Dobbs Micheal W. 4

What Happened

• Micheal W. Dobbs, Senior VP, Secretary and General Counsel of Texas Pacific Land (TPL), reported vesting/conversion of equity awards on Feb 10, 2026 and related share withholding to cover tax/exercise obligations. The filing shows 4,132 shares acquired as awards (PSUs/RSUs) and entries for conversion/exercise of 819 derivative shares. To satisfy tax/exercise-related obligations he surrendered a total of 2,211 shares (379 shares for $152,214 and 1,832 shares for $735,768), totaling $887,982. Some derivative/conversion entries are recorded at $0 value per Form 4 (see footnotes).

Key Details

• Transaction date: February 10, 2026; Form filed February 12, 2026.
• Principal transactions reported:
  • Exercise/conversion of derivative (code M): 819 shares (acquired) and a separate 819-share derivative entry (disposed at $0).
  • Grant/award (code A): 4,132 shares issued (PSUs/RSUs converting to common stock).
  • Tax/exercise payment (code F): 379 shares surrendered for $152,214 and 1,832 shares surrendered for $735,768 (total $887,982).
• Shares owned after the reported transactions: not stated in the filing.
• Notable footnotes: PSUs granted Feb 10, 2023 vested per performance (RTSR at 171% of target; FCF at 164% of target) and convert 1-for-1 to common stock; RSUs converted 1-for-1 and vested on Feb 10, 2026; some RSUs have scheduled future vesting dates. All share amounts reflect the 3-for-1 stock split effective Dec 22, 2025.
• Filing timing: Reported Feb 12, 2026 (covers Feb 10 transactions) — within the typical 2-business-day reporting window.

Context

• This filing primarily documents awards vesting and routine share surrender for tax withholding (code F), not an open-market sale or purchase. The PSUs vested based on performance and converted into shares; the surrendered shares appear to be a cashless method to satisfy tax/exercise liabilities, a common administrative action rather than an explicit signal of insider buying or selling intent.