Craig Kevin J 4

What Happened
Kevin J. Craig, Executive Vice President of Natural Resource Partners (NRP), was granted 1,238 phantom units on February 4, 2026. The award is reported as a derivative grant at $0.00 per unit (no immediate cash paid). Each phantom unit represents the right to receive one common unit upon vesting and includes tandem distribution equivalent rights that accrue and are paid in cash when the units vest. The units will vest in three substantially equal annual installments beginning February 4, 2027.

Key Details

• Transaction date: 2026-02-04 (reported on Form 4 filed 2026-02-06).
• Transaction type/code: Award/Grant (A) — phantom units (derivative).
• Quantity and price: 1,238 phantom units at $0.00 (no immediate purchase consideration).
• Vesting: Three substantially equal annual installments starting Feb 4, 2027 (Footnote F2).
• Distribution equivalents: Quarterly distributions accrue over the vesting period and are paid in cash upon vesting (Footnote F1).
• Shares owned after transaction: Not specified in the provided filing.
• Filing timeliness: Filed two days after the transaction date — appears timely under Form 4 rules.

Context
Phantom units are a form of long-term incentive/compensation, giving the holder a future right to receive actual partnership units (and accrued distribution equivalents) if and when the units vest. These awards are routine executive compensation and do not indicate an open-market purchase or sale by the insider.