CNX Insider Filing: Behl Retains 155,230 Shares; 3,776 Withheld for Taxes

Rhea-AI Filing Summary

Navneet Behl, Chief Operating Officer of CNX Resources Corp (CNX), reported a change in beneficial ownership. On 09/01/2025 he had 3,776 common shares disposed of at $29.20 per share, representing shares automatically withheld to satisfy tax obligations from the vesting of previously granted performance share units. Following the transaction, Mr. Behl beneficially owned 155,230 common shares, of which 102,565 are restricted stock units that include dividend equivalent rights. The Form 4 was signed on 09/03/2025 by his attorney-in-fact.

Positive

• Retention of substantial equity stake: Reporting person beneficially owns 155,230 shares, maintaining alignment with shareholders.
• Majority of holding restricted: 102,565 of the shares are restricted stock units including dividend equivalent rights, indicating continued incentive alignment.
• Transaction explained as tax withholding: Disposal of 3,776 shares was to satisfy tax liabilities from vested performance share units, a routine administrative action.

Negative

• Shares reduced by withholding: 3,776 shares were disposed of, lowering the reporting person's free-share balance.
• Potential near-term sell pressure: While described as tax withholding, the disposal removed shares from the marketable pool at $29.20 each.

Insights

Financial Analyst

TL;DR: Insider sold a small block to cover taxes; substantial RSU exposure remains, signalling continued alignment with equity upside.

The reported disposal of 3,776 shares was executed to satisfy tax withholding on vested performance-based awards rather than a market sale for discretionary liquidity based on the explanation provided. After the withholding, the reporting person retains 155,230 shares, including 102,565 RSUs, maintaining significant equity exposure to CNX. For investors, the transaction appears administrative and non-dispositive of longer-term incentive holdings; it does not indicate a reduction of the executive's retained restricted equity position.

Corporate Governance Expert

TL;DR: Transaction consistent with routine compensation settlement; governance signals intact given large restricted equity balance.

The Form 4 disclosure documents standard tax withholding upon vesting of performance share units. Retention of a large number of RSUs suggests ongoing alignment of executive incentives with shareholder outcomes. No indication of accelerated dilution, related-party transfers, or exercising of options is present. The reporting through an attorney-in-fact and timely Form 4 filing are procedurally appropriate.

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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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^*

Behl Navneet

(Last) (First) (Middle)

1000 HORIZON VUE DRIVE

(Street)

CANONSBURG PA 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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)
			Code	V	Amount	(A) or (D)	Price
Common shares, $0.01 par value per share	09/01/2025		F		3,776(1)	D	$29.2	155,230(2)	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

Explanation of Responses:

1. Represents shares automatically withheld to satisfy the reporting person's tax liability from the vesting of performance share units previously granted to him.

2. Of the shares owned, 102,565 are restricted stock units (including dividend equivalent rights).

Remarks:

	/s/ Navneet Behl by Sarah Molinero, his attorney-in-fact	09/03/2025
	** 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.

FAQ

What did CNX insider Navneet Behl report on Form 4?

The Form 4 reports disposal of 3,776 common shares on 09/01/2025 at $29.20 per share to satisfy tax withholding from vested performance share units.

How many CNX (CNX) shares does Navneet Behl own after the transaction?

After the reported transaction he beneficially owns 155,230 common shares, of which 102,565 are restricted stock units including dividend equivalent rights.

Was the share disposal a market sale or tax withholding?

The filing explains the shares were automatically withheld to satisfy the reporting person’s tax liability from vesting performance share units.

Who signed the Form 4 for Navneet Behl and when?

The Form 4 was signed by Navneet Behl by Sarah Molinero, his attorney-in-fact on 09/03/2025.

Do the retained shares include dividend rights?

Yes, the filing states that the 102,565 restricted stock units include dividend equivalent rights.