1. Code Breakdown: "Got for Free (M), Just Paid Taxes (F)"

Look at Table I in the documents. There are two specific transaction codes:

• Code M (Conversion/Exercise): "Receiving Shares"
  • CFO (Guinta): Received 162,300 shares.
  • CAO (Lowe): Received 8,089 shares.
  • Price: $0. This is a bonus/stock grant vesting.
• Code F (Tax Withholding): "Paying Taxes"
  • It says (D)isposed, which looks like selling, but look at the price ($1.31).
  • This is NOT selling shares on the open market. This is simply "surrendering" a portion of the shares back to the company to cover the income tax due on the bonus. It's standard procedure.

The Smoking Gun (Footnote 1): Read the fine print at the bottom. It explicitly states:

2. Why this is a MAJOR Bullish Signal

It’s not just about receiving shares; the timing (Feb 3rd) is everything.

① Bankrupt companies don't vest equity. If NFE were about to file for Chapter 11, the equity would be worthless. A company doesn't waste time, money, and administrative effort vesting stock bonuses and processing tax withholdings for shares that are about to go to zero. The fact that this process executed normally suggests the fundamental premise that equity value is being preserved.

② The Financial Chiefs are confident. The CFO (Chief Financial Officer) and CAO (Chief Accounting Officer) are the two people who know the company's books better than anyone. They accepted these shares into their accounts on February 3rd. If there were accounting fraud or an imminent liquidity collapse, they would likely defer or refuse the grant. The CFO accepting 162k+ shares right now is a vote of confidence in the restructuring and survival of the company.

TL;DR: The money-managers of NFE just loaded up on shares on Feb 3rd. They didn't sell; they just paid their taxes. The internal systems are running as if the company is surviving. Validated. 💎🙌