Dorchester Minerals (DMLP) CEO details unit award and tax withholding moves

Rhea-AI Filing Summary

Dorchester Minerals, L.P. reported an insider equity transaction by Chief Executive Officer Bradley J. Ehrman on 12/03/2025. He acquired 4,810 common units at an exercise price of $0 through the vesting and settlement of previously granted notional units.

On the same date, 1,749 common units were disposed of at $0 to satisfy tax liabilities by withholding units from an equity award. After these transactions, he holds 29,710 common units directly and 121,197 common units indirectly through Quiscalus Ventures, LLC, and continues to hold 9,620 notional units under the equity incentive program, which vest in equal thirds annually over three years beginning 12/03/2025.

Insider Trade Summary

4,810 shares exercised/converted

Mixed 4 txns

Insider EHRMAN BRADLEY J

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Exercise	Notional Units	4,810	$0.00	--
Exercise	Common Units	4,810	$0.00	--
Tax Withholding	Common Units	1,749	$0.00	--
holding	Common Units	--	--	--

Holdings After Transaction: Notional Units — 9,620 shares (Direct); Common Units — 31,459 shares (Direct); Common Units — 121,197 shares (Indirect, .)

Footnotes (1)

1. These common units are held by Quiscalus Ventures, LLC, in which Mr. Ehrman is the sole member. These common units are held by Mr. Ehrman in his individual name, IRA or Keogh Plan. Represents payment of tax liability incident to the grant of common units awarded to the reporting person on December 3, 2025 pursuant to an equity incentive plan, by withholding common units from such grant. Notional Units granted on December 3, 2024, pursuant to the Dorchester Minerals Management LP Equity Incentive program. Each Notional Unit entitles the holder to receive either (1) the number of common units representing limited partnership interests in Dorchester Minerals, L.P. (the "Common Units") equal to the number of Notional Units that become vested or (2) the cash equivalent at the time of vesting of the number of Common Units equal to the number of Notional Units that become vested. One-third of the Notional Units vest on each anniversary of the date of the award agreement over a three year period beginning on December 3, 2025. Vested Notional Units are settled within 60 days after the date on which they vest.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

EHRMAN BRADLEY J

(Last) (First) (Middle)

3838 OAK LAWN AVE

SUITE 300

(Street)

DALLAS TX 75219

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DORCHESTER MINERALS, L.P. [ DMLP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Units	12/03/2025		M		4,810	A	$0	31,459	D(2)
Common Units	12/03/2025		F(3)		1,749	D	$0	29,710	D(2)
Common Units								121,197	I(1)	.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Notional Units	(4)	12/03/2025		M			4,810	(4)	(4)	Common Units	4,810	$0	9,620	D

Explanation of Responses:

1. These common units are held by Quiscalus Ventures, LLC, in which Mr. Ehrman is the sole member.

2. These common units are held by Mr. Ehrman in his individual name, IRA or Keogh Plan.

3. Represents payment of tax liability incident to the grant of common units awarded to the reporting person on December 3, 2025 pursuant to an equity incentive plan, by withholding common units from such grant.

4. Notional Units granted on December 3, 2024, pursuant to the Dorchester Minerals Management LP Equity Incentive program. Each Notional Unit entitles the holder to receive either (1) the number of common units representing limited partnership interests in Dorchester Minerals, L.P. (the "Common Units") equal to the number of Notional Units that become vested or (2) the cash equivalent at the time of vesting of the number of Common Units equal to the number of Notional Units that become vested. One-third of the Notional Units vest on each anniversary of the date of the award agreement over a three year period beginning on December 3, 2025. Vested Notional Units are settled within 60 days after the date on which they vest.

	/s/ Bradley J. Ehrman	12/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Dorchester Minerals (DMLP) disclose for its CEO?

Bradley J. Ehrman, Chief Executive Officer of Dorchester Minerals, L.P., acquired 4,810 common units on 12/03/2025 at an exercise price of $0 through the vesting and settlement of notional units. On the same date, 1,749 common units were disposed of at $0 to cover tax liabilities via share withholding.

How many Dorchester Minerals (DMLP) units does CEO Bradley J. Ehrman own after the transaction?

Following the reported transactions, Bradley J. Ehrman beneficially owns 29,710 common units directly and 121,197 common units indirectly through Quiscalus Ventures, LLC. He also holds 9,620 notional units under the equity incentive program.

What are notional units in Dorchester Minerals' (DMLP) equity incentive program?

Notional Units granted under the Dorchester Minerals Management LP Equity Incentive program entitle the holder to receive either (1) the number of common units equal to the number of notional units that vest or (2) the cash equivalent of that number of common units at the time of vesting.

Why were 1,749 Dorchester Minerals (DMLP) common units disposed of for CEO Bradley J. Ehrman?

The 1,749 common units reported as disposed of represent payment of a tax liability related to an equity grant of common units awarded on 12/03/2025, satisfied by withholding common units from that grant.

When do Bradley J. Ehrman’s notional units in Dorchester Minerals (DMLP) vest?

Notional units granted on 12/03/2024 vest in three equal installments. One-third vests on each anniversary of the award agreement date over a three-year period beginning on 12/03/2025, and vested notional units are settled within 60 days after vesting.

How are vested notional units in Dorchester Minerals (DMLP) settled for the CEO?

For Bradley J. Ehrman, vested notional units are settled within 60 days after the vesting date, in either common units of Dorchester Minerals, L.P. or the cash equivalent of the corresponding number of common units.