Director and 10% owner Stephen Case increases MLP holdings by 10K shares

Rhea-AI Filing Summary

Maui Land & Pineapple Co. Inc. director and 10% owner Stephen M. Case, through the Stephen M. Case Revocable Trust, reported open‑market purchases of the company’s common stock. On 11/24/2025, the trust bought 5,000 shares at a weighted average price of $15.13 per share, within a range of $14.72 to $15.41. On 11/25/2025, it bought another 5,000 shares at a weighted average price of $15.36, within a range of $15.22 to $15.50. After these transactions, the trust beneficially owned 11,963,945 shares indirectly, while Case also held 67,427 shares directly.

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

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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)
11/24/2025

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	11/24/2025		P		5,000(1)	A	$15.13(1)	11,958,945	I	By Trust(2)
Common Stock	11/25/2025		P		5,000(3)	A	$15.36(3)	11,963,945	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. The price per share paid for the 5,000 shares ranged from $14.72 to $15.41 per share. The weighted average purchase price was $15.13 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 $15.22 to $15.50 per share. The weighted average purchase price was $15.36 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	11/26/2025
	** 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.
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FAQ

What insider transaction did Maui Land & Pineapple (MLP) report?

A director and 10% owner, Stephen M. Case, reported buying a total of 10,000 shares of Maui Land & Pineapple common stock in two open‑market transactions.

On what dates did Stephen M. Case buy MLP shares and how many?

The trust bought 5,000 shares on 11/24/2025 and another 5,000 shares on 11/25/2025, for a total of 10,000 shares of Maui Land & Pineapple common stock.

What prices did Stephen M. Case pay for Maui Land & Pineapple (MLP) shares?

On 11/24/2025 the weighted average purchase price was $15.13 per share (range $14.72–$15.41). On 11/25/2025 the weighted average price was $15.36 (range $15.22–$15.50).

How many Maui Land & Pineapple (MLP) shares does Stephen M. Case now beneficially own?

Following the reported transactions, the Stephen M. Case Revocable Trust beneficially owned 11,963,945 shares indirectly, and Stephen M. Case also held 67,427 shares directly.

In what capacity is Stephen M. Case related to Maui Land & Pineapple (MLP)?

Stephen M. Case is listed as both a director and a 10% owner of Maui Land & Pineapple Co. Inc.

Who holds the MLP shares purchased and who controls them?

The purchased shares are held by the Stephen M. Case Revocable Trust. Stephen M. Case serves as the sole trustee and has the sole power to direct the vote and disposition of the shares held by the trust.