Philip T. Warman - Feb 15, 2024 Form 4 Insider Report for NATURAL RESOURCE PARTNERS LP (NRP)

Role
General Counsel & Secretary
Signature
PHILIP T WARMAN
Stock symbol
NRP
Transactions as of
Feb 15, 2024
Transactions value $
-$207,802
Form type
4
Date filed
2/20/2024, 04:06 PM
Previous filing
Feb 8, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NRP COMMON UNITS Options Exercise +5.95K +596.89% 6.95K Feb 15, 2024 Direct F1
transaction NRP COMMON UNITS Tax liability -$208K -2.39K -34.41% $86.91 4.56K Feb 15, 2024 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NRP PHANTOM UNITS Options Exercise +1.8K +180200% 1.8K Feb 15, 2024 COMMON UNITS 1.8K Direct F2
transaction NRP PHANTOM UNITS Options Exercise +4.15K +99.98% 8.3K Feb 15, 2024 COMMON UNITS 4.15K Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Common units were issued upon conversion of phantom units previously awarded under the issuer's long-term incentive plan ("LTIP") as further described in notes (2), (3) and (4) below.
F2 Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2022 under the issuer's LTIP. One-third of the phantom units vested on the second anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2022 award will vest on the third anniversary of the grant date.
F3 Phantom units representing the right to receive common units on a one-for-one basis, together with tandem distribution equivalent rights, were awarded in February 2023 under the issuer's LTIP. One-third of the phantom units vested on the first anniversary of the grant date and converted into common units on the reporting date. Accrued quarterly distributions made during the vesting period were paid in cash to the reporting person on the reporting date. The remaining phantom units under the 2023 award will vest in substantially equal installments on the second and third anniversaries of the grant date.