CNX CEO vests 39,771 PSUs, withholds 17K shares

CNX Resources Corp President & CEO Alan K. Shepard reported the vesting and exercise of the first tranche of 39,771 Performance Share Units (PSUs) granted on August 1, 2023, converting into an equal number of common shares.

Rhea-AI Filing Summary

CNX Resources Corp President & CEO Alan K. Shepard reported the vesting and exercise of the first tranche of 39,771 Performance Share Units (PSUs) granted on August 1, 2023, converting into an equal number of common shares. To cover related taxes, 17,297 common shares were automatically withheld at $35.38 per share. Following this vesting and the forfeiture of 56,062 target PSUs that were not earned, Shepard now holds 287,501 PSUs outstanding, which may vest in additional tranches over approximately seven years if CNX common stock achieves specified price targets. Of the common shares he owns directly, 86,856 are restricted stock units, including associated dividend equivalent rights.

Insider Trade Summary

39,771 shares exercised/converted

Exercise 3 txns

Insider Shepard Alan K

Role President & CEO

Type	Security	Shares	Price	Value
Exercise	Performance Share Units F4, F1, F5	39,771	$0.00	$0.00
Exercise	Common shares, $0.01 par value per share F1	39,771	$0.00	$0.00
Tax Withholding	Common shares, $0.01 par value per share F2, F3	17,297	$35.38	$612K

Holdings After Transaction: Performance Share Units — 287,501 contracts (Direct); Common shares, $0.01 par value per share — 281,895 shares (Direct)

Footnotes (5)

1. F1. Represents the vesting of the first tranche of Performance Share Units ("PSUs") granted to the reporting person on August 1, 2023.
2. F2. Represents shares automatically withheld to satisfy the reporting person's tax liability from the vesting of PSUs previously granted to him.
3. F3. Of the shares owned directly, 86,856 are restricted stock units (including dividend equivalent rights).
4. F4. Each Performance Share Unit ("PSU") represents a contingent right to receive one share of common stock. The PSUs vest upon the common stock of CNX Resources achieving certain pre-determined prices per share in three tranches over approximately seven years.
5. F5. The remaining PSUs have been further reduced by 56,062 target PSUs, which were not earned in the first tranche, and for which the reporting person has no further vesting opportunity.

Key Figures

PSUs vested and converted: 39,771 shares Shares withheld for taxes: 17,297 shares Tax withholding price: $35.38 per share +5 more

8 metrics

PSUs vested and converted 39,771 shares First tranche of Performance Share Units granted August 1, 2023

Shares withheld for taxes 17,297 shares Shares automatically withheld upon PSU vesting to satisfy tax liability

Tax withholding price $35.38 per share Price used for common shares withheld to cover tax liability

Remaining PSUs 287,501 units Performance Share Units remaining outstanding after vesting and forfeiture

Forfeited target PSUs 56,062 units Target PSUs not earned in the first tranche; no further vesting opportunity

Direct RSU holdings 86,856 shares Restricted stock units, including dividend equivalent rights, owned directly

Transaction date 2026-08-13 Date of PSU vesting, share issuance, and tax withholding transactions

PSU expiration 2030-07-31 Expiration date applicable to the Performance Share Units award

Key Terms

Performance Share Units, restricted stock units, dividend equivalent rights, tax liability, +1 more

5 terms

Performance Share Units financial

"Represents the vesting of the first tranche of Performance Share Units ("PSUs")"

Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.

restricted stock units financial

"Of the shares owned directly, 86,856 are restricted stock units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

dividend equivalent rights financial

"86,856 are restricted stock units (including dividend equivalent rights)."

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

tax liability financial

"Represents shares automatically withheld to satisfy the reporting person's tax liability"

contingent right financial

"Each Performance Share Unit ("PSU") represents a contingent right to receive one share"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CNX (CNX) CEO Alan K. Shepard report on August 13, 2026?

Alan K. Shepard reported the vesting of 39,771 Performance Share Units, converting into the same number of CNX common shares. These PSUs are part of a long-term equity award granted on August 1, 2023, tied to CNX share-price performance over several years.

How many CNX (CNX) shares were withheld to cover Alan K. Shepard’s tax liability?

CNX withheld 17,297 common shares from Alan K. Shepard at $35.38 per share to satisfy tax obligations. This withholding relates specifically to the vesting of previously granted Performance Share Units that converted into common shares.

How many Performance Share Units does CNX (CNX) CEO Alan K. Shepard still hold after this vesting?

After the August 13, 2026 vesting and forfeiture, Alan K. Shepard holds 287,501 Performance Share Units. These remaining PSUs can vest in future tranches if CNX’s common stock reaches pre-determined price targets over approximately seven years.

What portion of Alan K. Shepard’s direct CNX (CNX) holdings are restricted stock units?

Of Alan K. Shepard’s directly owned CNX equity, 86,856 shares are in the form of restricted stock units. This figure includes related dividend equivalent rights that accrue alongside the restricted stock unit awards.

Were any of CNX (CNX) CEO Alan K. Shepard’s Performance Share Units forfeited in this Form 4 event?

Yes. The remaining PSU balance was reduced by 56,062 target PSUs that were not earned in the first tranche. For these forfeited units, Alan K. Shepard has no further vesting opportunity under the award’s terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/17/2026 - 05:47 PM Accepted by SEC EDGAR 08/17/2026 - 05:47 PM Learn about SEC filing dates

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
Estimated average burden
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 PENNSYLVANIA 15317

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common shares, $0.01 par value per share	08/13/2026		M		39,771(1)	A	$0	299,192	D
Common shares, $0.01 par value per share	08/13/2026		F		17,297(2)	D	$35.38	281,895(3)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Units	(4)	08/13/2026		M			39,771(1)	(4)	07/31/2030	Common shares, $0.01 par value per share	39,771(1)	$0	287,501(5)	D

Explanation of Responses:

1. Represents the vesting of the first tranche of Performance Share Units ("PSUs") granted to the reporting person on August 1, 2023.

2. Represents shares automatically withheld to satisfy the reporting person's tax liability from the vesting of PSUs previously granted to him.

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

4. Each Performance Share Unit ("PSU") represents a contingent right to receive one share of common stock. The PSUs vest upon the common stock of CNX Resources achieving certain pre-determined prices per share in three tranches over approximately seven years.

5. The remaining PSUs have been further reduced by 56,062 target PSUs, which were not earned in the first tranche, and for which the reporting person has no further vesting opportunity.

Remarks:

	/s/ Sarah Molinero, Attorney-in-fact	08/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)