Texas Pacific Land (NYSE: TPL) CFO sells 4,000 shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Texas Pacific Land Corp’s Chief Financial Officer Chris Steddum reported open-market sales of a total of 4,000 shares of common stock. The sales, executed at weighted average prices around $400–$401 per share, were made under a Rule 10b5-1 trading plan adopted on March 5, 2026.
After these transactions, Steddum directly holds 12,140 shares of common stock. He also holds several restricted stock unit awards covering 2,753, 1,590 and 2,079 underlying common shares, which are scheduled to vest between February 2027 and February 2029.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 4,000 shares ($1,601,064)
Net Sell
6 txns
Insider
STEDDUM CHRIS
Role
Chief Financial Officer
Sold
4,000 shs ($1.60M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 730 | $400.21 | $292K |
| Sale | Common Stock | 100 | $401.18 | $40K |
| Sale | Common Stock | 3,170 | $400.25 | $1.27M |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
Holdings After Transaction:
Common Stock — 12,140 shares (Direct, null);
Restricted Stock Units — 2,079 shares (Direct, null)
Footnotes (1)
- The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 5, 2026. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $400.00 to $400.98, inclusive. The reporting person undertakes to provide to Texas Pacific Land Corporation (the "Issuer"), any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in the transaction at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $400.00 to $400.77, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in the transaction at each separate price within the range set forth in this footnote. The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $401.05 to $401.34, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold in the transaction at each separate price within the range set forth in this footnote. Each restricted stock unit ("RSU") has a value equal to one share of common stock. All of the RSUs reported vest on February 13, 2027. Each RSU has a value equal to one share of common stock. Of such RSUs, 795 vest on February 15 of each of 2027 and 2028. Each RSU has a value equal to one share of common stock. Of such RSUs, 917 vest on February 15, 2027 and 918 vest on February 15 of each of 2028 and 2029.
Key Figures
Total shares sold: 4,000 shares
Sale price 1: $400.25 per share
Sale price 2: $400.21 per share
+5 more
8 metrics
Total shares sold
4,000 shares
Open-market sales reported on Form 4
Sale price 1
$400.25 per share
Common stock sale on June 5, 2026
Sale price 2
$400.21 per share
Common stock sale on June 8, 2026
Sale price 3
$401.18 per share
Common stock sale on June 8, 2026
Shares held after transactions
12,140 shares
Direct common stock ownership after sales
RSU grant 1
2,753 underlying shares
RSUs vesting on February 13, 2027
RSU grant 2
1,590 underlying shares
RSUs vesting February 15, 2027 and 2028
RSU grant 3
2,079 underlying shares
RSUs vesting February 15, 2027–2029
Key Terms
Rule 10b5-1 trading plan, Restricted Stock Units, weighted average price, underlying security
4 terms
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 5, 2026."
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Restricted Stock Units financial
"Each restricted stock unit ("RSU") has a value equal to one share of common stock."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
weighted average price financial
"The price reported is a weighted average price. These shares of common stock were sold in multiple transactions at prices ranging from $400.00 to $400.98, inclusive."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
underlying security financial
"underlying_security_title: "Common Stock", underlying_security_shares: "2753.0000""
FAQ
What insider transaction did TPL’s CFO report on this Form 4?
Texas Pacific Land Corp’s CFO, Chris Steddum, reported selling 4,000 shares of common stock in open-market transactions. These sales were executed at weighted average prices around $400–$401 per share and were carried out under a pre-arranged Rule 10b5-1 trading plan.
Were the TPL CFO’s stock sales made under a Rule 10b5-1 plan?
Yes. A footnote states the sales were effected under a Rule 10b5-1 trading plan adopted by the CFO on March 5, 2026. Such plans pre-schedule trades, indicating these June 2026 sales were arranged in advance rather than timed opportunistically.
What restricted stock units does the TPL CFO hold after these transactions?
The CFO holds multiple restricted stock unit grants tied to Texas Pacific Land common stock, covering 2,753, 1,590 and 2,079 underlying shares. Footnotes state these RSUs vest on specific dates from February 13, 2027 through February 15, 2029, providing future share-based compensation.
When will the Texas Pacific Land RSUs held by the CFO vest?
The RSUs vest in several tranches: one award vests entirely on February 13, 2027, another in equal portions of 795 units on February 15, 2027 and 2028, and a third across February 15, 2027, 2028 and 2029, according to the Form 4 footnotes.