Natural Resource Partners (NRP) awards and withholds units for counsel
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Natural Resource Partners’ General Counsel and Secretary, Philip T. Warman, reported equity compensation activity on common units. On February 10, 2026, he acquired 10,799 common units through the conversion of vested performance and phantom units granted under the long‑term incentive plan.
To satisfy tax obligations tied to this vesting, 4,249 common units were disposed of at $123.04 per unit. After these transactions, Warman directly owned 14,961 common units. The filing also notes that additional phantom units from 2024 and 2025 awards will continue to vest on future grant anniversaries.
Positive
- None.
Negative
- None.
Insider Trade Summary
10,799 shares exercised/converted
Mixed
6 txns
Insider
WARMAN PHILIP T
Role
General Counsel and Secretary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | PERFORMANCE UNITS | 5,880 | $0.00 | -- |
| Exercise | PHANTOM UNITS | 4,150 | $0.00 | -- |
| Exercise | PHANTOM UNITS | 403 | $0.00 | -- |
| Exercise | PHANTOM UNITS | 366 | $0.00 | -- |
| Exercise | COMMON UNITS | 10,799 | $0.00 | -- |
| Tax Withholding | COMMON UNITS | 4,249 | $123.04 | $523K |
Holdings After Transaction:
PERFORMANCE UNITS — 0 shares (Direct);
PHANTOM UNITS — 0 shares (Direct);
COMMON UNITS — 19,210 shares (Direct)
Footnotes (1)
- Common units were issued upon conversion of phantom units previously awarded under the issuer's long-term incentive plan ("LTIP") as further described in notes (2), (3), (4) and (5) below. Performance-based units representing the right to receive common units, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. The phantom units vested on the third anniversary of the grant date and converted into common units on the reporting date based upon the achievement of specified performance goals. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. One-third of the phantom units vested on the third anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2024 under the issuer's LTIP. One-third of the phantom units vested on the second anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2024 award will vest on the third anniversary of the grant date. Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2025 under the issuer's LTIP. One-third of the phantom units vested on the first anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2025 award will vest in substantially equal installments on the second and third anniversaries of the grant date.
FAQ
What insider transaction did NRP’s Philip T. Warman report?
Philip T. Warman reported equity compensation activity involving NRP common units. He received units through the conversion of vested performance and phantom units, then disposed of some units to cover related tax obligations, reflecting routine long-term incentive plan vesting rather than an open-market trade.
How many NRP common units did Philip T. Warman acquire and retain?
Warman acquired 10,799 NRP common units through derivative conversions tied to incentive awards. After disposing of 4,249 units for tax withholding, he held 14,961 common units directly. This net position reflects his updated beneficial ownership following the reported vesting transactions on February 10, 2026.
Why were 4,249 NRP common units disposed of in this Form 4?
The 4,249 NRP common units were disposed of to pay tax liabilities associated with vested awards. The transaction, coded “F,” indicates payment of exercise price or taxes by delivering securities, meaning units were withheld rather than sold as a discretionary open-market trade.
What is the exercise or conversion price for the NRP performance and phantom units?
The performance and phantom units converted into NRP common units at an effective price of $0.00. These awards were granted under the long-term incentive plan and vest over time based on service or performance, with no cash exercise price required from the reporting person at conversion.
How do NRP’s phantom and performance units under the LTIP work for insiders?
NRP’s long-term incentive plan grants phantom and performance-based units that settle one-for-one in common units. They vest over multi-year periods tied to service or performance. Upon vesting, they convert into common units, and accrued distribution equivalents are paid in cash at the conversion date.
Will Philip T. Warman receive more NRP units from these LTIP awards?
Yes. The filing states that remaining phantom units from 2024 and 2025 awards will vest on future anniversaries. For the 2024 grant, the balance vests on the third anniversary, while the 2025 grant vests in substantially equal installments on the second and third anniversaries of the grant date.