Christopher Zolas - Feb 23, 2022 Form 4 Insider Report for NATURAL RESOURCE PARTNERS LP (NRP)

Role: CFO and Treasurer
Signature: /s/ Christopher Zolas
Stock symbol: NRP
Transactions as of: Feb 23, 2022
Transactions value $: -$352,674
Form type: 4
Date filed: 2/25/2022, 03:18 PM
Previous filing: Feb 17, 2022
Next filing: Jan 6, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NRP	Common Units	Options Exercise		+25.2K	+361.41%		32.2K	Feb 23, 2022	Direct	F1
transaction	NRP	Common Units	Tax liability	-$353K	-9.9K	-30.79%	$35.62	22.3K	Feb 23, 2022	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		+11.9K			0	Feb 23, 2022	Common Units	11.9K		Direct	F2
transaction	NRP	Phantom Units	Options Exercise		+5.37K			5.37K	Feb 23, 2022	Common Units	5.37K		Direct	F3
transaction	NRP	Phantom Units	Options Exercise		+7.94K	+99.99%		15.9K	Feb 23, 2022	Common Units	7.94K		Direct	F4

* 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 2019 under the issuer's LTIP. Phantom units vested on the third 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.
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 2020 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 2020 award will vest on the third anniversary of the grant date.
F4	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 2021 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 2021 award will vest in substantially equal installments on the second and third anniversaries of the grant date.