[Form 4/A] Maui Land & Pineapple Co. Amended Insider Trading Activity

Rhea-AI Filing Summary

Stephen M. Case, a director and >10% owner of Maui Land & Pineapple Co., reported amended insider purchases of the company’s common stock executed on 09/03/2025 and 09/04/2025. The filing discloses acquisition of 881 shares on 09/03/2025 at a weighted average price of $16.99 (range $16.95–$17.00) and 132 shares on 09/04/2025 at $16.99, resulting in 11,935,478 shares beneficially owned following the transactions. The shares are held indirectly by the Stephen M. Case Revocable Trust, for which Mr. Case is sole trustee with exclusive voting and disposition power. The Form 4/A is signed 09/08/2025 and includes a statement that Mr. Case can provide a list of purchased shares and prices on request.

Positive

• Insider purchasing reported at a weighted average price of $16.99, indicating the insider bought stock rather than sold.
• Large beneficial ownership retained after the transactions: 11,935,478 shares, showing substantial insider stake.
• Transparent disclosure including price range ($16.95–$17.00) and offer to provide a share-by-share list on request.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases by a >10% owner increase insider alignment, adding modest buy-side support at ~$17 per share.

Mr. Case increased his beneficial holdings through the revocable trust with small open-market purchases (881 and 132 shares) at a weighted average of $16.99. The disclosed post-transaction holding of 11,935,478 shares confirms substantial insider exposure. The transactions were filed via an amendment, and the explanatory note provides transparent pricing ranges and trustee details. For investors, the filing signals insider participation but the absolute purchased volume disclosed in the amendment is relatively small versus the large total holding.

Corporate Governance Expert

TL;DR: Ownership is held indirectly via a revocable trust where Mr. Case retains sole trustee powers, indicating centralized control over voting and disposition.

The Form 4/A clarifies that the Stephen M. Case Revocable Trust holds the shares and that Mr. Case has exclusive authority to vote and dispose of those shares. This structure is typical for insiders but is material for governance transparency because beneficial ownership is exercised indirectly. The amendment and the offer to provide specific share-by-share purchase prices enhance disclosure quality and compliance with Section 16 reporting standards.

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^*

CASE STEPHEN M

(Last) (First) (Middle)

1717 RHODE ISLAND AVENUE, N.W.

9TH FLOOR

(Street)

WASHINGTON DC 20036

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MAUI LAND & PINEAPPLE CO INC [ MLP ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
09/05/2025

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 Stock	09/03/2025		P		881(1)	A	$16.99(1)	11,935,346	I	By Trust(2)
Common Stock	09/04/2025		P		132	A	$16.99	11,935,478	I	By Trust(2)
Common Stock								67,427	D

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

Explanation of Responses:

1. The price per share paid for the 881 shares ranged from $16.95 to $17.00 per share. The weighted average purchase price was $16.99 per share. Upon request, Mr. Case will provide the SEC staff, issuer, or any security holder of the issuer a list of the shares purchased and the prices paid per share.

2. Shares held by the Stephen M. Case Revocable Trust under agreement, dated December 17, 1998, as amended (the "Trust"). Mr. Case serves as the sole trustee of the Trust and has the sole power to direct the vote and disposition of the shares held by the Trust.

	/s/ STEPHEN M CASE	09/08/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Stephen M. Case report on the Form 4/A for MLP?

Mr. Case reported purchases of 881 shares on 09/03/2025 (weighted average price $16.99) and 132 shares on 09/04/2025 at $16.99, plus a disposition of 67,427 shares.

How many Maui Land & Pineapple (MLP) shares does Stephen M. Case beneficially own after the reported trades?

Following the reported transactions, Mr. Case beneficially owns 11,935,478 shares.

Are the shares held directly by Stephen M. Case?

No. The shares are held indirectly by the Stephen M. Case Revocable Trust, for which he is sole trustee with exclusive voting and disposition power.

What price did Mr. Case pay for the shares purchased?

The price range for the 881-share purchase was $16.95 to $17.00 with a weighted average of $16.99 per share; the 132-share purchase was at $16.99.

Was this filing an amendment and who signed it?

Yes. It is a Form 4/A (amended) and the filing is signed by Stephen M. Case on 09/08/2025.