NAVARRE RICHARD A 4

What Happened

• Richard A. Navarre, a director of Natural Resource Partners LP (NRP), had phantom units convert into a total of 2,152 common units (two conversions of 1,076 units each) on February 10, 2026. The transactions are reported as exercise/conversion of a derivative (code M). No per-share price is reported (N/A) because the units were issued upon conversion of previously granted phantom units. Accrued quarterly distributions that accumulated during the vesting period were paid in cash to Navarre on the conversion date.

Key Details

• Transaction date: 2026-02-10; filing date: 2026-02-12 (filed within the standard 2‑business‑day window).
• Shares/units acquired: 1,076 + 1,076 = 2,152 common units.
• Price: N/A — units issued upon conversion of vested phantom units (no cash purchase).
• Shares owned after transaction: not specified in the filing.
• Footnote: Phantom units were granted Feb 2025, vested on the one‑year anniversary, converted one‑for‑one into common units along with tandem distribution equivalent rights; accrued distributions were paid in cash (see footnote F1).
• No indication of a 10b5-1 plan, sale, or immediate disposition of the issued units in this filing.

Context

• This was a conversion of compensation-related phantom units into common units (a routine, non‑market purchase event), not an open‑market buy or sale. Such conversions reflect vesting of previously granted awards and payment of accrued distributions, and do not necessarily indicate the insider bought or sold shares for investment reasons.