Enrique R. Arzac - 21 Apr 2022 Form 4 Insider Report for ADAMS NATURAL RESOURCES FUND, INC. (PEO)

Role: Director
Signature: Gail L. Valenti as Attorney-in-Fact for Enrique R. Arzac
Issuer symbol: PEO
Transactions as of: 21 Apr 2022
Net transactions value: +$12,429
Form type: 4
Filing time: 26 Apr 2022, 11:28:03 UTC
Previous filing: 09 Feb 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PEO	Common Stock	Award	$0	+44	+0.59%	$0.000000	7,422	21 Apr 2022	Direct	F1, F2
transaction	PEO	Common Stock	Other	$0	+43	+5847%	$0.000000	43	21 Apr 2022	By Trust	F3, F4
transaction	PEO	Common Stock	Award	$12,429	+566	+15%	$21.96	4,261	21 Apr 2022	By Trust	F2, F4, F5, F6
holding	PEO	Common Stock						8,428	21 Apr 2022	By Trust	F4
holding	PEO	Common Stock						3,025	21 Apr 2022	Indirect/Other

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Enrique R. Arzac is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	These shares accrued as dividend equivalents on deferred stock units (shares received in lieu of director retainer fees). The Issuer's stock traded in a range of $16.52 - $22.36 during 2022.
F2	Dr. Arzac's cumulative beneficial ownership reflects the exempt transactions reported herein and also certain changes in direct and indirect ownership balances resulting from transfers among accounts.
F3	This fractional share was acquired in exempt transactions as a result of dividend reinvestment. The Issuer's stock traded in a range of $16.52 - $22.36 during 2022.
F4	By the Enrique R. Arzac TTEE The Enrique R. Arzac TR UA DTD 12/28/2012 Trust.
F5	Of these shares, 359 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2007 and deferred until retirement on 04/21/2022. Another 207 shares accrued as dividend equivalents on 400 restricted stock units, which were granted in 2013 and deferred until retirement on 04/21/2022. The Issuer's stock average trading price on 04/21/2022 was $21.96.
F6	A fractional share in the amount of 0.02 was issued as part of DSUs (granted in lieu of a 2007 deferred cash retainer) & DE shares earned. An additional fractional share in the amount of 0.26 was issued as part of DSUs (granted in lieu of a 2013 deferred cash retainer) & DE shares earned. The fractional shares were surrendered as non-transferrable to a registered account.