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

Rhea-AI Filing Summary

Stephen M. Case, a director and >10% owner of Maui Land & Pineapple Co. (MLP), reported insider transactions on 09/10/2025. The Form 4 shows a purchase of 967 shares at $17.00 and a disposition of 67,427 shares. After the reported purchase, Mr. Case beneficially owned 11,941,445 shares, held indirectly through the Stephen M. Case Revocable Trust. The filing states Mr. Case is the sole trustee and has exclusive voting and disposition power over the trust-held shares. The document is limited to these ownership changes and the trust disclosure.

Positive

• Continued substantial ownership: Mr. Case retains 11,941,445 shares indirectly via trust, indicating ongoing significant economic and voting interest.
• Insider purchase reported: A purchase of 967 shares at $17.00 demonstrates some incremental insider buying.

Negative

• Large disposition recorded: A sale/disposition of 67,427 shares was reported, reducing direct/indirect holdings in absolute terms.
• Limited disclosure on rationale: The Form 4 does not provide reasons for the sale or intended use of proceeds, leaving interpretation ambiguous.

Insights

Securities Analyst

TL;DR: Insider reduced position materially while making a small purchase; still retains a large indirect stake via trust.

Mr. Case's disposal of 67,427 shares is a sizable absolute sale compared with the small 967-share buyback at $17.00, which may reflect portfolio rebalancing or liquidity needs rather than a shift in conviction because he continues to hold a very large indirect position of 11,941,445 shares through the revocable trust. The filing provides clear beneficial ownership and trustee authority details but does not disclose motivations or use of proceeds.

Corporate Governance Expert

TL;DR: Trust structure centralizes control; reporting clarifies voting and disposition authority.

The disclosure that shares are held by the Stephen M. Case Revocable Trust, with Mr. Case as sole trustee having exclusive voting and disposition power, is important for governance transparency. It confirms indirect ownership lines for regulatory purposes and shows continued significant influence despite the reported sale. The Form 4 itself is routine and contains no other governance actions.

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
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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)
09/10/2025

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	09/10/2025		P		967	A	$17	11,941,445	I	By Trust(1)
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. 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 sole power to direct the vote and disposition of the shares held by the Trust.

	/s/ STEPHEN M CASE	09/11/2025
	** 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 Form 4 for MLP?

The Form 4 reports a purchase of 967 shares at $17.00 and a disposition of 67,427 shares, both reported with a transaction date of 09/10/2025.

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

After the reported purchase, Mr. Case beneficially owned 11,941,445 shares, held indirectly through the Stephen M. Case Revocable Trust.

What is the nature of Mr. Case's indirect ownership in MLP?

Shares are held by the Stephen M. Case Revocable Trust; Mr. Case serves as sole trustee and has the sole power to direct the vote and disposition of those shares.

When was the insider transaction executed?

The Form 4 lists the transaction date as 09/10/2025 and the filing is signed on 09/11/2025.

Does the Form 4 explain why the shares were sold?

No. The filing discloses the quantities and ownership structure but does not state the reason for the 67,427-share disposition.