NAVARRE RICHARD A 4

What Happened Richard A. Navarre, a director of Natural Resource Partners LP (NRP), received an award of 1,212 phantom units on February 4, 2026. The units were granted at a reported price of $0.00 (transaction code A — award/grant), so there was no cash paid. These are derivative "phantom" units (not immediate common unit ownership) that will vest one year after issuance and carry distribution-equivalent rights that accrue and are paid in cash upon settlement.

Key Details

• Transaction date: 2026-02-04; Form 4 filed 2026-02-06.
• Transaction type: Award/grant (code A).
• Amount: 1,212 phantom units; price reported $0.00 (no immediate cash value).
• Shares owned after transaction: Not disclosed in the filing.
• Footnote: Phantom units awarded under the Issuer’s 2017 Long‑Term Incentive Plan. Each phantom unit represents the right to receive one common unit plus tandem distribution equivalent rights; quarterly distributions accrue during vesting and are paid in cash upon settlement. Units vest on the one‑year anniversary of issuance.
• Filing timeliness: No late‑filing flag appears; filed two days after the transaction date.

Context Phantom-unit awards are a form of long‑term compensation and do not represent immediate transfer of common units. They typically vest over time and settle later (in units or cash), so they shouldn’t be read as a direct insider buy or sell signal. Retail investors often consider purchases more informative about insider sentiment than routine compensation grants.