Performance

        Awards

        Phantom Units

        Phantom Units

        Initial Target Value

        Nonvested at December 31, 2022

        85,554

        15,205

        $
        2,330

        Granted

        40,594

        20,470

        966

        Forfeited

        (2,779
        )

        —

        —

        Vested

        (19,816
        )

        (16,181
        )

        —

        Nonvested at December 31, 2023

        103,553

        19,494

        3,296

        Granted

        33,061

        20,514

        853

        Forfeited

        —

        —

        —

        Vested

        (18,317
        )

        (19,494
        )

        (711
        )

        Nonvested at December 31, 2024

        118,297

        20,514

        $
        3,438

       Phantom UnitsIn July 2024, the Partnership granted 3,419 phantom units to each of six non-employee directors of the Board. Such awards will vest in July 2025, conditioned upon continuous service as non-employee directors. These awards were accompanied by tandem distribution equivalent rights that entitle the holder to cash payments equal to the amount of unit distributions authorized to be paid to the holders of our common units.During the fourth quarter of 2024, the Partnership granted 33,061 phantom units to employees of the Topper Group. Of these awards, 50% vest ratably over three years through December 31, 2027 and 50% vest upon the employee’s death, disability or retirement. These awards were accompanied by tandem distribution equivalent rights that entitle the holder to cash payments equal to the amount of unit distributions authorized to be paid to the holders of our common units.Performance-Based AwardsDuring the fourth quarter of