[Form 4] Permian Basin Royalty Trust Insider Trading Activity

Rhea-AI Filing Summary

Transcat, Inc. (Nasdaq: TRNS) filed an 8-K on 16-Jul-2025 reporting a board change under Item 5.02. Director Charles P. Hadeed notified the Company of his intent to retire effective 1-Aug-2025 after 23 years of service, including 18 years as a board member. The filing states the resignation is not related to any disagreement concerning the Company’s operations, policies or practices. No other executive changes, strategic actions or financial data were disclosed.

Positive

• Orderly, voluntary transition with no stated disagreements reduces perceived governance risk

Negative

• Loss of long-tenured director may diminish institutional knowledge until a successor is appointed

Insights

Corporate Governance Specialist

TL;DR: Long-tenured director retires; orderly transition, minimal near-term impact.

Mr. Hadeed’s retirement appears planned and amicable, signalling normal succession rather than controversy. While losing a 23-year veteran removes institutional memory, the absence of conflict limits governance risk. Investors should watch for the board’s succession plan and any shift in committee compositions, but no financial implications are evident. Overall, the event is routine and unlikely to affect valuation or strategy.

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

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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).

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PERMIAN BASIN ROYALTY TRUST [ PBT ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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
Units of Beneficial Ownership	06/11/2025		P		5,000	A	$11.49	6,065,000	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/11/2025		X(3)		1,000	A	$12.5	6,066,000	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/12/2025		P		22,000	A	$11.62(6)	6,088,000	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/12/2025		X(4)		20,300	A	$12.5	6,108,300	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/17/2025		P		15,000	A	$12.08(7)	6,123,300	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/18/2025		P		11,241	A	$12.11(8)	6,134,541	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/20/2025		P		4,582	A	$11.96(9)	6,139,123	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/20/2025		X(5)		23,300	A	$12.5	6,162,423	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/23/2025		P		20,165	A	$12.12(10)	6,182,588	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/24/2025		P		7,138	A	$12.1(11)	6,189,726	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/25/2025		P		4,000	A	$12.05(12)	6,193,726	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/26/2025		P		2,000	A	$12.31(13)	6,195,726	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/27/2025		P		6,898	A	$12.51(14)	6,202,624	I	By SoftVest, LP(1)
Units of Beneficial Ownership	06/30/2025		P		4,000	A	$12.46(15)	6,206,624	I	By SoftVest, LP(1)
Units of Beneficial Ownership	07/01/2025		P		2,000	A	$12.4	6,208,624	I	By SoftVest, LP(1)
Units of Beneficial Ownership	07/02/2025		P		6,483	A	$12.78(16)	6,215,107	I	By SoftVest, LP(1)
Units of Beneficial Ownership	07/03/2025		P		2,000	A	$12.8(17)	6,217,107	I	By SoftVest, LP(1)
Units of Beneficial Ownership								4,500	I	By Debeck LLC(2)
Units of Beneficial Ownership								4,500	I	By Debeck Properties(2)

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
Short Put Option (Obligation to buy)	$12.5	06/04/2025		S			100	06/04/2025	06/20/2025	Units of Beneficial Ownership	10,000	$1.3	12,500	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/05/2025		S			51	06/05/2025	06/20/2025	Units of Beneficial Ownership	5,100	$1.5(18)	17,600	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/06/2025		S			20	06/06/2025	06/20/2025	Units of Beneficial Ownership	2,000	$1.3	19,600	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/11/2025		S			200	06/11/2025	06/20/2025	Units of Beneficial Ownership	20,000	$1.02(19)	39,600	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/11/2025		X			10	(3)	06/20/2025	Units of Beneficial Ownership	1,000	$0	38,600	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/12/2025		S			50	06/12/2025	06/20/2025	Units of Beneficial Ownership	5,000	$1.05	43,600	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/12/2025		X			20.3	(4)	06/20/2025	Units of Beneficial Ownership	20,300	$0	23,300	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$12.5	06/20/2025		X			23.3	(5)	06/20/2025	Units of Beneficial Ownership	23,300	$0	0	I	By SoftVest, LP(1)
Short Put Option (Obligation to buy)	$10	06/20/2025		E			2,711	(20)	06/20/2025	Units of Beneficial Ownership	271,100	$0	0	I	By SoftVest, LP(1)

1. Name and Address of Reporting Person^*

OLIVER ERIC L

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

SoftVest Advisors, LLC

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

SoftVest, LP

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

SoftVest GP I, LLC

(Last) (First) (Middle)

400 PINE STREET, SUITE 1010

(Street)

ABELINE TX 79601

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. Directly held by SoftVest, LP. SoftVest Advisors, LLC is the investment manager of SoftVest, LP, SoftVest GP I, LLC is the general partner of SoftVest, LP, and Eric Lee Oliver is the managing member of SoftVest GP I, LLC. As a result, each of SoftVest, SoftVest GP I, LLC and Eric Lee Oliver may be deemed to beneficially own the securities beneficially owned by SoftVest, LP. Mr. Oliver disclaims any beneficial ownership with respect to the securities held by SoftVest, LP except to the extent of his pecuniary therein.

2. Represents shares of securities owned by Debeck LLC and Debeck Properties LP, which Mr. Oliver controls. Mr. Oliver has sole voting and dispositive power with respect to such securities, but Mr. Oliver disclaims any beneficial ownership with respect to such securities except to the extent of his pecuniary therein.

3. The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 11, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

4. The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 12, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

5. The counterparty to these outstanding short put options exercised such options, in its sole discretion and without any action of the Reporting Persons, on June 20, 2025. As a result of such exercise, SoftVest, LP was required to purchase these shares at an exercise price of $12.50 per share.

6. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.46 to $11.65, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (6) through (17) to this Form 4.

7. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.06 to $12.10, inclusive.

8. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.06 to $12.15, inclusive.

9. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.94 to $11.98, inclusive.

10. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.05 to $12.20, inclusive.

11. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $11.93 to $12.13, inclusive.

12. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.04 to $12.05, inclusive.

13. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.25 to $12.31, inclusive.

14. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.44 to $12.55, inclusive.

15. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.45 to $12.48, inclusive.

16. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.63 to $12.84, inclusive.

17. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.79 to $12.80, inclusive.

18. The price reported in Column 8 is the weighted average of the premium received. These puts were written in multiple transactions with premiums ranging from $1.50 to $1.60. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of puts written at each separate premium amount within the ranges set forth in footnotes (18) and (19) to this Form 4.

19. The price reported in Column 8 is the weighted average of the premium received. These puts were written in multiple transactions with premiums ranging from $1.00 to $1.05.

20. This short put option was written before the Reporting Persons became a Section 16 insider of the Issuer and therefore was reported on the Reporting Person's Form 3 filed on July 22, 2025, and as such the expiration of this option is exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

	/s/ Eric Lee. Oliver	07/22/2025
	SoftVest Advisors, LLC By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	SoftVest, LP By: SoftVest GP I, LLC, its general partner By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	SoftVest GP I, LLC By: /s/ Eric Lee Oliver, Managing Member	07/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

Who is resigning from Transcat's (TRNS) board?

Charles P. Hadeed, a director with 23 years of service.

When will Charles Hadeed's resignation become effective?

The retirement is effective August 1, 2025.

Did Hadeed resign due to a disagreement with Transcat?

No. The 8-K states the resignation is not related to any disagreement over operations or policies.

Are there other leadership or financial changes disclosed in this 8-K?

No additional executive changes, transactions, or financial data were provided.