Director at Natural Resource Partners (NRP) granted 1,212 phantom units

Rhea-AI Filing Summary

Natural Resource Partners director Leo A. Vecellio Jr. reported an equity-based award under the company’s 2017 Long-Term Incentive Plan. On February 4, 2026, he received 1,212 phantom units, each representing the right to receive one common unit plus accrued distribution equivalent rights.

Quarterly distributions on the underlying common units will accrue over the vesting period and be paid in cash when the award settles. These phantom units vest on the one-year anniversary of the issuance date, and Vecellio now directly holds 1,212 derivative securities following this grant.

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^*

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)
02/04/2026

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/ LEO A VECELLIO 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 disclose for Leo A. Vecellio Jr.?

Natural Resource Partners disclosed that director Leo A. Vecellio Jr. received 1,212 phantom units on February 4, 2026. The award was granted under the 2017 Long-Term Incentive Plan and is reported as a derivative security held directly after the transaction.

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

The filing shows a grant of 1,212 phantom units to director Leo A. Vecellio Jr. Each phantom unit is a derivative security that tracks one common unit and includes distribution equivalent rights that accrue and are paid in cash upon settlement after vesting.

When do Leo A. Vecellio Jr.’s NRP phantom units vest?

The phantom units granted to Leo A. Vecellio Jr. will vest on the one-year anniversary of the issuance date. During this vesting period, quarterly distributions on the underlying common units accrue and will be paid in cash when the phantom units are ultimately settled.

What rights do NRP phantom units give the director under the 2017 plan?

Each phantom unit represents the right to receive one Natural Resource Partners common unit plus tandem distribution equivalent rights. Quarterly distributions on each underlying common unit accrue over the vesting period and are paid in cash upon settlement of the phantom units after vesting.

How are distribution equivalent rights on NRP phantom units handled?

Distribution equivalent rights accumulate the quarterly distributions that would be paid on each corresponding common unit. For these 1,212 phantom units, those quarterly amounts accrue over the vesting period and are paid in cash to the holder when the phantom units settle after vesting.

What is Leo A. Vecellio Jr.’s reported ownership after this NRP grant?

After the reported transaction, Leo A. Vecellio Jr. is shown as directly beneficially owning 1,212 derivative securities. These consist of the phantom units granted on February 4, 2026, under Natural Resource Partners’ 2017 Long-Term Incentive Plan, subject to the described vesting terms.