X0306 4 2021-03-23 0 0000315131 PHX MINERALS INC. PHX 0001436708 Fraser Christopher T. 1601 NW EXPRESSWAY SUITE 1100 OKLAHOMA CITY OK 73118 1 0 0 0 PHX Class A Common 2021-03-23 2021-03-23 4 A 0 21739 0.0167 A 152457 D The number of shares of restricted stock was determined at the Company's December 22, 2020 Board meeting with the shares of restricted stock granted and issued under the PHX Minerals Inc. 2021 Long-Term Incentive Plan that was approved at the Company's March 2021 Annual Meeting of Stockholders. The shares vest at the end of the 2021 calendar year. Total number of shares includes restricted shares with vesting based on elapsed time. /s/ Christopher T. Fraser 2021-03-24