Natural Resource Partners (NRP) grants CFO 2,334 phantom units

Rhea-AI Filing Summary

Natural Resource Partners’ Chief Financial Officer Christopher Zolas reported a grant of derivative equity compensation. On February 4, 2026, he was awarded 2,334 phantom units under the partnership’s 2017 Long-Term Incentive Plan at a price of $0 per unit.

Each phantom unit represents the right to receive one common unit upon vesting and accumulates cash payments equal to quarterly distributions over the vesting period. The award will vest in three substantially equal annual installments beginning on February 4, 2027, aligning the CFO’s compensation with unitholder interests over multiple years.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zolas Christopher

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	PHANTOM UNITS	2,334	$0.00	--

Holdings After Transaction: PHANTOM UNITS — 2,334 shares (Direct)

Footnotes (1)

1. Represents phantom units awarded under the issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit upon vesting and includes the right to receive tandem distribution equivalent rights, pursuant to which the quarterly distributions paid by the partnership on each unit will be accrued over the vesting period and paid in cash upon vesting. The phantom units will vest in three substantially equal annual installments beginning on February 4, 2027.

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
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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^*

Zolas Christopher

(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)

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

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		2,334		(2)	(2)	COMMON UNITS	2,334	$0	2,334	D

Explanation of Responses:

1. Represents phantom units awarded under the issuer's 2017 Long-Term Incentive Plan. Each phantom unit represents the right to receive one common unit upon vesting and includes the right to receive tandem distribution equivalent rights, pursuant to which the quarterly distributions paid by the partnership on each unit will be accrued over the vesting period and paid in cash upon vesting.

2. The phantom units will vest in three substantially equal annual installments beginning on February 4, 2027.

	/s/ CHRISTOPHER ZOLAS	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 CFO Christopher Zolas report on this Form 4?

NRP CFO Christopher Zolas reported receiving 2,334 phantom units on February 4, 2026. These derivative awards were granted at $0 per unit under the 2017 Long-Term Incentive Plan and increase his equity-linked compensation tied to Natural Resource Partners’ common units.

What are the terms of the 2,334 phantom units granted by Natural Resource Partners (NRP)?

The 2,334 phantom units each represent the right to receive one NRP common unit upon vesting. They also carry distribution equivalent rights, so quarterly distributions are accrued during the vesting period and paid in cash when the units vest, enhancing the total compensation value.

How do the NRP phantom units awarded to the CFO vest over time?

The phantom units granted to NRP’s CFO vest in three substantially equal annual installments, beginning on February 4, 2027. This schedule spreads vesting over three years, encouraging long-term alignment between executive incentives and the partnership’s long-term performance and distribution policy.

Does the NRP CFO’s phantom unit award include cash distribution rights?

Yes. Each phantom unit includes tandem distribution equivalent rights. Quarterly distributions paid on NRP common units are accrued over the vesting period and then paid in cash upon vesting of the phantom units, linking part of the CFO’s compensation to ongoing partnership distributions.

Is the 2,334-unit award to NRP’s CFO a derivative security?

Yes. The filing classifies the award as derivative securities labeled “PHANTOM UNITS.” These represent contractual rights to receive NRP common units and related cash distribution equivalents in the future, rather than immediate ownership of common units at the grant date.

How many phantom units does NRP’s CFO hold after this reported transaction?

After the reported award, NRP’s CFO beneficially owns 2,334 phantom units directly. This reflects the newly granted units reported in the filing and represents his current derivative equity position from this specific long-term incentive grant.