GRAY STEVEN D 4

4 · INFINITY NATURAL RESOURCES, INC. · Filed Mar 19, 2026

AI-generated summary of this filing

Updated Mar 20, 2026

Infinity Natural Resources (INR) Director Steven D. Gray Receives 17,411 Shares

What Happened

Steven D. Gray, a director of Infinity Natural Resources, had 17,411 previously awarded restricted stock units (RSUs) vest and settle on March 17, 2026. The filing reports a derivative exercise/conversion (code M) resulting in the acquisition of 17,411 shares of Class A common stock. A corresponding derivative disposal line shows 17,411 units at $0.00, reflecting the conversion/settlement of the RSUs rather than an open‑market sale or cash transaction.
No cash proceeds are reported for this transaction (price shown as N/A or $0.00). The RSUs were originally granted on March 17, 2025 and vested in full on the first anniversary of the grant.

Key Details

Transaction date: 2026-03-17 (settlement/vesting)
Reported transactions: 17,411 shares acquired via conversion/settlement of RSUs (derivative code M); corresponding derivative disposal reported at $0.00
Price / proceeds: N/A / $0.00 — this was an RSU settlement, not a market sale
Shares owned after transaction: not specified in the provided filing excerpt
Notable footnotes: F1–F2 confirm these were RSUs converting to one share each; F5 confirms grant date 3/17/2025 and vesting on the first anniversary. F3–F4 note potential shared beneficial ownership via SD Gray Family Partnership and The Gray Management Trust, with customary disclaimers.
Filing timeliness: Form filed 2026-03-19 for a 2026-03-17 transaction (appears timely under Form 4 rules)

Context

This is an RSU vesting/settlement (derivative conversion), meaning RSUs were converted into shares and delivered to the reporting person — not an open‑market purchase or sale. Because no shares were sold for cash, the transaction does not provide proceeds or indicate an outright sale by the insider.
Such vesting events are routine compensation actions and should not be interpreted as a market signal of buying or selling intent beyond the receipt of stock compensation.

Form 4

Period: 2026-03-17

Director

Transactions

Exercise/Conversion
Class A Common Stock
[F1][F2]
2026-03-17+17,411→ 17,411 total
Exercise/Conversion
Restricted Stock Units (2025)
[F2][F5]
2026-03-17−17,411→ 0 total
→ Class A Common Stock (17,411 underlying)

Holdings

Footnotes (5)

[F1]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").
[F2]Each RSU represents the contingent right to receive one share of Common Stock.
[F3]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.
[F4]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.
[F5]On March 17, 2025, the Reporting Person was granted 17,411 RSUs, which vested in full on the first anniversary of the grant date.

Signature

/s/ Raleigh Wolfe, as Attorney-in-Fact for the Reporting Person|2026-03-19

1 file