[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

On June 24, 2025, Acacia Research Corporation (NASDAQ: ACTG) filed an 8-K announcing the appointment of Michael Zambito as Chief Financial Officer, succeeding interim CFO Kirsten Hoover, who returns to her Controller position.

Zambito brings 30 years at Ernst & Young—including 17 years as Partner in EY-Parthenon’s strategy & transactions practice—and holds an MBA from Columbia Business School. He will serve as both principal financial and accounting officer.

Compensation package:

• Base salary: $450,000 per annum
• Target annual cash bonus: $230,000 (performance-based)
• Target annual equity awards: $395,000 grant-date fair value (initial grant pending Compensation Committee approval)

The employment agreement is at-will with 30 days’ notice; the Company may waive notice or terminate for cause immediately. Zambito is eligible under Acacia’s Executive Severance Policy and has executed the standard indemnification agreement.

No family relationships or related-party transactions were disclosed. Hoover’s interim stipend of $11,667 per month ceases, modestly offsetting the added fixed compensation for the new CFO. The filing contains no financial results, earnings updates, or other material transactions.

Positive

• Seasoned leadership: 30-year Ernst & Young veteran with extensive audit, strategy and transaction expertise joins as CFO.
• Continuity preserved: Former interim CFO remains Controller, reducing transition risk.
• Governance alignment: At-will contract and standard indemnification limit downside while equity component aligns incentives.

Negative

• Incremental cost: New CFO package increases fixed compensation versus prior interim arrangement.
• Unproven impact: No immediate strategic or financial metrics provided, leaving effectiveness uncertain.

Insights

Corporate Governance Expert

TL;DR: Veteran EY partner joins ACTG as CFO; governance positive but financial impact minimal.

The Board filled a critical C-suite position with a candidate possessing deep audit, transaction and strategy experience. Zambito’s background should enhance internal controls, capital allocation analysis and M&A diligence—all areas important for Acacia’s IP-driven investment model. The compensation structure aligns cash, annual incentive and equity within typical mid-cap ranges, with an at-will clause preserving flexibility. Because no change-in-control enhancements appear and Hoover remains Controller, continuity risk is limited. However, without accompanying strategic guidance, the hire alone is unlikely to materially shift valuation metrics near term.

Portfolio Manager

TL;DR: Leadership upgrade likely aids execution; shares unaffected absent earnings catalysts.

From a portfolio perspective, a proven finance executive from EY could refine portfolio company selection and improve reporting cadence—incrementally positive for stewardship. Yet the market usually discounts management changes quickly; tangible upside will hinge on deal flow and licensing revenue trajectory. Compensation of roughly $1.1 million target (cash plus equity) is modest for the skill set and does not pressure margins. I classify the news as governance-neutral to mildly positive, not a driver for position sizing.

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
Estimated average burden
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^*

HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Texas Pacific Land Corp [ TPL ]

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)
06/27/2025

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
Common Stock	06/27/2025		P		1	A	$1,069	1,166,252(1)(2)	D

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

Explanation of Responses:

1. On December 18, 2024, Horizon Kinetics Asset Management LLC (HKAM) filed an amendment to its Schedule 13D, in which it noted beneficial ownership of 3,578,173 shares and Murray Stahl's direct interest in 7,848 shares and his indirect interest in approximately 156,083 shares. The extent of HKAM's pecuniary interest in the shares beneficially owned is disclosed herein. Mr. Stahl does not exercise investment discretion with respect to the securities of the Issuer.

2. Mr. Stahl's most recent 10b5-1 plan was adopted on November 21, 2024, began trading on February 24, 2025, and ended trading on June 26, 2025. As such, partnerships and other accounts totaling 528,487 shares in which Mr. Stahl has a controlling interest and that were reported as separate line items are now included in the total shares. All accounts are managed by HKAM, in which Mr. Stahl serves as Chairman, Chief Executive Officer, and Chief Investment Manager but does not participate in investment decisions with respect to the securities of the Issuer.

	/s/ Jay Kesslen, attorney-in-fact	06/30/2025
	** 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 is ACTG's new CFO Michael Zambito’s professional background?

30 years at Ernst & Young, including 17 years as Partner in EY-Parthenon’s strategy & transactions practice; MBA from Columbia Business School.

How much will ACTG pay its new CFO in base salary and bonus?

Base salary is $450,000 annually with a $230,000 target bonus, subject to Board-determined performance goals.

What equity compensation will the CFO receive at Acacia Research (ACTG)?

Target annual equity awards valued at $395,000 grant-date fair value; first grant awaits Compensation Committee approval.

Does former interim CFO Kirsten Hoover remain with ACTG?

Yes. Hoover returns to her prior role as Controller but will no longer receive the extra $11,667 per month interim stipend.

Can ACTG or the CFO terminate the Employment Agreement early?

Yes. Either party may terminate with 30 days’ notice; the Company can waive notice or dismiss for cause immediately.

Were any related-party transactions disclosed in the 8-K?

No. The filing states there are no transactions requiring disclosure under Item 404(a) of Regulation S-K.