CNX Resources (CNX) COO Navneet Behl Exercises PSUs; Shares Withheld

What Happened

• Navneet Behl, Chief Operating Officer of CNX Resources, had the first tranche of Performance Share Units (PSUs) vest on August 13, 2026. 39,771 PSUs converted into common shares (acquired), and 17,297 of those shares were withheld to satisfy his tax liability (disposed), valued at approximately $611,968. The underlying PSUs were canceled upon conversion; net delivery to his direct holdings was 22,474 shares.

Key Details

• Transaction date: 2026-08-13; Form 4 filed: 2026-08-17 (filing appears timely).
• Acquired: 39,771 shares from PSU vesting (transaction code M) at $0.00 (no cash exercise price).
• Tax withholding: 17,297 shares withheld (transaction code F) at $35.38 per share = $611,968.
• Derivative cancellation: 39,771 PSUs were converted and cancelled (transaction code M, disposed @ $0.00).
• Shares owned after the transaction: not explicitly stated in the filing; footnote notes 87,932 directly owned restricted stock units (RSUs) including dividend equivalents.
• Relevant footnotes: F1 = first tranche of PSUs vested; F2 = automatic withholding to satisfy tax liability; F3 = 87,932 of directly owned shares are RSUs; F4 = PSUs vest based on stock-price performance in three tranches over ~7 years; F5 = 56,062 target PSUs from this tranche were not earned and are no longer available for vesting.

Context

• These were equity awards (PSUs) vesting, not open-market purchases or voluntary sales. The withholding of shares to cover taxes is a common administrative step and does not necessarily signal a discretionary sale of stock for investment reasons. The PSUs themselves are performance-contingent and many target PSUs in this tranche were not earned (per F5).