[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 multiple transactions in the company’s common stock. On 09/08/2025 he purchased 2,500 shares at a weighted average price of $16.91 per share and on 09/09/2025 he purchased another 2,500 shares at a weighted average price of $16.96. Following those purchases his beneficial ownership is reported as 11,940,478 shares held indirectly by the Stephen M. Case Revocable Trust, for which he is sole trustee with the sole power to vote and dispose of the shares. The filing also reports a disposition of 67,427 common shares. The form is signed by Mr. Case on 09/10/2025.

Positive

• Insider purchases reported: 5,000 shares acquired over two days at weighted averages of $16.91 and $16.96
• Clear ownership disclosure: Shares held indirectly by a revocable trust with Mr. Case as sole trustee and sole voting/dispositive power

Negative

• Large disposition reported: 67,427 shares were disposed (sale), a materially larger single reported disposition than the subsequent purchases
• Limited context provided: The filing does not explain the reason for the 67,427-share disposal or whether purchases relate to a 10b5-1 plan

Insights

Securities Analyst

TL;DR: Insider modestly bought shares over two days and previously sold a larger block; overall moves are routine but noteworthy for size.

The filing shows two small open-market purchases totaling 5,000 shares at weighted averages of $16.91 and $16.96, which are modest purchases by a >10% owner. The report also discloses a 67,427-share disposition, a materially larger transaction in absolute shares. Ownership is held indirectly via a revocable trust for which Mr. Case is sole trustee and controls voting and disposition, confirming direct influence over the shares. These transactions are standard Section 16 reporting of insider activity and do not by themselves reveal new corporate strategy.

Corporate Governance Expert

TL;DR: The filing reaffirms Mr. Case's control via a revocable trust and discloses mixed buying and selling activity, relevant for governance transparency.

The disclosure clarifies beneficial ownership mechanics: shares are held indirectly by the Stephen M. Case Revocable Trust dated December 17, 1998, with Mr. Case as sole trustee possessing voting and dispositive power. That explicit statement improves transparency about who controls shares. The juxtaposition of small purchases and a substantial disposition could reflect portfolio rebalancing or trust-related transactions; the form itself contains no explanatory detail beyond prices and quantities, limiting interpretability.

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)
09/08/2025

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	09/08/2025		P		2,500(1)	A	$16.91(1)	11,937,978	I	By Trust(2)
Common Stock	09/09/2025		P		2,500(3)	A	$16.96(3)	11,940,478	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 $16.78 to $17.00 per share. The weighted average purchase price was $16.91 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 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 $16.80 to $17.00 per share. The weighted average purchase price was $16.96 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	09/10/2025
	** 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 for MLP on Form 4?

He reported purchases of 2,500 shares on 09/08/2025 (weighted avg price $16.91) and 2,500 shares on 09/09/2025 (weighted avg price $16.96), and a disposition of 67,427 common shares.

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

Following the reported purchases, the filing shows 11,940,478 shares beneficially owned indirectly by the Stephen M. Case Revocable Trust.

Who controls the shares held by the trust reported on the Form 4?

The shares are held by the Stephen M. Case Revocable Trust dated December 17, 1998; Mr. Case serves as sole trustee with the sole power to vote and dispose of the shares.

When was the Form 4 signed and filed?

The filing is signed by Stephen M. Case on 09/10/2025.

Were the purchase prices for the acquired shares disclosed?

Yes. For the 09/08/2025 purchases the weighted average price was $16.91 (range $16.78–$17.00). For 09/09/2025 the weighted average price was $16.96 (range $16.80–$17.00).