Zolas Christopher 4
4 · NATURAL RESOURCE PARTNERS LP · Filed Feb 12, 2026
Research Summary
AI-generated summary of this filing
NRP CFO Christopher Zolas Converts LTIP Phantom Units
What Happened
Christopher Zolas, CFO of Natural Resource Partners LP (NRP), had a series of LTIP phantom-unit conversions on Feb 10, 2026 that resulted in issuance of 36,836 common units. To satisfy tax withholding, 6,879 of those units were withheld (disposed) at an effective price of $123.04 per unit, generating $846,392. Net new units received by Zolas equal 29,957 common units. The conversions reflect vesting and conversion of awards granted under the company's long-term incentive plan (LTIP).
Key Details
- Transaction date: February 10, 2026; Form 4 filed February 12, 2026 (timely filing).
- Units converted (derivative exercises/conversions, code M): 18,418 + 10,619 + 6,415 + 725 + 659 = 36,836 units.
- Units withheld for taxes (code F): 6,879 units at $123.04 each = $846,392 withheld.
- Net units added to beneficial ownership: 36,836 − 6,879 = 29,957 units.
- Footnotes: conversions came from multiple LTIP awards (performance-based and time-based phantom units granted in 2023–2025). Accrued quarterly distributions during vesting periods were paid in cash to Zolas on the conversion date. Remaining phantom units from the 2024 and 2025 awards will vest in future anniversaries.
- Shares owned after transaction: not provided in the supplied filing excerpt.
Context
- These were not open-market purchases or sales of existing shares but conversions of phantom LTIP awards into common units; the withholding of units to cover taxes is a common cashless method of satisfying tax obligations and does not necessarily indicate a separate sale decision.
- Performance-based and time-based phantom unit conversions are routine executive compensation events; they reflect fulfillment of vesting conditions rather than active market timing.
Insider Transaction Report
Form 4
Zolas Christopher
Chief Financial Officer
Transactions
- Exercise/Conversion
COMMON UNITS
[F1]2026-02-10+18,418→ 70,376 total - Tax Payment
COMMON UNITS
2026-02-10$123.04/sh−6,879$846,392→ 63,497 total - Exercise/Conversion
PERFORMANCE UNITS
[F2]2026-02-10+10,619→ 0 total→ COMMON UNITS (10,619 underlying) - Exercise/Conversion
PHANTOM UNITS
[F3]2026-02-10+6,415→ 0 total→ COMMON UNITS (6,415 underlying) - Exercise/Conversion
PHANTOM UNITS
[F4]2026-02-10+725→ 725 total→ COMMON UNITS (725 underlying) - Exercise/Conversion
PHANTOM UNITS
[F5]2026-02-10+659→ 1,318 total→ COMMON UNITS (659 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/ CHRISTOPHER ZOLAS|2026-02-12