Craig Kevin J 4
4 · NATURAL RESOURCE PARTNERS LP · Filed Feb 12, 2026
Research Summary
AI-generated summary of this filing
Natural Resource Partners (NRP) EVP Kevin J. Craig Receives 22,202 Units
What Happened
- Kevin J. Craig, Executive Vice President of Natural Resource Partners LP (NRP), received a total of 22,202 common units on Feb 10, 2026 through conversion/exercise of LTIP phantom units (reported as derivative exercises, code M). To satisfy tax withholding obligations, 4,923 of those units were withheld/treated as disposed at $123.04 each, for a withholding value of $605,726 (reported as code F). Net new units added to his holdings = 17,279.
Key Details
- Transaction date: 2026-02-10; Form 4 filed 2026-02-12 (reporting appears timely).
- Acquired via conversion/exercise of phantom/performance units: 11,101; 6,055; 4,254; 415; 377 (total 22,202).
- Withheld/disposed for taxes: 4,923 units at $123.04 each = $605,726.
- Shares owned after transaction: Not disclosed in the filing.
- Notable footnotes: Units converted were LTIP phantom units granted in 2023–2025 (performance- and time-based awards). Some awards were performance-based; others vested one‑for‑one or in installments per the LTIP. Accrued distributions accumulated during vesting were paid in cash on the conversion date (see F1–F5).
- Transaction codes: M = exercise/conversion of derivative (phantom units); F = shares withheld/paid to cover exercise price or tax liability.
Context
- These transactions reflect issuance/conversion of LTIP phantom units into actual common units, with a portion withheld to cover taxes (a common, routine cashless-withholding practice), not an open-market sale or purchase. No late filing or 10b5-1 plan was indicated in the filing; the action appears to be routine compensation vesting and tax withholding.
Insider Transaction Report
Form 4
Craig Kevin J
Executive Vice President
Transactions
- Exercise/Conversion
COMMON UNITS
[F1]2026-02-10+11,101→ 51,606 total - Tax Payment
COMMON UNITS
2026-02-10$123.04/sh−4,923$605,726→ 46,683 total - Exercise/Conversion
PERFORMANCE UNITS
[F2]2026-02-10+6,055→ 0 total→ COMMON UNITS (6,055 underlying) - Exercise/Conversion
PHANTOM UNITS
[F3]2026-02-10+4,254→ 0 total→ COMMON UNITS (4,254 underlying) - Exercise/Conversion
PHANTOM UNITS
[F4]2026-02-10+415→ 415 total→ COMMON UNITS (415 underlying) - Exercise/Conversion
PHANTOM UNITS
[F5]2026-02-10+377→ 754 total→ COMMON UNITS (377 underlying)
Footnotes (5)
- [F1]Common units were issued upon conversion of phantom units previously awarded under the issuer's long-term incentive plan ("LTIP") as further described in notes (2), (3), (4) and (5) below.
- [F2]Performance-based units representing the right to receive common units, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. The phantom units vested on the third anniversary of the grant date and converted into common units on the reporting date based upon the achievement of specified performance goals. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date.
- [F3]Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. One-third of the phantom units vested on the third anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date.
- [F4]Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2024 under the issuer's LTIP. One-third of the phantom units vested on the second anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2024 award will vest on the third anniversary of the grant date.
- [F5]Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2025 under the issuer's LTIP. One-third of the phantom units vested on the first anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2025 award will vest in substantially equal installments on the second and third anniversaries of the grant date.
Signature
/s/ KEVIN J CRAIG|2026-02-12