ROBERTSON CORBIN J III 4

What Happened
Corbin J. Robertson III, a director of Natural Resource Partners LP (NRP), acquired 2,152 common units through conversion of previously granted phantom units. The Form 4 shows two derivative conversion entries of 1,076 units each on February 10, 2026. No per-share price or cash consideration is reported for the issuance; accrued quarterly distributions that accrued during the vesting period were paid in cash to the reporting person on the conversion date.

Key Details

• Transaction date: 2026-02-10 (reported on Form 4 filed 2026-02-12).
• Transaction type/code: Exercise/conversion of derivative (code M).
• Shares acquired: 2,152 common units (1,076 + 1,076).
• Price: N/A — common units issued upon conversion of phantom units (one-for-one).
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1: Phantom units granted in Feb 2025 vested on their one-year anniversary and converted one-for-one to common units; accrued quarterly distributions were paid in cash on conversion.
  • F2–F4: Trust/ownership notes — the Corbin James Robertson III 2009 Family Trust is a beneficiary vehicle; the reporting person may be deemed to beneficially own units held by the trust but also disclaims beneficial ownership of certain units per the filing.
  • F5: BHJ Investments, L.P. is an entity managed by the reporting person; limited partners include the reporting person, spouse, and a children’s trust in which he has no pecuniary interest.

Context
This was a conversion/award-type transaction (vesting and conversion of phantom units), not an open-market purchase or sale. Such conversions are typically compensation-related and do not represent an outright market purchase or sale by the insider. The filing appears timely (reported two days after the transaction).