WATSON CHARLES L. 4

What Happened

• Charles L. Watson, a director of LandBridge Company LLC (LB), disposed of a total of 53,350 shares in three open‑market/private sales between March 2 and March 6, 2026. The transactions: 30,680 shares on 2026-03-02 at $74.07 ($2,272,348), 9,670 shares on 2026-03-04 at a weighted average $75.19 ($727,072), and 13,000 shares on 2026-03-06 at $75.00 ($975,056). These were sales (not purchases), which are often routine liquidity events rather than a signal of company outlook.

Key Details

• Transaction dates and prices:
  • 2026-03-02: Sold 30,680 @ $74.07 = $2,272,348
  • 2026-03-04: Sold 9,670 @ weighted avg $75.19 (range $75.1477–$75.6468) = $727,072 (footnote F2)
  • 2026-03-06: Sold 13,000 @ $75.00 = $975,056
• Total: 53,350 shares sold for ~$3,974,476.
• Shares owned after transaction: The Form 4 does not state a precise post‑sale total. The filing notes (F1) beneficial ownership of 64,250 Class A shares held by Wincrest Ventures, LP (which Mr. Watson may be deemed to control).
• Footnotes of note:
  • F1 explains the 64,250 Class A shares are held by Wincrest Ventures and that Watson may be deemed the beneficial owner due to his control of that entity; he disclaims ownership beyond any pecuniary interest.
  • F2 clarifies the 3/4/26 price was a weighted average from multiple trades.
• Timeliness: The Form 4 was filed on 2026-03-06 and reports a sale on 2026-03-02; because Form 4s are generally due within two business days of the transaction, the 3/2 trade appears to have been reported late.

Context

• These were straight sales (transaction code S) — not option exercises, awards, or gifts — so there's no immediate complexity like cashless exercise to explain. As with most insider sales, this filing is factual disclosure of dispositions and should not be interpreted alone as a definitive signal about company prospects.