NRP (NYSE: NRP) director awarded 1,212 phantom units under 2017 plan

Rhea-AI Filing Summary

Natural Resource Partners director Richard A. Navarre received an equity-based award in the form of phantom units. On 02/04/2026, he was granted 1,212 phantom units at a price of $0 under the issuer's 2017 Long-Term Incentive Plan.

Each phantom unit represents the right to receive one common unit plus distribution equivalent rights, which track the quarterly cash distributions on common units during the vesting period and are paid in cash when the award settles. These phantom units vest on the one-year anniversary of the grant date, aligning the director’s compensation with unitholder outcomes over that period.

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^*

NAVARRE RICHARD A

(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/ RICHARD A NAVARRE	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 Richard Navarre report on this Form 4?

NRP director Richard A. Navarre reported being granted 1,212 phantom units on February 4, 2026. These equity-based awards were issued at a price of $0 under Natural Resource Partners’ 2017 Long-Term Incentive Plan and are designed to mirror the value of common units over time.

How many phantom units were granted to the NRP director and at what price?

Richard A. Navarre received 1,212 phantom units at a price of $0 per unit. The award is a non-cash, equity-linked grant that tracks the value of Natural Resource Partners common units and includes associated distribution equivalent rights during the vesting period.

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

The phantom units granted to NRP director Richard A. Navarre will vest on the one-year anniversary of the February 4, 2026 grant date. Vesting must occur before the units convert into common units and associated cash distribution equivalents are paid upon settlement.

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

Each phantom unit represents the right to receive one Natural Resource Partners common unit upon settlement. In addition, it carries distribution equivalent rights so that quarterly distributions on common units accrue during vesting and are paid in cash when the phantom units settle after vesting.

Under which plan were the NRP phantom units to the director awarded?

The phantom units awarded to director Richard A. Navarre were granted under Natural Resource Partners’ 2017 Long-Term Incentive Plan. This plan provides equity-linked compensation that aligns participants’ interests with common unitholders by tying awards to the value and distributions of common units.

Are the NRP phantom units held directly or indirectly by the director?

The 1,212 phantom units reported by Richard A. Navarre are held as a direct interest, as indicated by the Form 4. The filing shows the ownership form as “D” for direct, without reference to any trust, partnership, or other indirect holding entity.