Enrique R. Arzac - Apr 21, 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
Stock symbol: PEO
Transactions as of: Apr 21, 2022
Transactions value $: $12,429
Form type: 4
Date filed: 4/26/2022, 11:28 AM
Previous filing: Feb 9, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PEO	Common Stock	Award	$0	+43.8	+0.59%	$0.00	7.42K	Apr 21, 2022	Direct	F1, F2
transaction	PEO	Common Stock	Other	$0	+42.7	+5847.12%	$0.00	43.4	Apr 21, 2022	By Trust	F3, F4
transaction	PEO	Common Stock	Award	$12.4K	+566	+15.32%	$21.96	4.26K	Apr 21, 2022	By Trust	F2, F4, F5, F6
holding	PEO	Common Stock						8.43K	Apr 21, 2022	By Trust	F4
holding	PEO	Common Stock						3.03K	Apr 21, 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.