National Fuel Gas (NFG) director reports 564 deferred stock units under company plans

Rhea-AI Filing Summary

National Fuel Gas Company director David F. Smith reported plan-based equity activity involving deferred stock units tied to common stock. He received 564 deferred stock units as a grant or award at a reference value of $77.63 per unit, bringing his deferred stock unit balance to 19,233. A separate 108-unit transaction is classified as another acquisition or disposition under company plans. Footnotes explain that units arise from quarterly director grants and dividend reinvestment under deferred compensation programs and are payable in common shares only after his board service ends, so these are compensation and plan-related, not open-market trades.

Insights

Equity compensation analyst

Routine, plan-based deferred stock units for a National Fuel Gas director.

Director David F. Smith received 564 deferred stock units as a grant or award, with an indicated value of $77.63 per unit, plus a separate 108-unit plan-related transaction. These units mirror common stock value but are settled later.

The filing states these deferred stock units are credited under National Fuel Gas deferred compensation and director equity plans and are payable in common shares after Smith’s service as a director ends. There are no open-market purchases or sales in this report.

Following these transactions, Smith holds 19,233 deferred stock units directly, indicating this activity is a modest, ongoing element of his board compensation rather than a change in his economic exposure to National Fuel Gas Company.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider SMITH DAVID F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	564	$77.63	$44K
Other	Deferred Stock Units	108	$89.49	$10K

Holdings After Transaction: Deferred Stock Units — 19,233 shares (Direct)

Footnotes (3)

1. F1. Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, exempt under Rule 16a-11.
2. F2. Each deferred stock unit is the economic equivalent of one share of common stock. The deferred stock units become payable, in shares of common stock, after the reporting person's termination of service as a director, pursuant to the reporting person's distribution election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. F3. Acquired through quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, and deferred pursuant to the reporting person's election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

Key Figures

Deferred stock units granted: 564 units Reference value per new unit: $77.63 per unit Other plan-related units: 108 units +2 more

5 metrics

Deferred stock units granted 564 units Grant or award acquisition on 2026-07-01

Reference value per new unit $77.63 per unit Deferred stock units grant

Other plan-related units 108 units Other acquisition or disposition on 2026-04-15

Reference value per other unit $89.49 per unit Other plan-related transaction

Deferred stock units after transactions 19,233 units Total deferred stock units held directly

Key Terms

Deferred Stock Units, dividend reinvestment, Deferred Compensation Plan for Directors and Officers, Rule 16a-11, +1 more

5 terms

Deferred Stock Units financial

"security_title: Deferred Stock Units"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

dividend reinvestment financial

"Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan"

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Deferred Compensation Plan for Directors and Officers financial

"under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers"

Rule 16a-11 regulatory

"exempt under Rule 16a-11"

Non-Employee Director Equity Compensation Plan financial

"under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan"

FAQ

What insider transactions did NFG director David F. Smith report on this Form 4?

David F. Smith reported receiving 564 deferred stock units as a grant or award and a separate 108-unit plan-related transaction. Both involve derivative interests tied to National Fuel Gas common stock under company compensation and deferred compensation plans, not open-market buying or selling.

How many deferred stock units does David F. Smith hold in NFG after these transactions?

After the reported transactions, David F. Smith holds 19,233 deferred stock units directly. Each unit is economically equivalent to one share of National Fuel Gas common stock and will be settled in shares following his termination of service as a director, per his distribution election.

Are the NFG deferred stock unit transactions open-market trades?

No, the deferred stock unit activity is compensation and plan-based, not open-market trading. Footnotes state units are acquired through quarterly director grants and dividend reinvestment under National Fuel Gas deferred compensation and equity compensation plans, and are payable in common shares after board service ends.

What does each NFG deferred stock unit represent for David F. Smith?

Each deferred stock unit is the economic equivalent of one share of National Fuel Gas common stock. According to the filing, the units become payable in shares of common stock after Smith’s termination of service as a director, following his distribution election under the company’s deferred compensation plan.

What is the significance of the $77.63 and $89.49 prices in the NFG Form 4?

The Form 4 lists reference values of $77.63 and $89.49 per deferred stock unit for the two transactions. These reflect the unit values used for the plan entries, not cash paid in open-market trades, because the transactions are compensation and plan-related awards or adjustments.

Under which NFG plans were David F. Smith’s deferred stock units acquired?

Footnotes explain units were acquired under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan and the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, including through quarterly grants and a dividend reinvestment feature exempt under Rule 16a-11.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:22 PM Accepted by SEC EDGAR 07/02/2026 - 04:21 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^*

SMITH DAVID F

(Last) (First) (Middle)

6363 MAIN ST.

(Street)

WILLIAMSVILLE NEW YORK 14221

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL FUEL GAS CO [ NFG ]

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)
07/01/2026

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

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
Deferred Stock Units(1)	(2)	04/15/2026		J	V	108		(2)	(2)	Common Stock	108	$89.49	18,669	D
Deferred Stock Units(3)	(2)	07/01/2026		A		564		(2)	(2)	Common Stock	564	$77.63	19,233	D

Explanation of Responses:

1. Acquired through dividend reinvestment feature of the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers, exempt under Rule 16a-11.

2. Each deferred stock unit is the economic equivalent of one share of common stock. The deferred stock units become payable, in shares of common stock, after the reporting person's termination of service as a director, pursuant to the reporting person's distribution election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

3. Acquired through quarterly grant under the National Fuel Gas Company 2009 Non-Employee Director Equity Compensation Plan, and deferred pursuant to the reporting person's election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.

Remarks:

	J. P. Baetzhold, Attorney in Fact	07/02/2026
	** 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)