BUFFINGTON STEPHANIE 4

What Happened

• Stephanie Buffington, Chief Accounting Officer of Texas Pacific Land (TPL), had RSUs vest and convert into common stock on Feb 13 and Feb 15, 2026. A total of 1,119 RSUs converted to shares (864 on Feb 13; 255 on Feb 15). To satisfy tax withholding, she surrendered 496 shares (383 on Feb 13; 113 on Feb 15) at $432.31 per share for total withholding of $214,426. After vesting and withholding, she effectively received 623 shares. Separately, she was granted 938 new RSUs on Feb 15, 2026 (these are derivative awards, not open‑market purchases).

Key Details

• Transaction dates and amounts:
  • Feb 13, 2026: 864 RSUs vested/converted; 383 shares surrendered for tax withholding at $432.31/share = $165,575.
  • Feb 15, 2026: 255 RSUs vested/converted; 113 shares surrendered for tax withholding at $432.31/share = $48,851.
  • Total vested/converted: 1,119 RSUs. Total surrendered for taxes: 496 shares. Total withholding value: $214,426.
  • Feb 15, 2026: Grant of 938 RSUs (derivative award).
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • RSUs convert one-for-one into common stock (F1).
  • Surrendered shares were used to satisfy tax withholding obligations (cashless withholding) (F2).
  • Vesting schedules for the awards are noted in footnotes F3–F5 (details on staggered future vestings).
• Filing timeliness: Form 4 was filed Feb 18, 2026. The Feb 13 transaction required filing by Feb 17 (Feb 16 was a federal holiday), so the Feb 13 reporting appears one business day late; the Feb 15 reporting was timely.

Context

• These transactions reflect routine RSU vesting and tax-withholding (a cashless settlement), not open-market sales or purchases. RSUs have no exercise price (reported as $0.00) and are compensation awards; surrendered shares to cover taxes are standard and do not necessarily indicate a change in insider sentiment.