Form 4: NFG CFO Silverstein Reports Stock Transactions

National Fuel Gas Co.'s CFO, Timothy J. Silverstein, reported acquisitions of common stock, tax-related dispositions, and a grant of restricted stock units on December 4, 2025.

Summary

• Timothy J. Silverstein, Treasurer & CFO of National Fuel Gas Co. (NFG), reported several transactions on December 4, 2025.
• Acquired 657 shares of NFG Common Stock at a price of $0.00.
• Disposed of 336 shares of NFG Common Stock at $82.01 due to tax withholding related to the vesting of performance shares.
• Acquired an additional 1,055 shares of NFG Common Stock at a price of $0.00.
• Disposed of 539 shares of NFG Common Stock at $82.01 due to tax withholding related to the vesting of performance shares.
• Following these transactions, Mr. Silverstein directly beneficially owned 6,711 shares of Common Stock.
• Indirectly, Mr. Silverstein held 4,853 units in the NFG 401(k) Trust, representing ownership interests in a fund including NFG common stock and cash.
• Granted 7,416 Restricted Stock Units (RSUs) at a price of $0.00, with vesting scheduled in three equal installments: 2,472 units on December 4, 2026, 2,472 units on December 4, 2027, and 2,472 units on December 4, 2028.

Sentiment

Score: 7

Explanation: The filing reports routine compensation-related insider transactions. The significant grant of Restricted Stock Units and acquisitions of common stock, despite tax-related dispositions, generally indicates a positive alignment of management's interests with long-term shareholder value.

Positives

• The reporting person acquired a total of 1,712 shares of Common Stock (657 + 1,055) at no cost, increasing direct equity ownership.
• A significant grant of 7,416 Restricted Stock Units (RSUs) was made, aligning management's long-term interests with shareholder value through future vesting.

Future Outlook

The grant of Restricted Stock Units with a three-year vesting schedule indicates a long-term incentive and retention strategy for the CFO, aligning future compensation with the company's performance over this period.

Industry Context

This Form 4 filing details routine insider transactions related to executive compensation, which are common across publicly traded companies. Such filings provide transparency into management's equity holdings and compensation structures, rather than reflecting broader industry trends.

Stakeholder Impact

• Shareholders: The transactions demonstrate continued equity ownership and long-term incentive alignment for a key executive, which can be viewed positively for corporate governance and management commitment.
• Employees (specifically the CFO): The RSU grant represents a significant component of future compensation, contingent on continued employment and potentially company performance.

Next Steps

• Vesting of 2,472 Restricted Stock Units on December 4, 2026.
• Vesting of 2,472 Restricted Stock Units on December 4, 2027.
• Vesting of 2,472 Restricted Stock Units on December 4, 2028.

Key Dates

Keywords

NFG, National Fuel Gas, Timothy Silverstein, Form 4, Insider Trading, Stock Transactions, Restricted Stock Units, CFO, Equity Compensation