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Texas Pacific Land Corp·4

Feb 18, 4:43 PM ET

STEDDUM CHRIS 4

Research Summary

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Texas Pacific Land (TPL) CFO Chris Steddum Receives & Exercises RSUs

What Happened
Chris Steddum, CFO of Texas Pacific Land Corp (TPL), had restricted stock units (RSUs) vest in mid‑February 2026. On Feb 13, 2026, 2,079 RSUs vested and converted into common shares; 984 of those were surrendered to the company to cover tax withholding (value reported $425,393). On Feb 15, 2026, 795 RSUs vested and converted; 376 of those were surrendered for taxes (value reported $162,549). A separate grant/award of 2,753 RSUs was reported on Feb 15, 2026 (future vesting). The RSU conversions are recorded as derivative exercises (code M) and the share surrenders for tax withholding are recorded as disposals (code F). Total value of shares surrendered for taxes ≈ $587,942.

Key Details

  • Transaction dates: Feb 13, 2026 (2,079 RSUs vested) and Feb 15, 2026 (795 RSUs vested; 2,753 RSU grant).
  • Tax withholding disposals: 984 shares @ $432.31 = $425,393 (2/13); 376 shares @ $432.31 = $162,549 (2/15). Derivative conversions recorded at $0.00 per share.
  • Net shares retained from these vestings: 2,079−984 = 1,095 (from 2/13); 795−376 = 419 (from 2/15) → 1,514 net newly issued shares retained.
  • Grant: 2,753 RSUs awarded on Feb 15, 2026 (see vesting schedule below).
  • Vesting schedule (footnotes): 2,079 RSUs vested 2/13/2026 (and 2,079 slated to vest 2/13/2027); 795 vested 2/15/2026 (and 795 on 2/15/2027 & 2/15/2028); the 2,753 RSU award vests in parts on 2/15/2027 (917) and on 2/15 of 2028 & 2029 (918 each).
  • Shares owned after the transaction: not specified in the provided filing excerpt.
  • Filing timeliness: Report filed 2/18/2026 for 2/13 and 2/15 transactions; this appears timely given the Feb 16 U.S. market holiday (Presidents’ Day), which affects the two‑business‑day Form 4 deadline.

Context and interpretation: These entries reflect RSU vesting and standard tax‑withholding (shares surrendered to the issuer), not open‑market sales. Such withholding is routine and does not necessarily indicate a voluntary sale or change in insider sentiment. The award on Feb 15 is a future‑vesting grant, not an immediate stock purchase.