Coats Richard Harlan 4

What Happened
Richard H. Coats, a director of EagleRock Land, LLC (EROK), was issued awards on 2026-05-15 consisting of 8,770,275 and 743,745 interests reported as Class B shares and corresponding OpCo units. The filing shows these acquisitions as awards/grants (transaction code A) with derivative entries recorded at $0.00, indicating no cash was paid for the derivative securities. These issuances were made in connection with the issuer’s initial public offering and corporate reorganization.

Key Details

• Transaction date: 2026-05-15; Form 4 filed: 2026-05-19 (filed timely).
• Securities reported: 8,770,275 and 743,745 Class B shares and matching OpCo units; combined total = 9,514,020 interests.
• Prices: N/A for the direct acquisitions; derivative entries shown at $0.00 (no cash consideration).
• Shares owned after transaction: Not specified in the Form 4.
• Footnotes of note:
  • Class B shares carry one vote each but have no economic rights; holders may redeem OpCo Units (and cancel a corresponding Class B share) for newly issued Class A shares on a one-for-one basis or for cash per the OpCo LLCA. OpCo Units do not expire. (F1, F2)
  • 743,745 Class B shares and 743,745 OpCo Units are held by Cactus Energy, Inc.; Coats is president and sole director of Cactus and disclaims beneficial ownership beyond his pecuniary interest. (F3, F4)

Context
These entries represent awards issued in connection with an IPO/reorganization rather than an open-market purchase or sale. The $0.00 derivative entries typically reflect derivative or conversion rights tied to the issued units rather than a cash exercise. Awards and restructurings are common for insiders around IPOs and do not by themselves indicate a buy/sell signal in the public market.