Form 4: PHX Minerals Director Behrman Increases Stake Through Dividend Reinvestment and Fee Deferral

Director Mark T. Behrman increased his holdings in PHX Minerals through dividend reinvestment and deferral of director's fees into deferred stock units.

Summary

• On March 28, 2025, Mark T. Behrman, a director of PHX Minerals Inc., acquired 1,515 shares of common stock through the reinvestment of dividends at a price of $4 per share.
• These shares were in the form of Deferred Stock Units (DSUs) credited to his account under the Director Deferred Compensation Plan.
• On March 31, 2025, Behrman acquired an additional 5,380 shares of common stock, also in the form of DSUs, at a price of $3.95 per share, representing deferred director's fees.
• Following these transactions, Behrman beneficially owns 348,638 shares of PHX Minerals Inc.
• The DSUs are payable in common stock upon termination of service as a director, death, or a change of control of the issuer.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. A director increasing their stake in the company is generally viewed favorably, suggesting confidence in the company's prospects. The transactions themselves are routine and related to compensation.

Positives

• Director's increased stake may signal confidence in the company's future prospects.
• Participation in the Deferred Compensation Plan aligns director's interests with shareholders.

Future Outlook

The Deferred Stock Units become payable solely in common stock upon the reporting person's termination of service as a director or death or upon the effectiveness of a change of control of the issuer.

Industry Context

Directors often use deferred compensation plans to align their interests with those of shareholders, and this filing reflects that practice.

Comparison to Industry Standards

• Deferred compensation plans for directors are a common practice in the oil and gas industry, similar to companies like Devon Energy (DVN) and EOG Resources (EOG), where directors may elect to receive stock in lieu of cash compensation.
• The specific terms of the PHX Minerals plan, such as the vesting schedule and triggering events for payout, would need to be compared to those of other companies to assess its relative attractiveness and impact on director alignment.

Related Party Transactions

• The acquisition of shares through the Director Deferred Compensation Plan constitutes a related party transaction.

Stakeholder Impact

• The increased stake of a director could be viewed positively by shareholders.
• The use of a deferred compensation plan aligns the director's interests with those of the shareholders.

Key Dates

Keywords

PHX Minerals, Director, Form 4, Beneficial Ownership, Deferred Stock Units, Dividend Reinvestment, Director Compensation