Dividend-linked RSUs lift Diversified Energy (DEC) director’s equity stake

Rhea-AI Filing Summary

Diversified Energy Co director David Edward Johnson reported an acquisition of 286 shares of common stock on a Form 4. These additional restricted stock units (RSUs) accrued as dividend equivalent rights in connection with a dividend payment of $0.29 per share and convert into common stock on a one-for-one basis.

After this award, Johnson holds 38,868 shares and RSUs directly, including 13,582 RSUs that vest on January 5, 2027, subject to his continued service. The filing reflects routine equity-based director compensation rather than an open-market purchase or sale.

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

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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^*

Johnson David Edward

(Last) (First) (Middle)

C/O DIVERSIFIED ENERGY COMPANY

1600 CORPORATE DRIVE

(Street)

BIRMINGHAM ALABAMA 35242

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Diversified Energy Co [ DEC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

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 stock, par value $0.01 per share	03/16/2026	03/16/2026	A		286(1)	A	$0	38,868(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 additional restricted stock units ("RSUs") that accrued as dividend equivalent rights in connection with the Issuer's dividend payment of $0.29 per share. RSUs convert into shares of the Issuer's common stock on a one-for-one basis.

2. Includes 13,582 RSUs that vest on January 5, 2027, subject to the Reporting Person's continued service.

Remarks:

	/s/ Benjamin Sullivan, Attorney-in-Fact	03/18/2026
	** 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)

FAQ

What insider transaction did Diversified Energy Co (DEC) report on this Form 4?

Diversified Energy Co reported that director David Edward Johnson acquired 286 additional restricted stock units. These RSUs accrued as dividend equivalent rights tied to a $0.29 per share dividend and will convert into common stock on a one-for-one basis when settled.

Why did David Edward Johnson receive 286 additional RSUs at Diversified Energy Co (DEC)?

Johnson received 286 additional RSUs as dividend equivalent rights connected to a $0.29 per share dividend payment. Instead of receiving cash on unvested RSUs, he was credited with more RSUs, which will later convert into common stock at a one-for-one ratio.

How many Diversified Energy Co (DEC) shares and RSUs does David Edward Johnson hold after this transaction?

Following the transaction, Johnson holds 38,868 shares and RSUs directly. This total includes both previously held equity and the 286 new RSUs granted as dividend equivalents, providing a snapshot of his overall equity position after the reported award.

When do some of David Edward Johnson’s RSUs at Diversified Energy Co (DEC) vest?

The filing notes that 13,582 of Johnson’s RSUs vest on January 5, 2027, subject to his continued service. Vesting means those units will become fully earned and can convert into Diversified Energy common stock on the disclosed one-for-one basis.

What does one-for-one conversion of RSUs mean for Diversified Energy Co (DEC) shareholders?

One-for-one conversion means each RSU will turn into one share of Diversified Energy common stock when settled. For Johnson, both the 286 dividend-equivalent RSUs and the 13,582 unvested RSUs ultimately translate into the same number of common shares upon vesting and settlement.

Was the Diversified Energy Co (DEC) Form 4 transaction an open-market stock purchase or sale?

No, this Form 4 reflects a grant or award acquisition of RSUs, not an open-market trade. Johnson’s 286 additional RSUs were issued as dividend equivalent rights, so no purchase or sale price was involved, and the reported price per share is zero.