[Form 4] Texas Pacific Land Corporation Insider Trading Activity

Rhea-AI Filing Summary

Stephanie Buffington, Chief Accounting Officer of Texas Pacific Land Corporation (TPL), reported insider transactions that changed her holdings. On 08/29/2025 she sold 162 shares, leaving 794 shares beneficially owned. On 09/01/2025, 279 restricted stock units (RSUs) vested and converted into common stock, and 123 shares were surrendered to cover tax-withholding, producing 950 shares owned after the reported transactions. The filing lists additional outstanding RSU awards: 171 shares vesting 02/10/2026, 576 shares vesting as 288 on 02/13/2026 and 288 on 02/13/2027, and 257 shares vesting as 85 on 02/15/2026 and 86 on 02/15/2027 and 86 on 02/15/2028. The form was signed by an attorney-in-fact on 09/03/2025.

Positive

• 279 RSUs vested on 09/01/2025, converting to common stock and increasing reported holdings
• Future RSU vesting schedule disclosed, showing 171, 576, and 257 RSUs with specific vesting dates, improving transparency

Negative

• Insider sale of 162 shares on 08/29/2025 reduced direct holdings prior to RSU conversion
• 123 shares surrendered for tax withholding on 09/01/2025 partially offset the RSU vesting benefit

Insights

Financial Analyst

TL;DR: Routine executive equity activity: small open-market sale, RSU vesting, and tax-withholding surrender; ownership modestly adjusted.

The 08/29/2025 sale of 162 shares reduced direct holdings before RSU vesting. The 09/01/2025 conversion of 279 RSUs into common stock increased share counts but 123 shares were surrendered for taxes, yielding 950 shares after all actions. These are standard compensation and tax-related transactions rather than corporate events that change fundamentals. No debt, revenue, or operational metrics are disclosed in this filing.

Corporate Governance Expert

TL;DR: Disclosure is complete for reported insider transactions; transactions align with typical executive compensation vesting and withholding.

The filing appropriately reports an open-market sale, RSU vesting, and tax withholding surrender with dates and resulting beneficial ownership. Future vesting schedules are disclosed for outstanding RSU grants, providing transparency on potential future insider share increases. The filing was executed by an attorney-in-fact and contains the required explanatory notes on RSU mechanics and vesting dates.

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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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^*

BUFFINGTON STEPHANIE

(Last) (First) (Middle)

C/O TEXAS PACIFIC LAND CORPORATION

1700 PACIFIC AVENUE, SUITE 2900

(Street)

DALLAS TX 75201

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

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		S		162	D	$926.5	794	D
Common Stock	09/01/2025		M		279	A	(1)	1,073	D
Common Stock	09/01/2025		F		123(2)	D	$933.48	950	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
Restricted Stock Units	(3)	09/01/2025		M			279	(3)	(3)	Common Stock	279	$0	0	D
Restricted Stock Units	(4)							(4)	(4)	Common Stock	171		171	D
Restricted Stock Units	(5)							(5)	(5)	Common Stock	576		576	D
Restricted Stock Units	(6)							(6)	(6)	Common Stock	257		257	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. Such shares were surrendered to the issuer in connection with tax withholding obligations of the Reporting Person.

3. Each RSU has a value equal to one share of common stock. All 279 of such RSUs vested on September 1, 2025.

4. Each RSU has a value equal to one share of common stock. All 171 of such RSUs will vest on February 10, 2026.

5. Each RSU has a value equal to one share of common stock. Of such RSUs, 288 will vest on February 13 of each of 2026 and 2027.

6. Each RSU has a value equal to one share of common stock. Of such RSUs, 85 will vest on February 15, 2026 and 86 will vest on February 15 of each of 2027 and 2028.

	/s/ Micheal W. Dobbs, attorney-in-fact	09/03/2025
	** 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 transactions did TPL insider Stephanie Buffington report on Form 4?

The filing reports a sale of 162 shares on 08/29/2025, conversion/vesting of 279 RSUs into common stock on 09/01/2025, and surrender of 123 shares for tax withholding on 09/01/2025.

How many shares did Buffington own after the reported transactions?

Following the reported transactions, the filing shows Buffington beneficially owned 950 shares.

Are there additional RSUs granted to Buffington that will vest in the future?

Yes. The filing discloses 171 RSUs vesting 02/10/2026; 576 RSUs vesting as 288 on 02/13/2026 and 288 on 02/13/2027; and 257 RSUs vesting as 85 on 02/15/2026 and 86 on 02/15/2027 and 86 on 02/15/2028.

What was the price reported for the disposed shares?

The Form 4 reports a sale price of $926.50 for the 162 shares sold on 08/29/2025 and a price of $933.48 associated with the 123 shares surrendered on 09/01/2025.

Who signed the Form 4 and when?

The form was signed by an attorney-in-fact, Micheal W. Dobbs, on 09/03/2025.