Form 4: NFG Executive Michael Colpoys Reports RSU Vesting

National Fuel Gas Co. President Michael D. Colpoys reported the vesting of restricted stock units and associated tax withholdings on December 5 and 6, 2025.

Summary

• Michael D. Colpoys, President of NFG Dist. Corp., reported transactions concerning his beneficial ownership of National Fuel Gas Co. common stock.
• On December 5, 2025, 600 restricted stock units (RSUs) vested, converting into 600 shares of common stock.
• Concurrently, 295 shares were withheld and cancelled for tax obligations at a price of $82.28 per share, resulting in a net acquisition of 305 shares from this vesting event.
• On December 6, 2025, an additional 722 restricted stock units (RSUs) vested, converting into 722 shares of common stock.
• For the December 6, 2025 vesting, 355 shares were withheld and cancelled for tax obligations at a price of $82.28 per share, leading to a net acquisition of 367 shares from this event.
• Following these reported transactions, Colpoys directly beneficially owns 13,847 shares of common stock.
• He also indirectly holds 14,428 shares in the NFG 401(k) Trust and 49 shares as UTMA custodian for his son.
• Future scheduled vesting events for his restricted stock units include 600 units on December 5, 2026, 601 units on December 5, 2027, and 722 units on December 6, 2026.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as it reflects the executive's receipt of equity compensation through scheduled vesting, indicating continued alignment with company performance. The tax withholding is a standard, neutral event.

Positives

• Michael D. Colpoys received a total of 1,322 shares of common stock through the scheduled vesting of restricted stock units on December 5 and 6, 2025, increasing his direct equity ownership.
• The vesting of RSUs represents a realization of compensation for the executive, aligning his interests with shareholder value.

Negatives

• A total of 650 shares (295 on December 5 and 355 on December 6) were withheld and cancelled for tax obligations, reducing the net shares received by the executive from the vesting events.

Future Outlook

The filing indicates future vesting events for restricted stock units, with 600 units scheduled to vest on December 5, 2026, 601 units on December 5, 2027, and 722 units on December 6, 2026, representing future equity compensation for the reporting person.

Management Comments

• Michael D. Colpoys holds the title of President NFG Dist. Corp.

Industry Context

This Form 4 filing details routine equity compensation transactions for an executive, which is a standard practice across publicly traded companies to align management incentives with shareholder interests. Such filings are common and generally do not reflect broader industry trends but rather specific company compensation structures.

Stakeholder Impact

• Shareholders: The vesting and subsequent tax withholding of shares represent a minor dilution effect, but also indicate executive retention and alignment of interests.
• Employees: The filing highlights the company's equity compensation program for executives, which can be a component of broader employee incentive structures.

Next Steps

• Future vesting of 600 restricted stock units on December 5, 2026.
• Future vesting of 722 restricted stock units on December 6, 2026.
• Future vesting of 601 restricted stock units on December 5, 2027.

Key Dates

Keywords

National Fuel Gas Co, NFG, Michael D. Colpoys, Form 4, insider transaction, restricted stock units, RSU vesting, equity compensation, officer ownership