CNX Resources (NYSE: CNX) CEO Alan Shepard reports major equity vesting

Q: What performance programs drove the CNX (CNX) share vesting for Alan K. Shepard?

The vesting came from CNX performance-based incentive programs covering 2023–2025 and 2024–2026 periods. Awards included ESG-linked performance-based restricted stock units and performance share units, all previously granted and now partially vesting based on 2025 performance as described in the filing’s explanatory footnotes.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

CNX Resources President & CEO Alan K. Shepard reported equity awards vesting and related tax withholding. On January 30, 2026, he acquired 3,536 and 4,038 common shares from performance-based restricted stock units tied to 2025 performance under 2023–2025 and 2024–2026 ESG incentive programs, plus 57,579 shares from performance share units under a 2023–2025 program, all at $0 per share.

To cover tax obligations from these vestings, 28,337 shares were automatically withheld at $38.8 per share. After these transactions, Shepard directly owned 259,421 CNX common shares, of which 86,856 are restricted stock units including dividend equivalent rights.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Shepard Alan K

Role President & CEO

Type	Security	Shares	Price	Value
Grant/Award	Common shares, $0.01 par value per share	3,536	$0.00	--
Grant/Award	Common shares, $0.01 par value per share	4,038	$0.00	--
Grant/Award	Common shares, $0.01 par value per share	57,579	$0.00	--
Tax Withholding	Common shares, $0.01 par value per share	28,337	$38.80	$1.10M

Holdings After Transaction: Common shares, $0.01 par value per share — 226,141 shares (Direct)

Footnotes (1)

Represents the vesting, for 2025 performance, of Performance-Based Restricted Stock Units (ESG) previously granted to the reporting person under a 2023-2025 Performance Incentive Program. Represents the vesting, for 2025 performance, of Performance-Based Restricted Stock Units (ESG) previously granted to the reporting person under a 2024-2026 Performance Incentive Program. Represents the vesting of Performance Share Units previously granted to the reporting person under a 2023-2025 Performance Incentive Program. Represents shares automatically withheld to satisfy the reporting person's tax liability from the vesting of restricted stock units previously granted to him. Of the shares owned, 86,856 are restricted stock units (including dividend equivalent rights).

Form 4 Insider Transactions: What Each Field Means →

02/03/2026 - 04:53 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shepard Alan K

(Last)

(First)

(Middle)

1000 HORIZON VUE DRIVE

(Street)

CANONONSBURG

15317

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CNX Resources Corp [ CNX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common shares, $0.01 par value per share	01/30/2026		A		3,536⁽¹⁾	A	$0	226,141	D
Common shares, $0.01 par value per share	01/30/2026		A		4,038⁽²⁾	A	$0	230,179	D
Common shares, $0.01 par value per share	01/30/2026		A		57,579⁽³⁾	A	$0	287,758	D
Common shares, $0.01 par value per share	01/30/2026		F		28,337⁽⁴⁾	D	$38.8	259,421⁽⁵⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the vesting, for 2025 performance, of Performance-Based Restricted Stock Units (ESG) previously granted to the reporting person under a 2023-2025 Performance Incentive Program.

2. Represents the vesting, for 2025 performance, of Performance-Based Restricted Stock Units (ESG) previously granted to the reporting person under a 2024-2026 Performance Incentive Program.

3. Represents the vesting of Performance Share Units previously granted to the reporting person under a 2023-2025 Performance Incentive Program.

4. Represents shares automatically withheld to satisfy the reporting person's tax liability from the vesting of restricted stock units previously granted to him.

5. Of the shares owned, 86,856 are restricted stock units (including dividend equivalent rights).

Remarks:

	/s/ Sarah Molinero, Attorney-in-fact	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CNX (CNX) report for Alan K. Shepard?

Alan K. Shepard reported vesting of multiple stock-based awards and related tax withholding. He received common shares from performance-based restricted stock units and performance share units, and 28,337 shares were automatically withheld at $38.8 per share to satisfy tax liabilities from these vestings.

How many CNX (CNX) shares did Alan K. Shepard acquire through vesting on January 30, 2026?

On January 30, 2026, Alan K. Shepard acquired shares in three transactions: 3,536 and 4,038 common shares from performance-based restricted stock units, and 57,579 common shares from performance share units. All were issued at $0 per share as part of CNX performance incentive programs.

Why were 28,337 CNX (CNX) shares withheld from Alan K. Shepard?

CNX withheld 28,337 shares from Alan K. Shepard to satisfy tax liabilities triggered by vesting of his restricted stock units. These shares were treated as disposed of at $38.8 per share, allowing tax obligations to be met without requiring separate cash payments from the executive.

How many CNX (CNX) shares does Alan K. Shepard beneficially own after these transactions?

After these transactions, Alan K. Shepard beneficially owned 259,421 CNX common shares directly. Of this total, 86,856 shares are restricted stock units, including associated dividend equivalent rights, as specifically noted in the footnotes to the insider ownership disclosure.

What role does Alan K. Shepard hold at CNX (CNX) in this Form 4 filing?

In this Form 4, Alan K. Shepard is identified as both a director and an officer of CNX Resources, serving as President & CEO. The reported equity transactions therefore relate to compensation and incentive awards tied to his senior leadership position at the company.