Craig Kevin J 4

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.