GRAY STEVEN D 4

What Happened

• Steven D. Gray, a director of Infinity Natural Resources, had 17,411 previously awarded restricted stock units (RSUs) vest and settle on March 17, 2026. The filing reports a derivative exercise/conversion (code M) resulting in the acquisition of 17,411 shares of Class A common stock. A corresponding derivative disposal line shows 17,411 units at $0.00, reflecting the conversion/settlement of the RSUs rather than an open‑market sale or cash transaction.
• No cash proceeds are reported for this transaction (price shown as N/A or $0.00). The RSUs were originally granted on March 17, 2025 and vested in full on the first anniversary of the grant.

Key Details

• Transaction date: 2026-03-17 (settlement/vesting)
• Reported transactions: 17,411 shares acquired via conversion/settlement of RSUs (derivative code M); corresponding derivative disposal reported at $0.00
• Price / proceeds: N/A / $0.00 — this was an RSU settlement, not a market sale
• Shares owned after transaction: not specified in the provided filing excerpt
• Notable footnotes: F1–F2 confirm these were RSUs converting to one share each; F5 confirms grant date 3/17/2025 and vesting on the first anniversary. F3–F4 note potential shared beneficial ownership via SD Gray Family Partnership and The Gray Management Trust, with customary disclaimers.
• Filing timeliness: Form filed 2026-03-19 for a 2026-03-17 transaction (appears timely under Form 4 rules)

Context

• This is an RSU vesting/settlement (derivative conversion), meaning RSUs were converted into shares and delivered to the reporting person — not an open‑market purchase or sale. Because no shares were sold for cash, the transaction does not provide proceeds or indicate an outright sale by the insider.
• Such vesting events are routine compensation actions and should not be interpreted as a market signal of buying or selling intent beyond the receipt of stock compensation.