[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., reported insider stock transactions. He purchased 2,500 shares on 08/19/2025 at a weighted average price of $16.68 and another 2,500 shares on 08/20/2025 at a weighted average price of $16.25. Following those purchases his reported beneficial ownership held indirectly by his revocable trust increased to 11,926,445 shares. The filing also shows a disposal of 67,427 shares. Mr. Case serves as sole trustee and has sole power to vote and dispose of trust shares.

Positive

• Insider purchases totaling 5,000 shares on 08/19/2025 and 08/20/2025 at weighted averages of $16.68 and $16.25 respectively
• Continued substantial ownership with 11,926,445 shares beneficially owned indirectly via the Stephen M. Case Revocable Trust

Negative

• Single-line disposal of 67,427 shares reported in the form, which is large compared with the disclosed purchases
• Centralized control as Mr. Case is sole trustee with sole power to vote and dispose of trust shares, concentrating governance authority

Insights

Corporate Governance Expert

TL;DR: Mixed governance signal: modest insider purchases coupled with a sizable disposal, trust control centralizes voting power.

The filing shows Mr. Case both acquiring small blocks (5,000 shares total) and a reported disposal of 67,427 shares, while retaining indirect ownership of over 11.9 million shares via a revocable trust where he is sole trustee. From a governance perspective, concentrated control via the trust means Mr. Case continues to exert decisive influence over corporate votes and dispositions. The dual pattern of buys and a larger sale is informationally mixed rather than a clear signal of confidence or concern.

Securities Analyst

TL;DR: Transactions are modest relative to reported holdings; effect on valuation is likely immaterial.

Mr. Case purchased 2,500 shares on 08/19/2025 at a $16.68 weighted average and 2,500 shares on 08/20/2025 at a $16.25 weighted average, while the report lists a disposal of 67,427 shares. His reported beneficial ownership after purchases was 11,926,445 shares held indirectly by the Trust. Given the size of Mr. Case's overall holdings, the small purchases are negligible for market capitalization, and the single-line disclosure of the disposal lacks date context in the form, limiting precise market impact assessment.

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	08/19/2025		P		2,500(1)	A	$16.68(1)	11,923,945	I	By Trust(2)
Common Stock	08/20/2025		P		2,500(3)	A	$16.25(3)	11,926,445	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 $16.65 to $16.73 per share. The weighted average purchase price was $16.68 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 $15.88 to $16.40 per share. The weighted average purchase price was $16.25 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	08/21/2025
	** 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?

Mr. Case reported purchasing 2,500 shares on 08/19/2025 at a weighted average price of $16.68 and 2,500 shares on 08/20/2025 at a weighted average price of $16.25, and a reported disposal of 67,427 shares.

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

Following the reported purchases his beneficial ownership held indirectly by the Trust is 11,926,445 shares.

How are Mr. Case's MLP shares held and who controls them?

The shares are held by the Stephen M. Case Revocable Trust and Mr. Case serves as sole trustee with sole power to direct the vote and disposition of the trust shares.

What prices did Mr. Case pay for the shares purchased?

The 2,500 shares on 08/19/2025 had a weighted average price of $16.68 (range $16.65–$16.73) and the 2,500 shares on 08/20/2025 had a weighted average price of $16.25 (range $15.88–$16.40).

Is there a date for the 67,427-share disposal in the filing?

The form lists a disposal of 67,427 shares but does not provide an explicit transaction date for that line in the table.