Ronald C. Kraemer - 23 Mar 2022 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: Chief Operating Officer
Signature: M. W. Reville, Attorney in Fact
Issuer symbol: NFG
Transactions as of: 23 Mar 2022
Net transactions value: -$21,371
Form type: 4
Filing time: 24 Mar 2022, 16:48:46 UTC
Previous filing: 22 Dec 2021
Next filing: 24 May 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Other	$126	+2	+0%	$63.24	46,797	14 Jan 2022	Direct
transaction	NFG	Common Stock	Options Exercise	$253,555	+4,780	+10%	$53.04	51,577	23 Mar 2022	Direct
transaction	NFG	Common Stock	Disposed to Issuer	$253,562	-3,870	-7.5%	$65.52	47,707	23 Mar 2022	Direct	F1
transaction	NFG	Common Stock	Tax liability	$21,491	-328	-0.69%	$65.52	47,379	23 Mar 2022	Direct	F1
holding	NFG	Common Stock						16,907	23 Mar 2022	401k Trust	F2
holding	NFG	Common Stock						4,049	23 Mar 2022	ESOP Trust	F3

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	-4,780	-100%	$0.000000^*	0	23 Mar 2022	Common Stock	4,780	$53.04	Direct	F4

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

Explanation of Responses:

Id	Content
F1	On March 23, 2022, the reporting person exercised a stock appreciation right with respect to 4,780 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 3,870 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. Additionally, the reporting person had 328 shares of Common Stock of the Company withheld and cancelled to cover minimum tax withholding. This share cancellation 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 "F" 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 March 23, 2022, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F3	The NFG employee stock ownership 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 ESOP as of March 23, 2022, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F4	On December 19, 2012, the reporting person was granted 4,780 stock appreciation rights, vesting as follows: 1,593 on December 19, 2013, 1,593 on December 19, 2014, and 1,594 on December 19, 2015.