Sarah J. Mugel - Dec 9, 2022 Form 4 Insider Report for NATIONAL FUEL GAS CO (NFG)

Role: General Counsel and Secretary
Signature: J. P. Baetzhold, Attorney in Fact
Stock symbol: NFG
Transactions as of: Dec 9, 2022
Transactions value $: -$35,098
Form type: 4
Date filed: 12/13/2022, 05:56 PM
Previous filing: Dec 5, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise		+566	+2.28%		25.4K	Dec 9, 2022	Direct	F1
transaction	NFG	Common Stock	Tax liability	-$12.9K	-205	-0.81%	$63.01	25.2K	Dec 9, 2022	Direct	F2
transaction	NFG	Common Stock	Options Exercise		+976	+3.87%		26.2K	Dec 10, 2022	Direct	F1
transaction	NFG	Common Stock	Tax liability	-$22.2K	-352	-1.34%	$63.01	25.9K	Dec 10, 2022	Direct	F3
holding	NFG	Common Stock						226	Dec 9, 2022	401K Trust	F4

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	Restricted Stock Units	Options Exercise	$0	-566	-100%	$0.00^*	0	Dec 9, 2022	Common Stock	566		Direct	F1, F5
transaction	NFG	Restricted Stock Units	Options Exercise	$0	-976	-50%	$0.00	976	Dec 10, 2022	Common Stock	976		Direct	F1, F6

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

Explanation of Responses:

Id	Content
F1	Restricted stock units convert into common stock on a one-for-one basis.
F2	On December 9, 2022, the reporting person had 205 shares withheld and cancelled to cover minimum required tax withholdings due to the vesting of restricted stock units. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.
F3	On December 10, 2022, the reporting person had 352 shares withheld and cancelled to cover minimum required tax withholdings due to the vesting of restricted stock units. These share cancellations are shown on Table I as dispositions (Transaction Code "D" in Column 4), although none of these cancelled shares were sold into the market, as indicated by Transaction Code "F" in Column 3.
F4	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 December 9, 2022, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F5	On December 9, 2019, the reporting person was granted 1,697 restricted stock units, vesting as follows: 565 on December 9, 2020, 566 on December 9, 2021, and 566 on December 9, 2022.
F6	On December 10, 2020, the reporting person was granted 2,927 restricted stock units, vesting as follows: 975 on December 10, 2021, 976 on December 10, 2022, and 976 on December 10, 2023.