ROBERTSON CORBIN J III 4

What Happened

• Corbin J. Robertson III, a director of Natural Resource Partners LP (NRP), received an award of 1,212 phantom units on 2026-02-04. The units were reported as a derivative award (transaction code A) at $0.00 per unit, so there was no immediate cash paid or received.
• These phantom units represent the right to receive one common unit each at settlement, together with tandem distribution equivalent rights. Distributions that accrue during the vesting period will be paid in cash when the phantom units are settled.

Key Details

• Transaction date: 2026-02-04; Form 4 filed: 2026-02-06 (filed within the typical 2-business-day window).
• Reported amount: 1,212 phantom units; reported price: $0.00 (derivative award).
• Vesting: Units vest on the one-year anniversary of issuance (per footnote F1).
• Shares owned after the transaction: not specified in the provided filing.
• Footnote F1: Each phantom unit equals the right to one common unit plus accrual of quarterly distribution equivalents payable in cash on settlement.

Context

• This was a compensation award (not an open-market purchase or sale). Phantom units are a form of deferred/contingent compensation — they do not represent immediate equity or cash proceeds and typically convert or are paid out after vesting.
• Such awards are common for directors and executives and are part of long-term incentive plans; they should not be interpreted as a near-term trading signal.