Global Partners LP filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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| Item 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously reported, on April 9, 2025, effective January 1, 2026 Sean T. Geary resigned as the Chief Legal Officer of Global GP LLC (the “General Partner”), the general partner of Global Partners LP, and Kristin K. Seabrook, who joined the General Partner as Senior Vice President of Legal Transformation on April 14, 2025, succeeded Mr. Geary as Chief Legal Officer. Mr. Geary is continuing to be employed as a Senior Legal Advisor.
Employment Agreement with Sean T. Geary
In connection with the foregoing, on December 31, 2025, the General Partner entered into a new employment agreement with Sean T. Geary (the “Geary Agreement”) which supersedes and replaces the prior employment agreement by and between the General Partner and Mr. Geary. The Geary Agreement provides for an initial term that commences on January 1, 2026 and ends on December 31, 2026, and which automatically renews for successive twelve (12) month periods thereafter (the “Geary Term”), unless either party provides the other party with at least 90 days’ prior written notice of non-renewal.
The Geary Agreement provides that Mr. Geary will serve as Senior Legal Advisor and will receive an annualized base salary of $325,000. In addition, Mr. Geary (i) may receive a discretionary, cash bonus for each calendar year during the Geary Term, (ii) shall participate in the annual short-term incentive compensation plan for service in 2025, (iii) shall participate in long-term incentive plans, if any, made available to officers or other employees, and (iv) is entitled to participate in the General Partner’s benefit plans and programs.
Upon termination for any reason, Mr. Geary (or Mr. Geary’s estate) will be paid (i) all amounts of base salary due and owing up through the date of termination, (ii) any earned but unpaid bonus, (iii) all reimbursements of expenses appropriately and timely submitted, and (iv) any and all other amounts, including vacation pay, that may be due to Mr. Geary as of the date of termination (collectively, the “Geary Accrued Obligations”).
Upon termination due to death or disability, Mr. Geary (or Mr. Geary’s estate) will be paid (i) the Geary Accrued Obligations, plus (ii) a lump sum payment equal to 100% of base salary, plus (iii) a discretionary, pro-rated bonus for the year in which the date of termination occurs, plus (iv) payment of group health, dental, life, disability, vision, and similar insurance premiums for 18 months.
If Mr. Geary’s employment is terminated without “Cause” or by Mr. Geary for reasons constituting “Constructive Termination” (each quoted term as defined in the Geary Agreement), Mr. Geary will be paid (i) the Geary Accrued Obligations, plus (ii) a lump sum payment equal to 100% of base salary, plus (iii) a discretionary, pro-rated bonus for the year in which the date of termination occurs, plus (iv) payment of group health, dental, life, disability, vision, and similar insurance premiums for 18 months.
If the General Partner elects not to renew the Geary Agreement, Mr. Geary will be paid (i) the Geary Accrued Obligations, plus (ii) a lump sum payment equal to 50% of base salary, plus (iii) a bonus for the year in which the date of termination occurs.
The Geary Agreement includes a confidentiality provision, which generally will continue for two years, and non-competition and non-solicitation provisions, which will continue for one year. In consideration of the non-competition provision and provided that Mr. Geary does not breach such non-competition provision, so long as Mr. Geary’s employment is not terminated due to death or by the General Partner without Cause, Mr. Geary will receive a payment equal to 50% of his highest annualized base salary paid within the two years preceding the date of termination .
The foregoing descriptions of the Geary Agreement does not purport to be complete and is qualified in its entirety by reference to the agreement, a copy of which is attached hereto as Exhibit 10.1 incorporated herein by reference.
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| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
Exhibit
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Description | |
| 10.1 | Employment Agreement by and between Global GP LLC and Sean T. Geary | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| GLOBAL PARTNERS LP | |||
| By: | Global GP LLC | ||
| its General Partner | |||
| Dated: January 6, 2026 | By: | /s/ Kristin K. Seabrook | |
| Kristin K. Seabrook | |||
| Chief Legal Officer and Secretary | |||
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