NATURAL RESOURCE PARTNERS LP — Director's Dealing 2018

Feb 14, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATURAL RESOURCE PARTNERS LP (NRP)
CIK: 0001171486
Period of Report: 2018-02-12

Reporting Person: MORIAN S REED (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-02-12	Common Units	M	389	—	Acquired	389	Direct
2018-02-12	Common Units	D	389	$31.6875	Disposed	0	Direct
2018-02-14	Common Units	A	2399	—	Acquired	2399	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-02-12	Phantom Units	$	M	389	Disposed	2018-02-12	Common Units (389)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Units	616159	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Units	$	2019-02-11	Common Units (410)	410	Direct

Footnotes

F1: The common units were deemed to have been purchased and sold on the date of vesting of the phantom units listed in Table II, which were paid in cash on a one for one basis based on the average closing price of the common units for the 20 trading days immediately preceding the date of vesting, together with accrued distribution equivalent rights.

F2: Common units were awarded and issued to the reporting person under the Issuer's 2017 Long-Term Incentive Plan and vested and settled in full on the issuance date.

F3: The phantom units will be paid in cash based on the average closing price of the common units for the 20 trading days immediately preceding the date of vesting.

F4: Award includes tandem distribution equivalent rights pursuant to which the quarterly distributions paid by the partnership on each unit will be accrued over the vesting period and paid on vesting.