MARSHALL CARY P 4

What Happened
Cary P. Marshall, Senior Vice President and CFO of Alliance Resource Partners LP (ARLP), received 30,945 restricted units that vested on February 17, 2026. To cover the tax liability, 13,880 of those units were withheld (disposed) at the vesting price of $24.37, generating $338,256. After withholding, Marshall retained about 17,065 net units (roughly $416k of value at the $24.37 vesting price). The filing shows the unit issuance/conversion (transaction code M) and the tax withholding (transaction code F).

Key Details

• Transaction date: February 17, 2026; Form 4 filed February 19, 2026 (timely).
• Units issued/converted: 30,945 (code M).
• Units withheld for taxes: 13,880 at $24.37 each = $338,256 (code F).
• Net units retained: 30,945 − 13,880 = 17,065 (approx. $415,900 at $24.37).
• Footnotes: units issued based on $24.37/unit (F1); withheld by the Partnership at vesting to cover tax liability (F3); some units are held in Cary P. Marshall Revocable Trust and Marshall Children LLC (F2, F4).
• No indication of a late filing in this report.

Context
This was a vesting/settlement of restricted units (conversion/issuance of a derivative) with a cashless-like tax withholding — not an open-market purchase or discretionary sale. Tax-withholding disposals are routine and do not necessarily indicate a change in the insider’s view of the company.