Peter Doyle joins the TPL board and its strategic acquisitions committee under an agreement that imposes mutual non-disparagement and broad standstill obligations through next year’s stockholder meeting.

May 12, 2026

Texas Pacific Land Corporation has added a Horizon Kinetics representative to its board under a newly executed governance arrangement, signaling a recalibrated relationship between the asset manager and the Delaware-based land and resource company.

Horizon Kinetics Holding Corporation, together with affiliate Horizon Kinetics Asset Management LLC, entered into a Board Representative Agreement with TPL on May 5, 2026. The pact requires the TPL board to nominate a Horizon designee for election at the company’s 2026 annual stockholder meeting, subject to review by TPL’s nominating and corporate governance committee.

Doyle Steps Onto the Board

Peter Doyle was named as Horizon’s designee, and the TPL board appointed him effective May 6. In addition to standing for election later this year, Doyle was placed on the board’s strategic acquisitions committee — a position that puts him directly inside deliberations on potential transactions and portfolio moves.

Mutual Non-Disparagement

The agreement establishes reciprocal non-disparagement obligations that run for as long as Doyle remains on the board and through the conclusion of the next stockholders’ meeting. During that window, Horizon, TPL, and their representatives are prohibited from making public or private statements that undermine or reflect negatively on the other party, including current and former directors, officers, employees, and subsidiaries. The restrictions on TPL include a carve-out for any Horizon subsidiaries that compete with TPL.

Standstill Commitments

In exchange for board representation, Horizon and Doyle accepted a broad set of standstill commitments. Without TPL’s prior written consent, they cannot:

• Nominate or recommend nominees for director elections
• Participate in proxy solicitations tied to election or removal contests
• Advance stockholder proposals or bring other business before TPL meetings
• Organize withhold campaigns at any TPL stockholders’ meeting
• Publicly propose — or assist others in proposing — changes to the board’s composition, TPL’s capitalization, dividend or share repurchase policies, business strategy, governance, or corporate structure
• Pursue or back tender offers, mergers, acquisitions, recapitalizations, or other corporate transactions requiring a stockholder vote
• Take steps that would delist TPL shares or terminate the company’s securities registration

The agreement does preserve two key rights for Doyle: he may suggest any course of action within TPL board meetings, and he or Horizon may publicly disclose how their shares are voted at stockholder meetings.

Disclosure Timeline

The complete terms of the pact were submitted to securities regulators by TPL on May 6, 2026. Horizon’s general counsel, Jay Kesslen, signed the corresponding disclosure on May 11.