[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 sale of the issuer's common stock. On 09/03/2025 he acquired 881 shares and on 09/04/2025 he acquired 132 shares at a weighted average price of $16.99 per share (individual prices ranged from $16.95 to $17.00). Following those purchases his reported beneficial ownership held indirectly by the Stephen M. Case Revocable Trust was 119,935,478 shares. The filing also reports a disposition of 67,427 shares.

The filing states the shares acquired are held indirectly by the Trust, for which Mr. Case is sole trustee with sole power to direct vote and disposition. The report was signed by Mr. Case on 09/05/2025.

Positive

• Reported insider purchases on 09/03/2025 (881 shares) and 09/04/2025 (132 shares) at a weighted average price of $16.99 per share
• Beneficial ownership remains large: the Trust is reported to hold 119,935,478 shares following the transactions
• Disclosure of pricing detail: the filing provides the per-share price range ($16.95–$17.00) and weighted average, improving transparency

Negative

• Reported disposition of 67,427 shares is disclosed without explanation in the Form 4
• No context provided for the size or purpose of the sale, so the transaction's impact on ownership percentage or control cannot be assessed from this filing alone

Insights

Securities Analyst

TL;DR: Insider purchases totaling 1,013 shares at ~$16.99 and a larger disposition of 67,427 shares were reported; overall holdings remain substantially large.

The reported transactions show modest open-market purchases on 09/03/2025 and 09/04/2025 totaling 1,013 shares at a weighted average of $16.99 and a separate reported disposition of 67,427 shares. Beneficial ownership held by the Stephen M. Case Revocable Trust remains at roughly 119.94 million shares after these trades. From a market-significance perspective the filing documents both buy and sell activity by a >10% owner and director, which is relevant to holders but the filing does not include context such as total outstanding shares or rationale for the disposition, so materiality to valuation cannot be determined from this form alone.

Corporate Governance Expert

TL;DR: The report confirms control and voting authority remain with Mr. Case via his revocable trust despite transactional activity.

The Form 4 clarifies that the reported shares are held indirectly by the Stephen M. Case Revocable Trust and that Mr. Case is the sole trustee with sole power to direct vote and disposition. That explicit statement maintains clarity about who controls voting power. The filing documents both purchases and a sizeable disposition but does not explain whether the disposition alters governance influence; based solely on this form, control appears unchanged.

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?

The Form 4 reports purchases of 881 shares on 09/03/2025 and 132 shares on 09/04/2025 at a weighted average price of $16.99 per share, and a reported disposition of 67,427 shares.

How many MLP shares does the Stephen M. Case Revocable Trust report owning after these transactions?

The filing shows the Trust beneficially owned 119,935,478 shares following the reported purchases.

At what prices were the MLP shares purchased according to the filing?

The Form 4 states the price per share for the 881-share purchase ranged from $16.95 to $17.00, with a weighted average purchase price of $16.99.

Does Stephen M. Case control the shares held by the Trust?

Yes. The filing states Mr. Case serves as the sole trustee of the Stephen M. Case Revocable Trust and has the sole power to direct the vote and disposition of the shares held by the Trust.

When was the Form 4 signed and filed by Stephen M. Case?

The Form 4 is signed by Stephen M. Case on 09/05/2025.