David P. Bauer - Nov 9, 2021 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: President and CEO, Director
Signature: J. P. Baetzhold, Attorney in Fact
Stock symbol: NFG
Transactions as of: Nov 9, 2021
Transactions value $: -$8
Form type: 4
Date filed: 11/12/2021, 12:02 PM
Previous filing: Sep 24, 2021
Next filing: Dec 6, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise	$275K	+5K	+9.59%	$55.09	57.1K	Nov 9, 2021	Direct
transaction	NFG	Common Stock	Disposed to Issuer	-$275K	-4.65K	-8.14%	$59.20	52.5K	Nov 9, 2021	Direct	F1
holding	NFG	Common Stock						12.3K	Nov 9, 2021	401k Trust	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NFG	Stock Appreciation Right	Options Exercise	$0	-5K	-100%	$0.00^*	0	Nov 9, 2021	Common Stock	5K	$55.09	Direct

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

Explanation of Responses:

Id	Content
F1	On November 9, 2021, the reporting person exercised a stock appreciation right with respect to 5,000 shares of Common Stock of the Company. In connection with this exercise, the reporting person was deemed to have sold back to the Company shares of Common Stock of the Company having a value equal to the exercise price of the stock appreciation right. This deemed sale of 4,653 shares is shown on Table I as a disposition (Transaction Code "D" in column 4), although none of these shares were sold into the open market, as indicated by Transaction Code "D" in column 3.
F2	The NFG stock fund under the NFG 401(k) plan is denominated in units, representing ownership interests in a fund that includes both NFG common stock and a reserve of cash. The information reported represents the dollar value of the reporting person's balance in the NFG stock fund as of November 9, 2021, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.

Content

On November 9, 2021, the reporting person exercised a stock appreciation right with respect to 5,000 shares of Common Stock of the Company. In connection with this exercise, the reporting person was deemed to have sold back to the Company shares of Common Stock of the Company having a value equal to the exercise price of the stock appreciation right. This deemed sale of 4,653 shares is shown on Table I as a disposition (Transaction Code "D" in column 4), although none of these shares were sold into the open market, as indicated by Transaction Code "D" in column 3.

The NFG stock fund under the NFG 401(k) plan is denominated in units, representing ownership interests in a fund that includes both NFG common stock and a reserve of cash. The information reported represents the dollar value of the reporting person's balance in the NFG stock fund as of November 9, 2021, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.