Director at Natural Resource Partners (NYSE: NRP) gains 1,076 units

Rhea-AI Filing Summary

Natural Resource Partners director Leo A. Vecellio Jr. acquired 1,076 common units of NRP on February 10, 2026 through the conversion of previously granted phantom units. These derivative awards vested one year after their February 2025 grant and converted to common units at that time.

Following the conversion, Vecellio directly owns 24,608 common units. The phantom units converted on a one-for-one basis into common units, and accrued quarterly distributions during the vesting period were paid in cash to him on the reporting date.

Insider Trade Summary

1,076 shares exercised/converted

Mixed 2 txns

Insider VECELLIO LEO A JR

Role Director

Type	Security	Shares	Price	Value
Exercise	PHANTOM UNITS	1,076	$0.00	--
Exercise	COMMON UNITS	1,076	$0.00	--

Holdings After Transaction: PHANTOM UNITS — 0 shares (Direct); COMMON UNITS — 24,608 shares (Direct)

Footnotes (1)

1. [object Object]

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^*

VECELLIO LEO A JR

(Last) (First) (Middle)

1415 LOUISIANA STREET, SUITE 3325

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATURAL RESOURCE PARTNERS LP [ NRP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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 UNITS	02/10/2026		M		1,076	A	(1)	24,608	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
PHANTOM UNITS	(1)	02/10/2026		M		1,076		(1)	(1)	COMMON UNITS	1,076	(1)	0	D

Explanation of Responses:

1. Common units were issued upon conversion of phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, previously awarded in February 2025. Phantom units vested on the one-year 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.

	/s/ LEO A VECELLIO JR	02/12/2026
	** 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 transaction did NRP director Leo Vecellio report on this Form 4?

NRP director Leo A. Vecellio Jr. reported acquiring 1,076 common units through conversion of phantom units. These derivative awards vested after one year and were exchanged one-for-one for common units, increasing his direct holdings to 24,608 units as of February 10, 2026.

How many Natural Resource Partners (NRP) units does the director own after this transaction?

After the transaction, director Leo A. Vecellio Jr. directly owns 24,608 NRP common units. This balance reflects the addition of 1,076 units received upon conversion of previously granted phantom units, as disclosed in the Form 4 filing dated February 10, 2026.

What are the phantom units referenced in the NRP Form 4 filing?

The phantom units were rights to receive NRP common units on a one-for-one basis with related distribution equivalents. Granted in February 2025, they vested after one year and converted into 1,076 common units, while accrued quarterly distributions were paid in cash on the conversion date.

Did the NRP director pay a price to convert the phantom units into common units?

The conversion of phantom units into 1,076 NRP common units occurred at a stated price of $0.00 per unit. This indicates a compensation-type award rather than an open-market purchase, consistent with equity-based incentives that convert upon vesting without additional cash payment.

When did the NRP phantom units vest and convert into common units?

The phantom units vested on the one-year anniversary of their February 2025 grant and converted on February 10, 2026. On that date, 1,076 phantom units became common units and accrued quarterly distributions from the vesting period were paid in cash to the director.

How were distribution equivalents on NRP phantom units settled for the director?

Distribution equivalents accrued on the phantom units during the vesting period were paid in cash on the reporting date. This means that while 1,076 phantom units converted into common units, the associated quarterly distribution amounts were settled separately in cash to the director.