ANDERSON DAVID HUGO 4

What Happened

• David H. Anderson, a director of National Fuel Gas Co. (NFG), reported acquisitions. On 2026-04-01 he was granted 469 deferred stock units (listed as derivative shares) at $93.29 each, valued at $43,753. On 2026-01-15 he acquired 1 common share at $81.83 and 115 deferred stock units at $81.29 (the latter treated as derivative shares), acquired through dividend reinvestment features.
• These were acquisitions/awards (not open-market purchases or sales). The April grant is a routine director equity award that was deferred; the January entries reflect dividend reinvestment rather than active buying on the market.

Key Details

• Transaction dates and prices:
  • 2026-01-15: 1 share at $81.83 (acquired; exempt under Rule 16a-11) and 115 deferred units at $81.29 (acquired via deferred comp dividend reinvestment).
  • 2026-04-01: 469 deferred stock units at $93.29 (grant/award; $43,753).
• Shares owned after transaction: not specified in the filing.
• Notable footnotes:
  • F1/F2: January items were acquired via dividend reinvestment and are exempt under Rule 16a-11.
  • F3: Each deferred stock unit equals one share economically and will be paid in shares after the director’s termination per the Deferred Compensation Plan.
  • F4: April grant was a routine quarterly non-employee director equity award and was deferred per the director’s election.
• Filing timeliness: Form filed 2026-04-02. The Jan. 15 transactions are reported more than two business days after the trades, so they appear late relative to the typical Form 4 filing window.

Context

• These transactions are compensation and dividend-related (awards and dividend reinvestment), not open-market buys. Deferred stock units are common in director pay and only convert to actual shares per the director’s distribution election after service ends, so they represent future economic exposure rather than immediate market activity.