Carroll David C. 4

What Happened
David C. Carroll, a director of National Fuel Gas Company (NFG), acquired a total of 854 shares via dividend reinvestment, a deferred compensation feature, and a quarterly director equity grant that was deferred. The transactions were: 182 shares at $89.71 ($16.3k), 108 derivative shares at $89.49 ($9.7k), and 564 derivative shares at $77.63 (~$43.8k), totaling roughly $69,775. These were acquisitions (not sales) and reflect plan-driven compensation and reinvestment activity rather than open-market purchases.

Key Details

• Transaction dates and amounts:
  • 2026-04-15: 182 shares acquired at $89.71 (other acquisition; ~$16,327). (Footnote F1)
  • 2026-04-15: 108 derivative shares acquired at $89.49 (other acquisition; ~$9,665). (Footnote F2)
  • 2026-07-01: 564 derivative shares granted at $77.63 (award/grant; ~$43,783). (Footnotes F3, F4)
• Total shares acquired: 854; total value ≈ $69,775.
• Shares owned after the transactions: not specified in the provided filing details.
• Notable footnotes:
  • F1/F2: Acquisitions made via dividend reinvestment or deferred compensation feature and noted as exempt under Rule 16a-11.
  • F3: Deferred stock units equal one share economically and will be paid in shares after the director’s service ends per his distribution election.
  • F4: The grant was part of the quarterly non-employee director equity compensation and was deferred per the election.
• Filing timing: Form filed 2026-07-02 covering period through 2026-07-01; the April 15 plan-driven transactions are reported here and are described as exempt under Rule 16a-11.

Context
These transactions are largely routine director compensation and deferred-equity plan activity (dividend reinvestment and deferred stock units). Such plan-based acquisitions are common and do not necessarily signal an active market view by the director. The derivative entries reflect deferred units that convert to shares upon termination of service per the director’s election.