LANIGAN BERNARD JR 4

What Happened
Bernard Lanigan, a director of CNX Resources Corp (CNX), exercised options to acquire 46,119 shares on 2026-02-19 at an exercise price of $13.19 (cost ~$608,111) and sold those 46,119 shares the same day in open-market transactions for aggregate proceeds of about $1,872,224 (weighted average sale price reported as $40.60).

Key Details

• Transaction date: February 19, 2026. Filing date: February 23, 2026 (timely filed).
• Option exercise: 46,119 shares exercised at $13.19 per share (total exercise cost ~$608,111). (Transaction code M)
• Sale: 46,119 shares sold in multiple open-market trades for aggregate proceeds ~$1,872,224; weighted average sale price $40.60 (individual sale prices ranged $40.31–$40.71). (Transaction code S; footnote F2)
• The Form 4 also shows the derivative (option) cancelled on exercise (reported as disposition of derivative at $0).
• Ownership after transaction: the filing notes Mr. Lanigan directly holds restricted stock units (6,762 RSUs) and additional CNX shares held through entities (Conifer Partners, Lanigan Family Holdings, Teton Pines Capital, etc.) as described in footnotes; the filing disclaims beneficial ownership of certain entity-held shares to the extent noted (see footnotes F1–F7).
• Option background: the option reflects an exempt anti-dilution adjustment tied to the 2017 spin-off and vested May 9, 2017 (footnotes F8–F9).

Context
Because the options were exercised and the resulting shares were sold the same day, this is effectively a cashless exercise—common for insiders realizing proceeds from vested option awards. Sales by directors are often routine and do not, by themselves, indicate a change in company outlook. The filing appears timely under Section 16 rules.