Form 4: NFG CIO Defers Vested Stock Units

National Fuel Gas Co.'s Chief Information Officer, Martin A. Krebs, deferred the receipt of common stock from vested restricted stock units into deferred stock units.

Summary

• Martin A. Krebs, Chief Information Officer of National Fuel Gas Co. (NFG), reported changes in his beneficial ownership of company securities.
• On December 5, 2025, 712 Restricted Stock Units (RSUs) vested and converted into common stock.
• The receipt of these 712 common shares was deferred, resulting in the acquisition of 712 Deferred Stock Units (DSUs) under National Fuel Gas Company's deferred compensation plan.
• Following this transaction, Krebs beneficially owned 4,083 shares of common stock directly and 24,457 Deferred Stock Units.
• On December 6, 2025, an additional 851 Restricted Stock Units (RSUs) vested and converted into common stock.
• The receipt of these 851 common shares was also deferred, resulting in the acquisition of 851 Deferred Stock Units.
• Following this second transaction, Krebs beneficially owned 4,083 shares of common stock directly and 25,308 Deferred Stock Units.
• Krebs also holds an indirect beneficial ownership of common stock through the NFG 401(k) Trust, which represented 62 units as of December 5, 2025.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions related to executive compensation, specifically the vesting and deferral of stock units. This is a neutral event with no direct positive or negative implications for the company's operational or financial performance.

Future Outlook

Deferred Stock Units become payable, in shares of common stock, after the reporting person's termination of service, pursuant to their distribution election under National Fuel Gas Company's Deferred Compensation Plan for Directors and Officers. Future vesting dates for previously granted restricted stock units include 712 units on December 5, 2026, 713 units on December 5, 2027, and 851 units on December 6, 2026.

Industry Context

This announcement details routine executive compensation activities, specifically the vesting and deferral of equity awards. Such transactions are common across publicly traded companies as part of their long-term incentive plans for management and do not typically reflect broader industry trends or competitive positioning.

Related Party Transactions

• The transactions involve the company's Chief Information Officer and the company's deferred compensation plan, which constitutes a related party transaction as part of executive compensation.

Stakeholder Impact

• Shareholders: Minimal direct impact as these are routine, pre-scheduled compensation events that do not alter the company's operational or financial outlook.
• Employees: No direct impact on the broader employee base, as these transactions pertain to executive-level compensation.

Next Steps

• 712 Restricted Stock Units are scheduled to vest on December 5, 2026.
• 713 Restricted Stock Units are scheduled to vest on December 5, 2027.
• 851 Restricted Stock Units are scheduled to vest on December 6, 2026.
• Deferred Stock Units will become payable in shares of common stock after the reporting person's termination of service, based on their distribution election.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation transactions involving the vesting and deferral of restricted stock units. It does not present any new material information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transactions are pre-scheduled and part of a standard compensation plan, thus maintaining a 'hold' recommendation.

Keywords

NFG, National Fuel Gas, Martin A. Krebs, Form 4, insider transaction, beneficial ownership, restricted stock units, deferred stock units, executive compensation