SMITH STEPHEN P 4

What Happened

• Stephen P. Smith, a director of Natural Resource Partners LP (NRP), received an award of 1,212 phantom units on February 4, 2026. The award is reported as a derivative grant (code A) at $0.00 per unit (no cash paid).
• These phantom units were granted under NRP’s 2017 Long‑Term Incentive Plan and do not represent immediately tradable common units. They vest on the one‑year anniversary of the grant and provide the right to receive one common unit each plus tandem distribution equivalent rights; distribution equivalents accrue during vesting and are paid in cash upon settlement.

Key Details

• Transaction date: 2026-02-04; Filed: 2026-02-06 (filed within the Form 4 two-business-day deadline).
• Grant: 1,212 phantom units; reported price $0.00 (derivative award).
• Shares/units owned after transaction: Not disclosed in the provided filing excerpt.
• Footnote: Phantom units convert to one common unit each upon settlement and include accrual of quarterly distribution equivalents, paid in cash when settled; vesting occurs one year after issuance.
• Transaction code: A = Award/Grant (not a market purchase or sale).

Context

• Phantom unit awards are a form of long‑term incentive, not an open‑market purchase; they provide future economic exposure tied to the company’s common units and distributions once vested/settled.
• Such grants are routine compensation for directors and executives and should be viewed as compensation-related awards rather than an immediate bullish or bearish trading signal.