David P. Bauer - Dec 10, 2023 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: Dec 10, 2023
Transactions value $: -$17,757
Form type: 4
Date filed: 12/12/2023, 03:34 PM
Previous filing: Dec 8, 2023
Next filing: Jan 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NFG	Common Stock	Options Exercise		+9.86K	+13.4%		83.4K	Dec 10, 2023	Direct	F1
transaction	NFG	Common Stock	Tax liability	-$17.8K	-350	-0.42%	$50.74	83.1K	Dec 10, 2023	Direct	F2
transaction	NFG	Common Stock	Disposed to Issuer		-9.51K	-11.45%		73.6K	Dec 10, 2023	Direct	F3
holding	NFG	Common Stock						13.8K	Dec 10, 2023	401K Trust	F4
holding	NFG	Common Stock						499	Dec 10, 2023	Held by daughter
holding	NFG	Common Stock						499	Dec 10, 2023	Held by daughter
holding	NFG	Common Stock						499	Dec 10, 2023	Held by daughter

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	-9.86K	-100%	$0.00^*	0	Dec 10, 2023	Common Stock	9.86K		Direct	F1, F5
transaction	NFG	Deferred Stock Units	Award		+9.51K	+6.4%		158K	Dec 10, 2023	Common Stock	9.51K		Direct	F3, F6, F7

* 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 10, 2023, the reporting person had 350 shares withheld and cancelled in respect of taxes in connection with 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	In connection with the vesting on December 10, 2023 of restricted stock units previously granted to the reporting person, the reporting person's receipt of 9,506 shares of common stock was deferred, resulting in the reporting person's receipt instead of 9,506 deferred stock units pursuant to National Fuel Gas Company's deferred compensation plan. The reporting person is therefore reporting the disposition of 9,506 shares of common stock in exchange for an equal number of deferred stock units.
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 8, 2023, as reported by the plan administrator, divided by the closing price of NFG common stock on that date.
F5	On December 10, 2020, the reporting person was granted 29,566 restricted stock units, vesting as follows: 9,855 on December 10, 2021, 9,855 on December 10, 2022, and 9,856 on December 10, 2023.
F6	Each deferred stock unit is the economic equivalent of one share of common stock.
F7	The deferred stock units become payable, in shares of common stock, after the reporting person's termination of service, pursuant to the reporting person's distribution election under National Fuel Gas Company's Deferred Compensation Plan for Directors and Officers.