GLOBAL PARTNERS LP — Director's Dealing 2011

Feb 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GLOBAL PARTNERS LP (GLP)
CIK: 0001323468
Period of Report: 2011-02-18

Reporting Person: Slifka Eric (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Common units representing limited partner interests	M	22046	—	Acquired	180586	Direct
2011-02-18	Common units representing limited partner interests	D	7000	$27.77	Disposed	173586	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Phantom units	$0	A	22046	Acquired	2011-02-18	Common units (22046)	Direct
2011-02-18	Phantom units	$0	M	22046	Disposed	2011-02-18	Common units (22046)	Direct

Footnotes

F1: Acquisition of common units representing limited partner interests in Global Partners LP, in settlement of 25% of the phantom units that were granted to Mr. Eric Slifka pursuant to a Grant Agreement dated February 5, 2009 under the Global Partners LP Long-Term Incentive Plan, as a result of the satisfaction of certain early vesting conditions set forth in the Grant Agreement. See footnotes (3) and (4) below for additional information regarding the February 5, 2009 grant of phantom units to Mr. Slifka.

F2: Each phantom unit is the economic equivalent of one common unit of Global Partners LP.

F3: Pursuant to a Grant Agreement dated February 5, 2009, Mr. Slifka was granted 88,184 phantom units, subject to satisfaction of a performance goal set forth in the Grant Agreement. All of these phantom units will cliff vest on December 31, 2013, provided that the performance goal set forth in the Grant Agreement is satisfied. Notwithstanding the foregoing, the vesting of some or all of these phantom units may be accelerated under certain conditions set forth in the Grant Agreement.

F4: 22,046 of the phantom units that were granted to Mr. Slifka pursuant to a Grant Agreement dated February 5, 2009 vested on February 18, 2011 as a result of the satisfaction of certain early vesting conditions set forth in the Grant Agreement.