Robert B. Rowling - 18 Feb 2022 Form 4 Insider Report for NORTHERN OIL & GAS, INC. (NOG)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NOG	6.5% Series A Perpetual Cumulative Convertible Preferred Stk	Sale	$2,891,322	-21,894	-100%	$132.06	0	18 Feb 2022	Common Stock	95,523		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Each share of Preferred Stock was convertible at any time at the election of the holder into shares of Common Stock, at a conversion rate of 4.363 shares of Common Stock per share of Preferred Stock, subject to adjustment as provided in the Certificate of Designations. The "conversion price" at any time was $100 divided by the conversion rate in effect at such time. The Preferred Stock was also subject to mandatory conversion at the election of the Issuer if the closing sales price of the Common Stock of the Issuer equaled or exceeded 145% of the conversion price for at least 20 trading days (whether or not consecutive) in a period of 30 consecutive trading days, including the last trading day of such 30-trading day period.
F2	The reported transaction is a sale by the Rowling Family 2012 Long Term Trust (the "Trust") of Preferred Stock to the Issuer.
F3	The Preferred Stock was perpetual and therefore had no expiration date.
F4	All shares sold in the reported transaction were owned directly by the Trust, a family trust for which Mr. Rowling serves as trustee and of which his family members are the beneficiaries.