MLP director and 10% owner Stephen Case increases stake with 10K share buy

Rhea-AI Filing Summary

Maui Land & Pineapple Co., Inc. (MLP) director and 10% owner Stephen M. Case reported open-market purchases of common stock. On 11/20/2025, a trust he controls bought 5,000 shares at a weighted average price of $14.46 per share, and on 11/21/2025 the trust bought another 5,000 shares at a weighted average price of $14.29 per share. After these transactions, the trust held 11,953,945 shares indirectly, while Case also held 67,427 shares directly. The trust is the Stephen M. Case Revocable Trust, for which he is sole trustee with sole voting and disposition power.

Insider Trade Summary

Net Buyer: 10,000 shares ($143,750)

Net Buy 3 txns

Insider CASE STEPHEN M

Role Director, 10% Owner

Bought 10,000 shs ($144K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	5,000	$14.29	$71K
Purchase	Common Stock	5,000	$14.46	$72K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 11,953,945 shares (Indirect, By Trust); Common Stock — 67,427 shares (Direct)

Footnotes (1)

1. 1. The price per share paid for the 5,000 shares ranged from $14.21 to $14.95 per share. The weighted average purchase price was $14.46 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. Shares held directly 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 solepower to direct the vote and disposition of the shares held by the Trust. The price per share paid for the 5,000 shares ranged from $14.14 to $14.69 per share. The weighted average purchase price was $14.29 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.

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^*

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)
11/20/2025

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 Stock	11/20/2025		P		5,000(1)	A	$14.46(1)	11,948,945	I	By Trust(2)
Common Stock	11/21/2025		P		5,000(3)	A	$14.29(3)	11,953,945	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. 1. The price per share paid for the 5,000 shares ranged from $14.21 to $14.95 per share. The weighted average purchase price was $14.46 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 directly 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 solepower to direct the vote and disposition of the shares held by the Trust.

3. The price per share paid for the 5,000 shares ranged from $14.14 to $14.69 per share. The weighted average purchase price was $14.29 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.

	/s/ STEPHEN M CASE	11/24/2025
	** 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 did Maui Land & Pineapple (MLP) insider Stephen M. Case report on this Form 4?

Stephen M. Case reported open-market purchases of 10,000 shares of Maui Land & Pineapple Co., Inc. common stock across two transactions, made through a revocable trust he controls.

How many MLP shares did Stephen M. Case buy and on which dates?

A trust controlled by Stephen M. Case bought 5,000 MLP shares on 11/20/2025 and another 5,000 shares on 11/21/2025, for a total of 10,000 shares.

What prices did Stephen M. Case pay for the Maui Land & Pineapple shares?

For the 11/20/2025 purchase, the weighted average price was $14.46 per share, with prices ranging from $14.21 to $14.95. For the 11/21/2025 purchase, the weighted average price was $14.29, with prices from $14.14 to $14.69.

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

After the reported trades, the revocable trust held 11,953,945 MLP shares indirectly, and Stephen M. Case also owned 67,427 MLP shares directly.

What is the nature of Stephen M. Case’s indirect ownership in MLP?

The indirect holdings are owned by the Stephen M. Case Revocable Trust dated December 17, 1998, as amended. Stephen M. Case is the sole trustee and has sole power to vote and dispose of the shares held by the trust.

What is Stephen M. Case’s relationship to Maui Land & Pineapple Co., Inc.?

Stephen M. Case is reported as both a Director and a 10% Owner of Maui Land & Pineapple Co., Inc.