Stephen Case trust adds Maui Land & Pineapple (MLP) stake

Rhea-AI Filing Summary

MAUI LAND & PINEAPPLE CO INC insider Stephen M. Case, through the Stephen M. Case Revocable Trust, reported open-market purchases of common stock on two consecutive days. The trust bought 881 shares on September 3, 2025 and 132 shares on September 4, 2025, both at a weighted average price of about $16.99 per share. Following these transactions, the trust held 119,935,478 shares indirectly, while Case also directly held 67,427 shares.

Insider Trade Summary

Net Buyer: 1,013 shares ($17,211)

Net Buy 3 txns

Insider CASE STEPHEN M

Role Director, 10% Owner

Bought 1,013 shs ($17K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	132	$16.99	$2K
Purchase	Common Stock	881	$16.99	$15K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 119,935,478 shares (Indirect, By Trust); Common Stock — 67,427 shares (Direct)

Footnotes (1)

1. The price per share paid for the 881 shares ranged from $16.95 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. 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.

Form 4 Insider Transactions: What Each Field Means →

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)
09/03/2025

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	09/03/2025		P		881(1)	A	$16.99(1)	119,935,346	I	By Trust(2)
Common Stock	09/04/2025		P		132	A	$16.99	119,935,478	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 881 shares ranged from $16.95 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	09/05/2025
	** 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 on this Form 4?

Stephen M. Case reported two open-market purchases of MAUI LAND & PINEAPPLE common stock through his revocable trust. The trust acquired 881 shares on September 3, 2025 and 132 shares on September 4, 2025 at weighted average prices around $16.99 per share.

At what prices did the Stephen M. Case Revocable Trust buy MLP shares?

The trust’s September 3, 2025 purchase of 881 shares was executed between $16.95 and $17.00 per share, with a weighted average of $16.99. The September 4, 2025 purchase of 132 shares was reported at $16.99 per share, reflecting additional open-market accumulation.

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

After the reported purchases, the Stephen M. Case Revocable Trust held 119,935,478 MAUI LAND & PINEAPPLE common shares indirectly. Mr. Case serves as sole trustee and has sole power to direct the voting and disposition of all shares held by the trust under the governing agreement.

Does Stephen M. Case also hold MLP shares directly in his own name?

Yes. In addition to shares held indirectly through his revocable trust, Stephen M. Case is shown as directly owning 67,427 MAUI LAND & PINEAPPLE common shares. This direct position is reported separately from the substantially larger indirect holdings controlled through the trust structure.

What role does the trust play in Stephen M. Case’s MLP ownership?

The Stephen M. Case Revocable Trust is the primary vehicle for his MAUI LAND & PINEAPPLE stake. The Form 4 notes he is sole trustee, with exclusive power to direct voting and disposition of shares, making the trust central to his indirect beneficial ownership and control.

What is the transaction code used for these MLP insider trades and what does it mean?

Both reported acquisitions of MAUI LAND & PINEAPPLE common stock use transaction code “P.” This code indicates a purchase in an open-market or private transaction, reflecting that the trust bought additional shares rather than selling or exercising derivative securities in this filing.