Form 4: NFG CFO Silverstein Reports RSU Vesting & Tax Withholding

Timothy J. Silverstein, Treasurer & CFO of National Fuel Gas Co., reported the vesting of restricted stock units and subsequent tax-related share dispositions.

Summary

• Timothy J. Silverstein, Treasurer & CFO of National Fuel Gas Co. (NFG), reported transactions related to his beneficial ownership of NFG common stock.
• On December 5, 2025, 1,371 restricted stock units (RSUs) vested, converting into common stock on a one-for-one basis.
• Concurrently on December 5, 2025, 700 shares were withheld and cancelled for taxes at a price of $82.28 per share, resulting in a direct beneficial ownership of 7,382 shares.
• On December 6, 2025, an additional 1,409 restricted stock units vested, converting into common stock.
• Also on December 6, 2025, 720 shares were withheld and cancelled for taxes at a price of $82.28 per share, bringing the direct beneficial ownership to 8,071 shares.
• As of December 5, 2025, an indirect beneficial ownership of 4,852 shares was held in the NFG 401(k) Trust.
• Remaining derivative securities include 2,744 restricted stock units from a December 5, 2024 grant and 1,409 restricted stock units from a December 6, 2023 grant, which are scheduled to vest in future periods.

Sentiment

Score: 6

Explanation: The filing reports routine executive compensation events (RSU vesting) and associated tax-related share dispositions. This is a standard, expected occurrence and does not indicate any significant positive or negative operational or financial news for the company.

Positives

• The vesting of restricted stock units indicates the execution of a pre-established executive compensation plan, aligning management's interests with long-term shareholder value.
• The acquisition of common stock through RSU vesting increases the executive's direct ownership in the company.

Negatives

• A total of 1,420 shares (700 on 12/05/2025 and 720 on 12/06/2025) were disposed of for tax withholding purposes, reducing the executive's direct beneficial ownership.

Future Outlook

NA

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, specifically related to executive compensation. It does not provide information on broader industry trends or competitive landscape, but rather details an individual executive's equity movements within National Fuel Gas Co.

Stakeholder Impact

• Shareholders: The transactions represent routine executive compensation and do not indicate a material change in the company's operational or financial performance. The executive's continued equity ownership aligns interests with shareholders.
• Employees: The vesting of RSUs is a standard component of executive compensation, reflecting typical incentive structures.

Next Steps

• Vesting of 1,372 restricted stock units from the December 5, 2024 grant on December 5, 2026.
• Vesting of 1,409 restricted stock units from the December 6, 2023 grant on December 6, 2026.
• Vesting of 1,372 restricted stock units from the December 5, 2024 grant on December 5, 2027.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation, specifically the vesting of restricted stock units and subsequent tax-related share dispositions. Such events are pre-scheduled and do not typically provide new information that would alter the fundamental investment thesis for National Fuel Gas Co. Therefore, a 'hold' recommendation is appropriate as these transactions do not signal a change in the company's outlook or performance.

Keywords

National Fuel Gas, NFG, Timothy J. Silverstein, Form 4, Insider Transaction, Restricted Stock Units, RSU Vesting, Executive Compensation, Stock Ownership, Tax Withholding