NRP (NRP) director receives 1,212 phantom units tied to common units

Rhea-AI Filing Summary

Natural Resource Partners director Paul B. Murphy Jr. received an award of 1,212 phantom units on February 4, 2026 under the company’s 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit plus cash payments equal to quarterly distributions that accrue during the vesting period.

The phantom units vest on the one-year anniversary of the issuance date. Following this grant, Murphy holds 1,212 derivative securities directly, reflecting additional equity-linked alignment with common unitholders through units that convert into common units upon settlement.

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

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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^*

MURPHY PAUL B 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)
02/04/2026

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

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)	(1)	02/04/2026		A		1,212		(1)	(1)	COMMON UNITS	1,212	$0	1,212	D

Explanation of Responses:

1. Phantom units were awarded under the Issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit, together with tandem distribution equivalent rights pursuant to which the quarterly distributions paid by the Issuer on each common unit will accrue over the vesting period and be paid in cash upon settlement. These phantom units will vest on the one-year anniversary of the issuance date.

	/s/ PAUL B MURPHY JR	02/06/2026
	** 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 Paul B. Murphy Jr report?

Paul B. Murphy Jr reported receiving 1,212 phantom units in Natural Resource Partners on February 4, 2026. The award was granted under NRP’s 2017 Long-Term Incentive Plan and is structured to convert into common units after vesting.

How many phantom units were granted to the NRP director in this Form 4?

The director was granted 1,212 phantom units. Each phantom unit represents the right to receive one Natural Resource Partners common unit plus associated cash payments equal to quarterly distributions that accrue over the vesting period.

When do the phantom units granted to NRP’s director vest?

The phantom units vest on the one-year anniversary of the issuance date. This means the 1,212 phantom units granted on February 4, 2026 are scheduled to vest one year later, assuming the standard terms and conditions of the award are satisfied.

What does each phantom unit in NRP represent for the director?

Each phantom unit represents the right to receive one Natural Resource Partners common unit at settlement. It also carries tandem distribution equivalent rights, so quarterly distributions on each common unit accrue in cash during vesting and are paid upon settlement.

Is the NRP director’s phantom unit award reported as directly owned?

Yes, the 1,212 phantom units are reported as directly owned by the director. The Form 4 shows the ownership form as “D” for direct, with no footnote disclaiming beneficial ownership or assigning voting or investment power to another entity.