WARMAN PHILIP T 4

What Happened

• Philip T. Warman, General Counsel and Secretary of Natural Resource Partners LP (NRP), received an award of 1,272 phantom units on February 4, 2026. The Form 4 reports the acquisition as a derivative award at $0.00 per unit (total reported value $0).
• These are phantom units (derivative rights) granted under NRP's 2017 Long-Term Incentive Plan, not an open-market purchase or cash payment.

Key Details

• Transaction date: 2026-02-04; Report filed: 2026-02-06 (timely Form 4 filing).
• Reported price: $0.00 per unit; total reported value: $0.
• Shares/units awarded: 1,272 phantom units. Shares owned after transaction: not specified in the Form 4.
• Footnotes:
  • The phantom units represent the right to receive one common unit upon vesting and include tandem distribution equivalent rights (accrued quarterly distributions paid in cash upon vesting).
  • Vesting: three substantially equal annual installments beginning February 4, 2027.
• Filing timeliness: filed within the normal 2-business-day window (no late filing indicated).

Context

• Phantom units are a form of long-term equity compensation; they do not transfer voting rights now and convert to actual units (or cash equivalents for distributions) only upon vesting. This award reflects compensation, not an opportunistic market purchase or sale, and should be viewed accordingly.