VECELLIO LEO A JR 4

What Happened

• Leo A. Vecellio, a director of Natural Resource Partners LP (NRP), was granted 1,212 phantom units on 2026-02-04 as an award under the company's long-term incentive plan. The grant price listed is $0.00 (no cash paid) and the reported value of the acquisition is $0 (derivative award). This is a compensation grant rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-04; Form 4 filed: 2026-02-06 (appears to be within the standard two-business-day reporting window).
• Transaction type/code: Award/Grant (A); derivative award (phantom units).
• Quantity: 1,212 phantom units; grant price reported $0.00; total reported value $0.
• Shares/units owned after transaction: not specified in the information provided.
• Footnote summary: 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 the vesting period and are paid in cash upon settlement. These phantom units vest on the one-year anniversary of issuance.

Context

• Phantom-unit awards are a form of deferred compensation; they do not involve an immediate cash purchase or sale and generally vest over time. Settlement will convert these units into common units and/or cash (including accrued distribution equivalents) upon vesting/settlement.
• Such grants are routine for directors and are intended to align interests with unitholders; they are not direct indicators of insider buying or selling sentiment.