Zolas Christopher 4

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.