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

Rhea-AI Filing Summary

Maui Land & Pineapple director and 10% owner Stephen M. Case reported purchases of common stock on 08/21/2025 and 08/22/2025, acquiring 2,500 shares on each date at weighted average prices of $16.15 and $16.52 respectively. After these purchases the filing shows total beneficial ownership of 11,931,445 shares held indirectly through the Stephen M. Case Revocable Trust, for which Mr. Case is sole trustee and has sole voting and dispositive power.

The filing also records a disposition of 67,427 shares. The document provides per-share purchase ranges and states Mr. Case will provide detailed share-by-share prices on request. All changes reported are reflected as indirect trust holdings rather than direct personal holdings.

Positive

• Added to position: Reported purchases totaling 5,000 shares at weighted averages of $16.15 and $16.52 show continued investment in the issuer
• Transparent disclosure: Purchase price ranges and offer to provide per-share prices demonstrate compliance with disclosure expectations
• Concentrated ownership documented: Beneficial ownership of 11,931,445 shares is explicitly stated and tied to a revocable trust with clear control

Negative

• Significant disposal reported: A disposition of 67,427 shares is recorded without detailed timing or pricing in the summary table
• Indirect holdings: Shares are held through a trust where the reporting person has sole authority, which centralizes voting/disposition power

Insights

Securities/Equity Analyst

TL;DR: Insider increased indirect stake via two small open-market purchases while a larger disposal is also reported; net position remains concentrated in a trust.

The Form 4 shows two small market purchases totaling 5,000 shares at weighted average prices of $16.15 and $16.52, increasing reported beneficial ownership to 11,931,445 shares held indirectly by a revocable trust. The filing separately lists a disposal of 67,427 shares, though detailed timing and pricing for that disposition are not itemized in the summary table. From an equity-ownership perspective, these transactions are routine disclosures of changes in a concentrated insider position rather than clear signals of strategic change.

Corporate Governance Expert

TL;DR: Reporting person controls trust holdings; transactions are disclosed properly and indicate trust-based voting/disposition authority.

The disclosure clarifies that the reported shares are held by the Stephen M. Case Revocable Trust and that Mr. Case is the sole trustee with exclusive voting and dispositive authority, which is important for governance transparency. The Form 4 provides purchase price ranges and offers to supply per-share pricing on request, satisfying common SEC disclosure practices. The coexistence of modest open-market buys and a larger listed sale warrants attention to timing but no additional governance concerns are evident from the filing alone.

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)
08/19/2025

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	08/21/2025		P		2,500(1)	A	$16.15(1)	11,928,945	I	By Trust(2)
Common Stock	08/22/2025		P		2,500(3)	A	$16.52(3)	11,931,445	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 $15.90 to $16.20 per share. The weighted average purchase price was $16.15 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.

3. The price per share paid for the 2,500 shares ranged from $15.93 to $17.00 per share. The weighted average purchase price was $16.52 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	08/25/2025
	** 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 insider transactions did Stephen M. Case report for MLP?

The Form 4 reports two open-market purchases of common stock: 2,500 shares on 08/21/2025 at a weighted average of $16.15 and 2,500 shares on 08/22/2025 at a weighted average of $16.52, and a separate reported disposal of 67,427 shares.

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

The filing shows total beneficial ownership of 11,931,445 shares, held indirectly through the Stephen M. Case Revocable Trust.

Are the purchased MLP shares held directly by Stephen M. Case?

No. The filing specifies the shares are held indirectly by the Stephen M. Case Revocable Trust, with Mr. Case as sole trustee having sole voting and dispositive power.

What prices were paid for the reported MLP purchases?

For the 08/21/2025 purchase the per-share prices ranged from $15.90 to $16.20 (weighted avg $16.15). For 08/22/2025 the range was $15.93 to $17.00 (weighted avg $16.52), and detailed per-share prices are available on request.

Will the filer provide more detailed pricing information?

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