Steven D. Gray acquires 17,411 INR shares as RSUs vest in full

Rhea-AI Filing Summary

INFINITY NATURAL RESOURCES, INC. director Steven D. Gray reported the vesting and settlement of 17,411 restricted stock units into 17,411 shares of Class A common stock. The RSUs, granted on March 17, 2025, vested in full on the first anniversary of the grant date and were delivered at no cash exercise price.

After this transaction, Gray holds 17,411 Class A shares directly. He also has indirect holdings reported as 50,000 Class A shares through SD Gray Family Partnership LP and 15,000 Class A shares through The Gray Management Trust, for which he may be deemed to share beneficial ownership subject to stated pecuniary interest limitations.

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^*

GRAY STEVEN D

(Last) (First) (Middle)

C/O INFINITY NATURAL RESOURCES, INC.

2605 CRANBERRY SQUARE

(Street)

MORGANTOWN WEST VIRGINIA 26508

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
INFINITY NATURAL RESOURCES, INC. [ INR ]

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)
03/17/2026

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
Class A Common Stock	03/17/2026		M		17,411(1)	A	(2)	17,411	D
Class A Common Stock								50,000	I	By: SD Gray Family Partnership LP(3)
Class A Common Stock								15,000	I	By: The Gray Management Trust(4)

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
Restricted Stock Units (2025)	(2)	03/17/2026		M			17,411	(5)	(5)	Class A Common Stock	17,411	$0	0	D

Explanation of Responses:

1. Reflects shares of Class A common stock, $0.01 par value per share (the "Common Stock"), of the Issuer delivered upon vesting and settlement of previously awarded restricted stock units ("RSUs").

2. Each RSU represents the contingent right to receive one share of Common Stock.

3. The Reporting Person exercises 100% control over SD Gray Family Partnership LP ("Gray Family Partnership"). Gray Family Partnership is managed by its general partner, SD Gray Management Co., of which the Reporting Person is the chief executive. By virtue of the relationship, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by Gray Family Partnership, but the Reporting Person disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

4. These securities are owned by The Gray Management Trust, of which the Reporting Person is a trustee and beneficiary. By virtue of the relationship, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by The Gray Management Trust, but the Reporting Person disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

5. On March 17, 2025, the Reporting Person was granted 17,411 RSUs, which vested in full on the first anniversary of the grant date.

	/s/ Raleigh Wolfe, as Attorney-in-Fact for the Reporting Person	03/19/2026
	** 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 INR director Steven D. Gray report on this Form 4?

Steven D. Gray reported the vesting and settlement of 17,411 restricted stock units into 17,411 shares of INFINITY NATURAL RESOURCES Class A common stock. The RSUs were granted on March 17, 2025 and vested in full one year later, with no cash exercise price.

How many Infinity Natural Resources (INR) RSUs vested for Steven D. Gray?

A total of 17,411 restricted stock units vested for Steven D. Gray, resulting in delivery of 17,411 Class A common shares. Each RSU represented a contingent right to receive one share of common stock, and all units from the March 17, 2025 grant vested together.

What are Steven D. Gray’s direct Class A share holdings in INR after this Form 4?

After the reported transaction, Steven D. Gray directly holds 17,411 shares of Infinity Natural Resources Class A common stock. These shares reflect the full settlement of his 17,411 vested restricted stock units, with no remaining RSUs from that grant shown in this filing.

What indirect Infinity Natural Resources (INR) holdings are reported for Steven D. Gray?

The filing lists 50,000 Class A shares held indirectly through SD Gray Family Partnership LP and 15,000 Class A shares through The Gray Management Trust. Gray may be deemed to share beneficial ownership but disclaims ownership beyond his direct or indirect pecuniary interest.

Were any open-market buys or sells of INR stock reported by Steven D. Gray?

No open-market purchases or sales were reported. The Form 4 shows an exercise or conversion of 17,411 restricted stock units into common shares, a compensation-related vesting event, rather than a discretionary market trade in Infinity Natural Resources stock.

When were Steven D. Gray’s INR restricted stock units granted and when did they vest?

The restricted stock units were granted on March 17, 2025 and vested in full on the first anniversary of the grant date. On that vesting date, the 17,411 RSUs settled into an equal number of Class A common shares of Infinity Natural Resources.