VECELLIO LEO A JR 4

What Happened

• Leo A. Vecellio Jr., a director of Natural Resource Partners LP (NRP), received 1,076 common units on Feb 10, 2026 via conversion/exercise of previously granted phantom units (transaction code M). No per-share price is reported for this conversion; the filing shows the units were issued rather than purchased on the open market. This reflects the vesting and settlement of an award, not an outright cash buy or sale.

Key Details

• Transaction date: 2026-02-10; Form 4 filed: 2026-02-12 (timely filing).
• Transaction type/code: M (exercise or conversion of derivative).
• Shares/units acquired: 1,076 common units; price: N/A.
• Shares owned after transaction: Not disclosed in the provided data.
• Footnote: Phantom units were granted in Feb 2025, vested on their one-year anniversary, and converted one-for-one into common units on the reporting date. Accrued quarterly distributions during the vesting period were paid in cash to the reporting person on the conversion date.
• Filing timeliness: Filed within the standard two-business-day window (not marked late).

Context

• This is a settlement of a compensation award (phantom units converting to common units) rather than an open-market purchase or sale; such conversions are routine when equity awards vest and do not necessarily indicate a change in the director’s market view.
• No immediate sale or cashless disposition is reported in this filing.