King Luther Jr 4

What Happened
Luther King Jr, a director of TXO GP, LLC (the general partner of TXO Partners, L.P.), was granted 10,667 phantom units on January 31, 2026. The grant was reported at $0.00 per unit (no cash paid). Each phantom unit is the economic equivalent of one common unit and will be settled in common units upon vesting on January 31, 2027. This is an award/grant (not a purchase or sale).

Key Details

• Transaction date: January 31, 2026; filing date: February 11, 2026 (filing appears outside the usual 2-business-day Form 4 window).
• Grant: 10,667 phantom units awarded at $0.00 per unit.
• Vesting/settlement: Phantom units vest and will be settled in common units on January 31, 2027 (Footnote F1).
• Holdings noted in filing (Footnote F2): related LKCM entities hold a combined 3,071,796 common units (1,522,733 + 1,538,797 + 10,266); Mr. King disclaims beneficial ownership of those units except for any pecuniary interest.
• Role: Mr. King is a director of TXO GP, LLC, which manages the issuer (remark in filing).

Context
Phantom unit awards are a form of long-term compensation that give the holder the economic benefit of common units without immediate share issuance. Because these units vest in the future and were granted at no cash cost, this transaction is an award rather than an immediate purchase or sale — it does not necessarily signal immediate trading intent. The late filing may be noteworthy for disclosure timeliness but does not change the substance of the award.