Corbin J. Robertson Jr - Feb 15, 2024 Form 4 Insider Report for NATURAL RESOURCE PARTNERS LP (NRP)

Role
Chairman and CEO, Director, 10%+ Owner
Signature
CORBIN J ROBERTSON JR
Stock symbol
NRP
Transactions as of
Feb 15, 2024
Transactions value $
-$2,514,654
Form type
4
Date filed
2/20/2024, 04:10 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 +73.5K +11.78% 698K Feb 15, 2024 BY QUINTANA HOLDINGS LP F1, F2
transaction NRP COMMON UNITS Tax liability -$2.51M -28.9K -4.15% $86.91 669K Feb 15, 2024 BY QUINTANA HOLDINGS LP F2
holding NRP COMMON UNITS 1.73M Feb 15, 2024 BY WESTERN POCAHONTAS PROPERTIES LIMITED PARTNERSHIP F3
holding NRP COMMON UNITS 156K Feb 15, 2024 BY NRP (GP) LP F4
holding NRP COMMON UNITS 11K Feb 15, 2024 BY WESTERN POCAHONTAS CORPORATION F5
holding NRP COMMON UNITS 5.29K Feb 15, 2024 BY GNP MANAGEMENT CORPORATION F6

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 +18.2K 0 Feb 15, 2024 COMMON UNITS 18.2K Direct F7
transaction NRP PHANTOM UNITS Options Exercise +28.1K 28.1K Feb 15, 2024 COMMON UNITS 28.1K Direct F8
transaction NRP PHANTOM UNITS Options Exercise +27.2K +99.99% 54.4K Feb 15, 2024 COMMON UNITS 27.2K Direct F9
* 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 (7), (8) and (9) below.
F2 Quintana Holdings LP is a limited partnership controlled by the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F3 The general partner of Western Pocahontas Properties Limited Partnership is Western Pocahontas GP LLC, a limited liability company controlled by the reporting person. The reporting person also holds indirect limited partner interests in Western Pocahontas Properties Limited Partnership. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F4 The general partner of NRP (GP) LP is GP Natural Resource Partners LLC, which is wholly owned by Robertson Coal Management, a limited liability company controlled by the reporting person. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F5 The reporting person is the controlling shareholder of Western Pocahontas Corporation and disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F6 The reporting person is the controlling shareholder of GNP Management Corporation and disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
F7 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 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.
F8 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.
F9 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.