[Form 4] RGC Resources Inc Insider Trading Activity

Rhea-AI Filing Summary

Affirm Holdings, Inc. (AFRM) – Form 4 insider transaction

Chief Legal Officer Katherine Adkins settled vested restricted stock units (RSUs) on 01 July 2025. The settlement converted a total of 2,012 RSUs into an equivalent number of Class A common shares.

• Acquisition (Code M): 1,706 shares issued at $0 cost from RSU conversion.
• Withholding (Code F): 773 shares automatically surrendered at $67.10 to cover statutory taxes, leaving a net 933-share increase.

Following these transactions, Adkins directly owns 112,467 Class A shares. She retains 21,450 unvested RSUs across two grants that vest monthly through 2026, signalling continued equity alignment with shareholders. No open-market sales occurred; all dispositions were tax related, making the filing largely administrative.

Positive

• Executive retained 112,467 shares post-transaction, indicating continued equity alignment.
• No open-market sale; only tax withholding, eliminating negative supply signal.

Negative

• Share withholding at $67.10 resulted in a 773-share disposition, though purely for taxes and immaterial to float.

Insights

Corporate Governance Specialist

TL;DR insider merely settled RSUs; no market sale, neutral governance impact.

The Form 4 shows routine vesting activity under two long-term incentive plans dating from 2022. The officer elected share withholding for taxes rather than cash payment, a standard practice that avoids secondary-market liquidity impact. Post-transaction ownership of 112.5k shares keeps Adkins squarely above typical retention guidelines for C-suite, maintaining alignment with shareholder interests. Because there is no discretionary sale, the filing carries little signalling value beyond confirming continued service and vesting cadence.

Portfolio Manager

TL;DR neutral for valuation; no supply pressure, minor net share issuance.

The net issuance of 933 new shares is <0.001% of AFRM’s 300 m+ float—immaterial to dilution. Absence of open-market selling suggests the executive is not cashing out, which can be read as modestly reassuring but not a catalyst. Investors should monitor subsequent 10b5-1 filings or larger Form 4s for any real directional signal. Overall, I classify today’s event as not impactful for price discovery or valuation.

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^*

Oliver Lawrence T.

(Last) (First) (Middle)

P. O. BOX 13007

(Street)

ROANOKE VA 24030

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RGC RESOURCES INC [ RGCO ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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 Stock	07/01/2025		P(1)		8.757	A	$22.84	23,534.507	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
Employee Stock Options	$27.87							10/01/2020	04/01/2030	Common Stock	0		5,000	D
Employee Stock Options	$22.93							11/26/2021	05/26/2031	Common Stock	0		3,000	D
Employee Stock Options	$19.9							01/25/2023	07/25/2032	Common Stock	0		1,000	D
Employee Stock Options	$16.62							04/18/2024	10/18/2033	Common Stock	0		5,000	D

Explanation of Responses:

1. Purchases made with optional cash contribution pursuant to the RGC Resources, Inc. Dividend Reinvestment and Stock Purchase Plan.

	/s/ Lawrence T. Oliver	07/03/2025
	** 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

How many AFRM shares did Katherine Adkins acquire on 01-Jul-2025?

She acquired 1,706 shares through the conversion of vested RSUs.

Why were 773 AFRM shares disposed of at $67.10?

These shares were withheld to cover statutory tax obligations tied to the RSU settlement.

What is Katherine Adkins' total direct ownership after the filing?

She now directly owns 112,467 Class A shares of Affirm Holdings.

How many unvested RSUs does the officer still hold?

Adkins retains 21,450 RSUs that continue to vest monthly through 2026.

Does this Form 4 signal insider selling pressure for AFRM?

No. The disposition was tax-related; no shares were sold on the open market.