NFG CEO David Bauer Receives 5,088 Performance Shares; 4,907 Deferred

What Happened

• David P. Bauer, President, CEO and Director of National Fuel Gas Co. (NFG), had 5,088 performance shares vest on September 16, 2026. The filing shows a grant/award of 5,088 shares (Transaction Code A). Of the vested shares, 181 were withheld and cancelled to cover taxes (181 @ $81.52 = $14,754; reported as tax withholding), and 4,907 shares were converted into deferred stock units under NFG’s Deferred Compensation Plan (reported as a disposition to the issuer in exchange for deferred units). No shares were sold into the open market in connection with this vesting.

Key Details

• Transaction date(s): Sept 16, 2026 (primary vesting); earlier derivative acquisitions reported on Jan 15 (1,829 shares @ $81.29 = $148,679), Apr 15 (1,673 @ $89.49 = $149,717), and Jul 15 (1,953 @ $79.99 = $156,220) — all reported as derivative "J" transactions earlier in 2026.
• Tax withholding: 181 shares withheld and cancelled to satisfy tax liability (Transaction Code F shown; cancellations appear as dispositions in the table per footnote).
• Deferral: 4,907 vested shares were converted into deferred stock units (each unit equals one share economically) under the Deferred Compensation Plan (footnotes F2, F6, F7).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Filing timeliness: Form 4 filed Sept 17, 2026 for the Sept 16, 2026 transaction — appears timely (next-business-day filing).
• Other notes from filing: small share purchases earlier in 2026 through dividend reinvestment features are exempt under Rule 16a-11 (footnotes F4, F5); the NFG 401(k) stock fund holdings are reported in unit terms (F3).

Context

• The 4,907 deferred stock units are the economic equivalent of shares but are not current market-tradable shares; they will be paid out in shares after Bauer’s termination of service according to his distribution election. The 181-share withholding was a tax settlement, not an open-market sale, so these actions do not represent stock sales into the market. The reported earlier "J" transactions reflect other derivative/award-related acquisitions during 2026.