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|4Feb 18, 4:43 PM ET

Dobbs Micheal W. 4

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Texas Pacific Land (TPL) SVP Micheal Dobbs Receives RSUs; Withholds Shares

What Happened
Micheal W. Dobbs, Senior Vice President, Secretary and General Counsel of Texas Pacific Land (TPL), had restricted stock units (RSUs) convert into common stock on Feb 13 and Feb 15, 2026. On Feb 13, 1,206 RSUs vested and converted one‑for‑one into 1,206 shares; 534 of those shares were surrendered to the company for tax withholding (534 x $432.31 = $230,854), leaving 672 net shares added to his beneficial ownership. On Feb 15, 456 RSUs vested and converted into 456 shares; 202 were withheld for taxes (202 x $432.31 = $87,327), leaving 254 net shares. Combined net newly acquired common shares = 926. Separately, on Feb 15 Dobbs was granted 1,631 RSUs (future vesting).

Key Details

  • Transaction dates: Feb 13, 2026 and Feb 15, 2026; Form 4 filed Feb 18, 2026 (appears timely).
  • Conversion type: RSUs converted to common stock (derivative code M); withholding for tax liability coded F. RSUs convert one‑for‑one into common stock (footnote F1).
  • Withheld shares/tax: 534 shares (Feb 13) + 202 shares (Feb 15) = 736 shares withheld at $432.31 per share; total cash value withheld = $318,181.
  • Net shares added to ownership: 672 (Feb 13) + 254 (Feb 15) = 926 shares.
  • New grant: 1,631 RSUs awarded on Feb 15, 2026 (footnote F5). Vesting schedules per filing: of the Feb 13 RSUs, 1,206 vested Feb 13, 2026 and 1,206 are scheduled to vest Feb 13, 2027 (F3). Of the Feb 15 RSUs, 456 vested Feb 15, 2026 and 456 vest on Feb 15 in 2027 and 2028 (F4). The new 1,631 RSUs vest across Feb 15 of 2027–2029 (F5).
  • Footnotes: F2 confirms shares surrendered were used to satisfy tax withholding. Entries showing $0.00 reflect conversion of RSUs (derivative settlement), not open‑market sales.

Context
These transactions are routine RSU vesting and tax withholding (a cashless withholding), not open‑market sales or purchases. The withheld shares to cover taxes are common practice and do not necessarily indicate a change in the insider’s view of the company. The 1,631 RSU grant is a future compensation award and does not immediately increase common‑share holdings until those RSUs vest.