Wolfe Raleigh 4

What Happened
Wolfe Raleigh, General Counsel and Secretary of Infinity Natural Resources (INR), had 14,510 restricted stock units (RSUs vest and settle) on March 17, 2026. All 14,510 RSUs converted into shares of Class A common stock; 5,710 of those shares were withheld to satisfy tax withholding obligations at an implied value of $18.15 per share (total withholding ≈ $103,636). The net result was issuance of approximately 8,800 shares to Raleigh. This was a routine equity award vesting/settlement, not an open‑market purchase or an opportunistic sale.

Key Details

• Transaction date: March 17, 2026; Form 4 filed March 19, 2026 (timely filing).
• Primary filings/codes: M = exercise/conversion of derivative (RSU conversion to common stock); F = shares withheld for taxes.
• Shares issued on settlement: 14,510; shares withheld for taxes: 5,710 @ $18.15 → $103,636. Net shares added ≈ 8,800.
• Footnote context: RSUs were originally granted on March 17, 2025 (43,529 RSUs), vesting in three equal annual installments — this appears to be one annual installment.
• Shares owned after transaction: not specified in the filing.
• This was an award vesting and tax-withholding event (routine), not a market sale or purchase.

Context
RSU settlements commonly result in shares being issued and a portion withheld to cover tax obligations (a cashless withholding). That withholding reduces the net shares received and does not indicate a decision to sell shares on the open market.