Finch Steven C. 4

What Happened

• Steven C. Finch, a director of National Fuel Gas Co. (NFG), acquired derivative equity (deferred stock units) in two transactions: 115 units on 2026-01-15 at $81.29 each ($9,348) and 469 units on 2026-04-01 at $93.29 each ($43,753). Total value of the reported acquisitions is $53,101.
• Both entries are acquisitions (one dividend reinvestment, one quarterly director award), so these are not sales — they reflect compensation/deferral and reinvestment, not a market purchase.

Key Details

• Transaction dates and types:
  • 2026-01-15 — Other acquisition (code J): 115 units @ $81.29 = $9,348. Footnote: acquired through dividend reinvestment under the company’s Deferred Compensation Plan for Directors and Officers (exempt under Rule 16a-11).
  • 2026-04-01 — Grant/award (code A): 469 units @ $93.29 = $43,753. Footnote: quarterly non-employee director equity grant, deferred per reporting person’s election.
• Shares owned after transaction: Not specified in the provided filing.
• Filing details: Form 4 filed 2026-04-02 (reporting period 2026-04-01). The filing itself does not indicate a late-filing flag in the provided data.
• Footnotes of note:
  • Each deferred stock unit equals the economic equivalent of one common share and will be paid out in shares after the director leaves service under the Deferred Compensation Plan.

Context

• These are derivative transactions (deferred stock units), not open-market purchases or sales. Deferred units represent compensation that is payable in shares after termination of service, so they reflect director compensation and deferral choices rather than an immediate bullish or bearish market action.
• Dividend reinvestment and deferred grants are common for non-employee directors; they should be interpreted as routine compensation and deferral rather than an active investment decision.