[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 purchases and a disposition of common stock. On 08/25/2025 and 08/26/2025 he purchased a total of 2,700 shares at a weighted average price of $16.99 per share (individual trade prices ranged from $16.88 to $17.00). Following those purchases, the filing reports 11,934,145 shares beneficially owned by Mr. Case indirectly through the Stephen M. Case Revocable Trust, for which he is sole trustee with exclusive voting and disposition power. The report also discloses a disposition of 67,427 shares. The filing includes an offer to provide a full list of purchased shares and prices upon request.

Positive

• Incremental insider purchases totaling 2,700 shares at a weighted average price of $16.99, signaling some insider accumulation
• Substantial beneficial ownership retained — 11,934,145 shares held indirectly via the Stephen M. Case Revocable Trust with Mr. Case as sole trustee

Negative

• Significant disposition reported of 67,427 shares, which offsets the smaller purchases
• Lack of contextual detail in the filing about the reason for the sale or whether it is routine, reducing clarity for investors

Insights

Securities Analyst

TL;DR: Insider modestly increased direct purchases but also sold a larger block, leaving substantial trust ownership intact.

Mr. Case executed small open-market purchases totaling 2,700 shares at a weighted average of $16.99, indicating incremental accumulation rather than a large new commitment. The report separately shows a sale of 67,427 shares; absent context on prior holdings or timing of the sale, this disposition could be routine rebalancing or liquidity management. The dominant fact is continued indirect beneficial ownership of ~11.93 million shares via a revocable trust, with Mr. Case retaining sole voting and disposition authority, which maintains his control exposure to the company.

Corporate Governance Expert

TL;DR: Reporting shows insider control remains concentrated through a revocable trust despite mixed transactions.

The Form 4 confirms Mr. Case is both a director and a >10% beneficial owner, and that most shares are held indirectly in a Revocable Trust where he is sole trustee. From a governance perspective, this maintains a concentrated ownership structure and voting influence. The contemporaneous small purchases and larger disposition do not, by themselves, change the governance profile; stakeholders should note the trust arrangement and sole trustee authority when assessing shareholder voting dynamics.

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)
08/25/2025

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	08/25/2025		P		2,500(1)	A	$16.99(1)	11,933,945	I	By Trust(2)
Common Stock	08/26/2025		P		200	A	$16.99	11,934,145	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 2,500 shares ranged from $16.88 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	08/27/2025
	** 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 MLP insider Stephen M. Case report?

The filing reports purchases of 2,700 shares at a weighted average price of $16.99 and a disposition of 67,427 shares.

How many MLP shares does Stephen M. Case beneficially own after these transactions?

The filing shows 11,934,145 shares beneficially owned indirectly through the Stephen M. Case Revocable Trust.

At what prices were the MLP purchases made?

Purchase prices ranged from $16.88 to $17.00 per share with a weighted average of $16.99.

Does Stephen M. Case control the shares held in the trust?

Yes; the filing states Mr. Case serves as sole trustee and has sole power to direct the vote and disposition of the trust-held shares.

Can the SEC or investors request more detail on the purchased shares?

Yes; the filing states Mr. Case will provide a list of the shares purchased and the prices paid per share upon request to the SEC, issuer, or any security holder.