INR · Infinity Natural Resources, Inc. · Insider Trading

Each performance stock unit ("PSU") represents a contingent right to receive from zero to three shares of Class A Common Stock depending upon the achievement of the Issuer's relative total shareholder return as compared to its peer group and absolute shareholder return, in each case, over the performance period beginning on January 1, 2026 and ending on December 31, 2028 and subject to the Reporting Person's continued service through the date that such performance results are determined.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share (the "Class A Common Stock"), of the Issuer. The RSUs vest in three equal annual installments beginning one year from the date of grant, subject to the Reporting Person's continued service through such dates.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on March 3, 2027, subject to the Reporting Person's continued service through such date.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $12.88 to $13.00, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The Reporting Person, as investment manager, exercises control over the investment decisions of CMR Family Investments LLC. The Reporting Person is also a member of CMR Family Investments LLC. By virtue of these relationships, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by CMR Family Investments LLC, 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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased in multiple transactions at prices ranging from $12.53 to $13.09, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.17 to $13.20, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within this range.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.15 to $13.20, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.36 to $13.50, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.

The Reporting Person, as investment manager, exercises control over the investment decisions of CMR Family Investments LLC. The Reporting Person is also a member of CMR Family Investments LLC. By virtue of these relationships, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by CMR Family Investments LLC, 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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.11 to $13.48, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The Reporting Person, as investment manager, exercises control over the investment decisions of CMR Family Investments LLC. The Reporting Person is also a member of CMR Family Investments LLC. By virtue of these relationships, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by CMR Family Investments LLC, 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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.62 to $14.50, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.

The Reporting Person, as investment manager, exercises control over the investment decisions of CMR Family Investments LLC. The Reporting Person is also a member of CMR Family Investments LLC. By virtue of these relationships, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by CMR Family Investments LLC, 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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $14.29 to $14.35, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The Reporting Person, as investment manager, exercises control over the investment decisions of CMR Family Investments LLC. The Reporting Person is also a member of CMR Family Investments LLC. By virtue of these relationships, the Reporting Person may be deemed to have or share beneficial ownership of the securities held of record by CMR Family Investments LLC, 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.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on April 13, 2027, subject to the Reporting Person's continued service through such date.

Reflects shares of Common Stock withheld to satisfy taxes payable in connection with the vesting and settlement of previously awarded RSUs.

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").

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

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").

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

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

On March 17, 2025, the Reporting Person was granted 13,639 RSUs, which vested in full on the first anniversary of the grant date.

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").

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

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").

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

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

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

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").

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

Reflects shares of Common Stock withheld to satisfy taxes payable in connection with the vesting and settlement of previously awarded RSUs.

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").

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

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

On March 17, 2025, the Reporting Person was granted 43,529 RSUs, which vest in three equal annual installments beginning one year from the date of grant.

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

On March 17, 2025, the Reporting Person was granted 13,929 RSUs, which vested in full on the first anniversary of the grant date.

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

On July16, 2025, the Reporting Person was granted 10,086 RSUs, which vest in three equal installments on March 17 of each of 2026, 2027 and 2028.

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

On March 17, 2025, the Reporting Person was granted 13,059 RSUs, which vested in full on the first anniversary of the grant date.

Pursuant to the Second Amended and Restated Limited Liability Company Agreement of Infinity Natural Resources, LLC ("INR LLC"), at the request of a holder, each Common Unit of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock, par value $0.01 per share, of the Issuer) may be redeemed at INR LLC's election for (a) newly-issued shares of Class A Common Stock, par value $0.01 per share, of the Issuer on a one-for-one basis or (b) cash. The Common Units do not expire. Shares of Class B Common Stock do not represent economic interests in the Issuer.

On March 13, 2026, the Reporting Person exchanged 275,000 Common Units of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock of the Issuer) on a one-for-one basis for shares of Class A common stock of the Issuer.

Pursuant to the Second Amended and Restated Limited Liability Company Agreement of Infinity Natural Resources, LLC ("INR LLC"), at the request of a holder, each Common Unit of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock, par value $0.01 per share, of the Issuer) may be redeemed at INR LLC's election for (a) newly-issued shares of Class A Common Stock, par value $0.01 per share, of the Issuer on a one-for-one basis or (b) cash. The Common Units do not expire. Shares of Class B Common Stock do not represent economic interests in the Issuer.

On March 13, 2026, the Reporting Person exchanged 275,000 Common Units of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock of the Issuer) on a one-for-one basis for shares of Class A common stock of the Issuer.

On March 13, 2026, the Reporting Person exchanged 275,000 Common Units of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock of the Issuer) on a one-for-one basis for shares of Class A common stock of the Issuer.

Pursuant to the Second Amended and Restated Limited Liability Company Agreement of Infinity Natural Resources, LLC ("INR LLC"), at the request of a holder, each Common Unit of INR LLC (together with the cancellation for no consideration of an equal number of shares of Class B Common Stock, par value $0.01 per share, of the Issuer) may be redeemed at INR LLC's election for (a) newly-issued shares of Class A Common Stock, par value $0.01 per share, of the Issuer on a one-for-one basis or (b) cash. The Common Units do not expire. Shares of Class B Common Stock do not represent economic interests in the Issuer.

Each performance stock unit ("PSU") represents a contingent right to receive from zero to three shares of Class A Common Stock depending upon the achievement of the Issuer's relative total shareholder return as compared to its peer group and absolute shareholder return, in each case, over the performance period beginning on January 1, 2026 and ending on December 31, 2028 and subject to the Reporting Person's continued service through the date that such performance results are determined.

Each performance stock unit ("PSU") represents a contingent right to receive from zero to three shares of Class A common stock, $0.01 par value per share, of the Issuer depending upon the achievement of the Issuer's relative total shareholder return as compared to its peer group and absolute shareholder return, in each case, over the performance period beginning on January 1, 2026 and ending on December 31, 2028 and subject to the Reporting Person's continued service through the date that such performance results are determined.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on March 3, 2027, subject to the Reporting Person's continued service through such date.

Each performance stock unit ("PSU") represents a contingent right to receive from zero to three shares of Class A common stock, $0.01 par value per share, of the Issuer depending upon the achievement of the Issuer's relative total shareholder return as compared to its peer group and absolute shareholder return, in each case, over the performance period beginning on January 1, 2026 and ending on December 31, 2028 and subject to the Reporting Person's continued service through the date that such performance results are determined.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share (the "Class A Common Stock"), of the Issuer. The RSUs vest in three equal annual installments beginning one year from the date of grant, subject to the Reporting Person's continued service through such dates.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on March 3, 2027, subject to the Reporting Person's continued service through such date.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on March 3, 2027, subject to the Reporting Person's continued service through such date.

Each performance stock unit ("PSU") represents a contingent right to receive from zero to three shares of Class A Common Stock depending upon the achievement of the Issuer's relative total shareholder return as compared to its peer group and absolute shareholder return, in each case, over the performance period beginning on January 1, 2026 and ending on December 31, 2028 and subject to the Reporting Person's continued service through the date that such performance results are determined.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share, of the Issuer. The RSUs vest in full on March 3, 2027, subject to the Reporting Person's continued service through such date.

Each restricted stock unit ("RSU") represents the contingent right to receive one share of Class A common stock, $0.01 par value per share (the "Class A Common Stock"), of the Issuer. The RSUs vest in three equal annual installments beginning one year from the date of grant, subject to the Reporting Person's continued service through such dates.

Reflects shares of Common Stock withheld to satisfy taxes payable in connection with the vesting and settlement of previously awarded RSUs.

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

On February 3, 2025, the reporting person was granted 62,500 RSUs which vested in full on the first anniversary of the grant date.

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").

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

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased in multiple transactions at prices ranging from $12.9361 to $12.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.85 to $14.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (3) to this Form 4.

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.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.86 to $14.12, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (1) to this Form 4.

The price reported in Column 4 is a weighted average price. These shares of Class A common stock were purchased by the Reporting Person in multiple transactions at prices ranging from $13.64 to $13.95, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.

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.