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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As filed with the Securities and Exchange Commission on March&nbsp;19, 2010</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-_______</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>National Fuel Gas Company</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">New Jersey<BR>
<I>(State or other jurisdiction of <BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-1086010<BR>
<I>(I.R.S. Employer<BR>
Identification Number)</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">6363 Main Street, Williamsville, New York<BR>
<I>(Address of Principal Executive Offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14221<BR>
<I>(Zip Code)</I></TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>2010 Equity Compensation Plan</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Full title of the plan)</I></DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">DAVID F. SMITH<BR>
<I>Chairman of the Board, President and Chief Executive Officer</I><BR>
6363 Main Street<BR>
Williamsville, New York 14221<BR>
(716)&nbsp;857-7000
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">MICHAEL F. FITZPATRICK, JR., ESQ.<BR>
<FONT style="font-variant: SMALL-CAPS">Dewey &#038; LeBoeuf</FONT> LLP<BR>
1301 Avenue of the Americas<BR>
New York, New York 10019<BR>
(212)&nbsp;259-8000</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><I>(Names, addresses and telephone numbers, including area codes, of agents for service)</I></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">It is respectfully requested that the Commission send copies of all orders, notices and
communications to:<BR>
JAMES P. BAETZHOLD, ESQ.<BR>
6363 Main Street<BR>
Williamsville, New York 14221<BR>
(716)&nbsp;857-7000</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>price per share (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price (3)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common stock, one
dollar ($1.00) par
value, common stock
purchase rights</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">3,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">51.63</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">154,890,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">11,044</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also
covers such indeterminable number of additional securities as may become deliverable as a
result of stock splits, stock dividends or similar transactions, in accordance with the
provisions of the employee benefit plan described herein.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Since no separate consideration will be paid for the common stock purchase rights, the
registration fee for such securities is included in the fee for the common stock. The value
attributable to the common stock purchase rights, if any, is reflected in the market price of
the common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h)
under the Securities Act of 1933 on the basis of the average of the high and low prices of the
registrant&#146;s common stock on the New York Stock Exchange composite tape on March&nbsp;16, 2010.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













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<DIV style="font-family: 'Times New Roman',Times,serif">












<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 covers the registration of 3,000,000 shares of common
stock, one dollar ($1.00) par value, of National Fuel Gas Company (National) and associated common
stock purchase rights that may be delivered to certain employees of National and its subsidiaries
pursuant to the terms of the 2010 Equity Compensation Plan (Plan).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Part II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission (SEC)&nbsp;allows National to &#147;incorporate by reference&#148; the
information that National files with the SEC, which means that National may disclose important
information to you by referring you to those documents in this registration statement. The
information incorporated by reference is an important part of this registration statement.
National is incorporating by reference the documents listed below and any future documents that are
filed by National with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934 until National sells all of these securities or deregisters all such securities
remaining unsold.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>National&#146;s Annual Report on Form 10-K for the fiscal year ended September&nbsp;30, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>National&#146;s Quarterly Report on Form 10-Q for the quarter ended December&nbsp;31, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>National&#146;s Current Reports on Form 8-K filed December&nbsp;28, 2009, March&nbsp;5, 2010 and
March&nbsp;17, 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this registration statement to
the extent that a statement contained herein or in any subsequently filed document which also is or
is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified shall not be deemed to constitute a part of this registration statement
except as so modified and any statement so superseded shall not be deemed to constitute a part of
this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request a copy of these documents, at no cost to you, by writing or calling Paula M.
Ciprich, Secretary, National Fuel Gas Company, 6363 Main Street, Williamsville, New York 14221,
telephone (716)&nbsp;857-7548.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of National&#146;s common stock is a summary and is qualified by
reference to the terms and provisions of National&#146;s Restated Certificate of Incorporation, as
amended (Restated Certificate of Incorporation), its By-Laws, and the Amended and Restated Rights
Agreement, dated as of December&nbsp;4, 2008, between National and The Bank of New York Mellon, as
rights agent (Rights Agreement), which are filed as exhibits to this registration statement and
incorporated herein by reference. Reference is also made to the indenture dated as of October&nbsp;15,
1974, as supplemented (1974 Indenture), between National and The Bank of New York Mellon, as
trustee. (The 1974 Indenture includes a limitation on the payment of dividends, as described below
under &#147;Dividend Rights.&#148; National&#146;s other indenture, dated as of October&nbsp;1, 1999, between National
and The Bank of New York Mellon, contains no such limitation.)
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shares of preferred stock of National are currently outstanding. However, the Board of
Directors of National has the ability to issue one or more series of preferred stock from time to
time. The actual effect of the preferred stock upon the rights of the holders of National&#146;s common
stock will not be known until National&#146;s Board of Directors determines the respective rights of the
holders of one or more series of preferred stock. Such effects, however, might include: (a)
restrictions on dividends on National&#146;s common stock if dividends on the preferred stock are in
arrears; (b)&nbsp;dilution of the voting power of National&#146;s common stock; (c)&nbsp;restrictions on the
rights of the holders of National&#146;s common stock to share in National&#146;s assets upon liquidation due
to satisfaction of any liquidation preference granted to the preferred stock; and (d)&nbsp;dilution of
rights of holders of National&#146;s common stock to share in National&#146;s assets upon liquidation if the
preferred stock is participating with respect to distributions upon such liquidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dividend Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of common stock are entitled to receive dividends as declared by the Board of
Directors, out of funds legally available for the purpose and subject to a limitation in the 1974
Indenture. The 1974 Indenture prohibits the payment of cash dividends on, and the purchase or
redemption of, common stock if the cumulative dividends on and amounts paid for purchase or
redemption of common or preferred stock since December&nbsp;31, 1967 exceed or would exceed consolidated
net income available for dividends for that same period plus $10&nbsp;million plus any additional amount
authorized or approved, upon application of National, by the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors&#146; ability to declare dividends on common stock may also be limited by
the rights and preferences of certain series of preferred stock, which may be issued from time to
time, and by the terms of instruments defining the rights of holders of outstanding indebtedness of
National.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights and Classification of the Board of Directors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of common stock are entitled to one vote per share. The affirmative vote of the
majority of the votes cast by the holders of the common stock is required for the merger or
consolidation of National or for the sale of substantially all of its assets. The Board of
Directors is divided into three classes, each with, as nearly as possible, an equal number of
directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liquidation Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any dissolution, liquidation or winding up of National, the holders of common stock are
entitled to receive pro rata all of National&#146;s assets and funds remaining after payment of or
provision for creditors and subject to the rights and preferences of each series of preferred
stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Preemptive Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of common stock and any series of preferred stock that may be issued have no
preemptive right to purchase or subscribe for any shares of capital stock of National.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Common Stock Purchase Rights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of the common stock have one right for each of their shares. Each right, which
will initially be evidenced by the common stock certificates representing the outstanding shares of
common stock of National, entitles the holder to purchase one-half of one share of common stock at
a purchase price of $75.00 per half share, being $150.00 per full share, subject to adjustment
(Purchase Price).
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights have anti-takeover effects because they will cause substantial dilution of the
common stock if a person attempts to acquire National on terms not approved by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rights become exercisable upon the occurrence of a distribution date. Subject to
redemption or exchange of the rights, at any time following a distribution date, each holder of a
right will be entitled to receive, upon exercise of the right, common stock of National (or, under
certain circumstances, other securities or assets of National) having a value equal to two times
the amount paid to exercise the right. However, the rights are subject to redemption or exchange
by National prior to their exercise as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A distribution date would occur upon the earlier of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ten days after the public announcement that a person or group has acquired, or obtained
the right to acquire, beneficial ownership of National&#146;s common stock or other voting stock
having 10% or more of the aggregate voting power of National&#146;s common stock and other
voting stock, except in the circumstances described below; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ten business days after the commencement or announcement by a person or group of an
intention to make a tender or exchange offer that would result in that person acquiring, or
obtaining the right to acquire, beneficial ownership of National&#146;s common stock or other
voting stock having 10% or more of the total voting power of National&#146;s common stock and
other voting stock.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beneficial ownership of National&#146;s common stock includes, among other things, certain derivative or
synthetic arrangements having characteristics of a long position in National&#146;s common stock. In
addition, the phrase &#147;then outstanding,&#148; when used with reference to a person&#146;s beneficial
ownership of securities of National, means the number of securities then issued and outstanding
together with the number of such securities not then actually issued and outstanding which such
person would be deemed to own beneficially under the Rights Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A distribution date would not occur where the acquisition described in the first bullet point above
results from a reduction in the number of National&#146;s shares of voting stock outstanding due to the
repurchase of shares by National, unless and until the acquiring person or group, after becoming
aware of its 10% stake, acquires any additional shares of National&#146;s then outstanding voting stock.
Similarly, a distribution date would not occur if National&#146;s Board of Directors determines that
the person or group that acquired the 10% stake did so inadvertently and without any intention of
changing or influencing control of National, and if that person or group, after being advised of
the Board of Directors&#146; determination, reduces its stake below 10% within a period of time set by
the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In certain situations after a person or group has acquired beneficial ownership of 10% or more
of the total voting power of National&#146;s stock as described above, each holder of a right will be
entitled to receive, upon exercise of the right, common stock of the acquiring company having a
value equal to two times the amount paid to exercise the right. These situations would arise if
National is acquired in a merger or other business combination or if 50% or more of National&#146;s
assets or earning power are sold or transferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time prior to the end of business on the tenth day following the announcement that a
person or group has acquired, or obtained the right to acquire, beneficial ownership of 10% or more
of the total voting power of National (except in the circumstances described above in which a
distribution date would not occur), National may redeem the rights in whole, but not in part, at a
price of $.005 per right, payable in shares of common stock, other securities, cash or other
assets. A decision to redeem the rights requires the vote of 75% of National&#146;s full Board of
Directors. Also, at any time following the announcement that
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">a person or group has acquired, or obtained the right to acquire, beneficial ownership of 10%
or more of the total voting power of National, 75% of National&#146;s full Board of Directors may vote
to exchange the rights, in whole or in part, at an exchange rate of one share of common stock per
right, subject to certain adjustments. Notwithstanding the foregoing, the Board of Directors may
not effect an exchange after a person or group has acquired, or obtained the right to acquire,
beneficial ownership of 50% or more of the common stock then outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After a distribution date, rights that are owned by an acquiring person will be null and void.
Upon exercise of the rights, National may need additional regulatory approvals to satisfy the
requirements of the Rights Agreement. The rights will expire on July&nbsp;31, 2018, unless they are
exchanged or redeemed earlier than that date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Business Combinations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National&#146;s Restated Certificate of Incorporation provides that certain conditions must be met
before the consummation of any merger or other business combination by National or any of its
subsidiaries with any stockholder who is directly or indirectly the beneficial owner of 5% or more
of National&#146;s outstanding common stock (substantial stockholder) or with an affiliate of any
substantial stockholder. The term substantial stockholder does not include National, any of its
subsidiaries, or any trustee holding common stock of National for the benefit of the employees of
National or any of its subsidiaries pursuant to one or more employee benefit plans or arrangements.
The conditions, which are in addition to those otherwise required by law, prescribe the minimum
amount per share that must be paid to holders of common stock and the form of consideration paid,
and require that the holders of common stock be furnished certain information about the business
combination prior to voting on it. A business combination, as defined in the Restated Certificate
of Incorporation, generally means any of the following transactions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a merger, consolidation or share exchange;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sale, lease, exchange or other disposition of any assets in exchange for property
having a fair market value of more than $10&nbsp;million, if determined to be a business
combination by certain directors of National in accordance with provisions of the Restated
Certificate of Incorporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance or transfer of securities in exchange for property having a fair market
value of more than $10&nbsp;million, if determined to be a business combination by certain
directors of National in accordance with provisions of the Restated Certificate of
Incorporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adoption of a plan of liquidation or dissolution of National; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reclassification of securities, recapitalization or reorganization that has the
effect of increasing the proportionate share of the outstanding shares of any class of
securities of National that is owned by any substantial stockholder or by any affiliate of
a substantial stockholder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The approval of at least three-fourths of the entire Board of Directors or, in the event that
the Board of Directors consists of directors elected by the holders of preferred stock, the
approval of a majority of the entire Board of Directors, is required to amend or repeal the
classified board or business combination provisions contained in the Restated Certificate of
Incorporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Listing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The common stock is, and will be, listed on the New York Stock Exchange.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfer Agent and Registrar</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for the common stock is BNY Mellon Shareowner Services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Ninth of National&#146;s Restated Certificate of Incorporation provides as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;No director or officer of this corporation shall be personally liable to the corporation
or any of its shareholders for monetary damages for breach of any duty owed to the corporation
or any of its shareholders, except to the extent that such exemption from liability is not
permitted under the New Jersey Business Corporation Act, as the same exists or may hereafter be
amended, or under any revision thereof or successor statute thereto.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;II, Section&nbsp;8 of the By-Laws of National provides as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;A. The Corporation shall indemnify any person who is or was a Director or officer of the
Corporation, to the fullest extent permitted and in the manner provided by the laws of the State
of New Jersey as now or hereafter in effect, including, without limitation, the indemnification
permitted by N.J.S. 14A:3-5(8), against all liabilities (including amounts paid or incurred in
satisfaction of settlements, judgments, fines and penalties) and expenses (including, without
limitation, attorneys&#146; fees and disbursements) imposed upon or incurred by such person in
connection with any pending, threatened or completed civil, criminal, administrative or
arbitrative action, suit or proceeding, and any appeal therein and any inquiry or investigation
which could lead to such action, suit or proceeding (&#147;Proceeding&#148;) in which such person may be
made, or threatened to be made, a party, or in which such person may become involved by reason
of such person being or having been a Director or officer of the Corporation, or of serving or
having served at the request of the Corporation as a Director, officer, trustee, employee or
agent of, or in any other capacity with, another foreign or domestic corporation, or any
partnership, joint venture, sole proprietorship, employee benefit plan, trust or other
enterprise, whether or not for profit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The right to indemnification conferred by this Section&nbsp;8 shall include the right to be
paid by the Corporation the expenses incurred in defending or otherwise participating in any
Proceeding in advance of its final disposition, and the Corporation shall, to the fullest extent
permitted by law, promptly advance expenses (including, without limitation, attorneys&#146; fees and
disbursements) that are incurred, from time to time, in connection therewith by any such current
or former Director or officer of the Corporation, subject to the receipt by the Corporation of
an undertaking of such person as required by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Nothing in this Section&nbsp;8 shall restrict or limit the power of the Corporation to
indemnify its employees, agents and other persons, to advance expenses (including attorneys&#146;
fees) on their behalf and to purchase and maintain insurance on behalf of any person who is or
was a Director, officer, employee or agent of the Corporation in connection with any Proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The indemnification provided by this Section&nbsp;8 shall not exclude any other rights to
which a person seeking indemnification may be entitled under the Certificate of Incorporation,
By-Laws, agreement, vote of stockholders or otherwise. The indemnification provided by this
Section&nbsp;8 shall continue as to a person who has ceased to be a Director or officer, and shall
extend to the estate or personal or legal representative of any deceased Director or officer.&#148;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Any repeal or modification of this Section&nbsp;8 shall not adversely affect any rights to
indemnification and to the advancement of expenses of a Director or officer of the Corporation
existing at the time of such repeal or modification with respect to any acts or omissions
occurring prior to such repeal or modification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National has entered into an Indemnification Agreement with each of its directors (each, a
&#147;Director&#148;). The Indemnification Agreement provides that National will indemnify the Director
against any and all expenses, judgments, costs, fines and amounts paid in settlement (collectively,
&#147;Losses&#148;), to the fullest extent permitted by law, in connection with any present or future
threatened, pending or completed proceeding based upon, arising from, relating to, or by reason of
the Director&#146;s status as a director, officer, employee, agent or fiduciary of National or any other
entity the Director serves at the request of National. In addition, National will advance, to the
extent not prohibited by law, the expenses incurred by the Director in connection with any
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No indemnification may be made to the Director with respect to any proceeding if a final
judgment adverse to the Director establishes that the Director engaged in disqualifying conduct.
&#147;Disqualifying conduct&#148; means that the Director&#146;s actions or omissions (i)&nbsp;were in breach of the
Director&#146;s duty of loyalty to National and its shareholders, (ii)&nbsp;were not in good faith or
involved a knowing violation of law, or (iii)&nbsp;resulted in the receipt by the Director of an
improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in the Indemnification Agreement, National will not be
obligated to make any indemnity or advance in connection with any claim made against the Director:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;for which payment has actually been made to the Director under any insurance policy, other
indemnity provision, contract or agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;for (i)&nbsp;an accounting of profits made from the purchase and sale (or sale and purchase) by
the Director of securities of National that did, in fact, violate Section 16(b) of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;) or (ii)&nbsp;any reimbursement of National by the Director of
any bonus or other incentive-based or equity-based compensation or of any profits realized by the
Director from the sale of securities of National, as required in each case under the Exchange Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;except as otherwise provided in the Indemnification Agreement, in connection with any
proceeding initiated by the Director alone or in concert with others, including any proceeding
initiated by the Director against National or its directors, officers, employees or other
directors, unless (i)&nbsp;the Board of Directors authorized the proceeding prior to its initiation, or
(ii)&nbsp;National provides the indemnification, in its sole discretion, pursuant to the powers vested
in National under applicable law; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;in the event that National is advised, in a written opinion of its regular outside legal
counsel, that National&#146;s performance of any provision of the Indemnification Agreement would
violate Section 13(k) of the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable law, if the indemnification provided for in the
Indemnification Agreement is unavailable to the Director for any reason, then National will
contribute to Losses incurred by the Director in such proportion as reflects (a)&nbsp;the relative
benefits received by National, on the one hand, and the Director, on the other hand, as a result of
the events or transactions giving rise to the proceeding, or (b)&nbsp;if the allocation described in
clause (a)&nbsp;above is not permitted by applicable law, the relative fault of National, on the one
hand, and the Director, on the other hand, in connection with such events or transactions.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnification Agreement provides that, to the extent a change in New Jersey law permits
greater indemnification or advancement of expenses than would be afforded under National&#146;s Restated
Certificate of Incorporation, By-laws and the Indemnification Agreement, it is the intent of the
parties that the Director will enjoy the greater benefits afforded by the change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National also maintains directors&#146; and officers&#146; liability insurance coverage with respect to
acts or omissions by its directors and officers in their capacity as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14A:3-5 of the New Jersey Statutes Annotated provides:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#147;INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;As used in this section,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &#147;Corporate agent&#148; means any person who is or was a director, officer,
employee or agent of the indemnifying corporation or of any constituent corporation absorbed
by the indemnifying corporation in a consolidation or merger and any person who is or was a
director, officer, trustee, employee or agent of any other enterprise, serving as such at
the request of the indemnifying corporation, or of any such constituent corporation, or the
legal representative of any such director, officer, trustee, employee or agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#147;Other enterprise&#148; means any domestic or foreign corporation, other than
the indemnifying corporation, and any partnership, joint venture, sole proprietorship, trust
or other enterprise, whether or not for profit, served by a corporate agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &#147;Expenses&#148; means reasonable costs, disbursements and counsel fees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &#147;Liabilities&#148; means amounts paid or incurred in satisfaction of
settlements, judgments, fines and penalties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) &#147;Proceeding&#148; means any pending, threatened or completed civil, criminal,
administrative or arbitrative action, suit or proceeding, and any appeal therein and any
inquiry or investigation which could lead to such action, suit or proceeding; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) References to &#147;other enterprises&#148; include employee benefit plans;
references to &#147;fines&#148; include any excise taxes assessed on a person with respect to an
employee benefit plan; and references to &#147;serving at the request of the indemnifying
corporation&#148; include any service as a corporate agent which imposes duties on, or involves
services by, the corporate agent with respect to an employee benefit plan, its participants,
or beneficiaries; and a person who acted in good faith and in a manner the person reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner &#147;not opposed to the best interests of the
corporation&#148; as referred to in this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Any corporation organized for any purpose under any general or special law of this State
shall have the power to indemnify a corporate agent against his expenses and liabilities in
connection with any proceeding involving the corporate agent by reason of his being or having been
such a corporate agent, other than a proceeding by or in the right of the corporation, if
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such corporate agent acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation; and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any criminal proceeding, such corporate agent had no
reasonable cause to believe his conduct was unlawful. The termination of any proceeding by
judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent,
shall not of itself create a presumption that such corporate agent did not meet the
applicable standards of conduct set forth in paragraphs 14A:3-5(2)(a) and 14A:3-5(2)(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Any corporation organized for any purpose under any general or special law of this State
shall have the power to indemnify a corporate agent against his expenses in connection with any
proceeding by or in the right of the corporation to procure a judgment in its favor which involves
the corporate agent by reason of his being or having been such corporate agent, if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation. However, in such proceeding no indemnification shall be provided in respect of any
claim, issue or matter as to which such corporate agent shall have been adjudged to be liable to
the corporation, unless and only to the extent that the Superior Court or the court in which such
proceeding was brought shall determine upon application that despite the adjudication of liability,
but in view of all circumstances of the case, such corporate agent is fairly and reasonably
entitled to indemnity for such expenses as the Superior Court or such other court shall deem
proper.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Any corporation organized for any purpose under any general or special law of this State
shall indemnify a corporate agent against expenses to the extent that such corporate agent has been
successful on the merits or otherwise in any proceeding referred to in subsections 14A:3-5(2) and
14A:3-5(3) or in defense of any claim, issue or matter therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Any indemnification under subsection 14A:3-5(2) and, unless ordered by a court, under
subsection 14A:3-5(3), may be made by the corporation only as authorized in a specific case upon a
determination that indemnification is proper in the circumstances because the corporate agent met
the applicable standard of conduct set forth in subsection 14A:3-5(2) or subsection 14A:3-5(3).
Unless otherwise provided in the certificate of incorporation or bylaws, such determination shall
be made
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the board of directors or a committee thereof, acting by a majority
vote of a quorum consisting of directors who were not parties to or otherwise involved in
the proceeding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such a quorum is not obtainable, or, even if obtainable and such
quorum of the board of directors or committee by a majority vote of the disinterested
directors so directs, by independent legal counsel, in a written opinion, such counsel to be
designated by the board of directors; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by the shareholders if the certificate of incorporation or bylaws or a
resolution of the board of directors or of the shareholders so directs.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;Expenses incurred by a corporate agent in connection with a proceeding may be paid by the
corporation in advance of the final disposition of the proceeding as authorized by the board of
directors upon receipt of an undertaking by or on behalf of the corporate agent to repay such
amount if it shall ultimately be determined that he is not entitled to be indemnified as provided
in this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;(a)&nbsp;If a corporation upon application of a corporate agent has failed or refused to
provide indemnification as required under subsection 14A:3-5(4) or permitted under subsections
14A:3-5(2), 14A:3-5(3) and 14A:3-5(6), a corporate agent may apply to a court for an award of
indemnification by the corporation, and such court
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may award indemnification to the extent authorized under
subsections 14A:3-5(2) and 14A:3-5(3) and shall award indemnification to the
extent required under subsection 14A:3-5(4), notwithstanding any contrary
determination which may have been made under subsection 14A:3-5(5); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may allow reasonable expenses to the extent authorized by, and
subject to the provisions of, subsection 14A:3-5(6), if the court shall find
that the corporate agent has by his pleadings or during the course of the
proceeding raised genuine issues of fact or law.</TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Application for such indemnification may be made</TD>
</TR>

</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the civil action in which the expenses were or are to be
incurred or other amounts were or are to be paid; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the Superior Court in a separate proceeding. If the
application is for indemnification arising out of a civil action, it shall set
forth reasonable cause for the failure to make application for such relief in
the action or proceeding in which the expenses were or are to be incurred or
other amounts were or are to be paid.</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The application shall set forth the disposition of any previous application for indemnification and
shall be made in such manner and form as may be required by the applicable rules of court or, in
the absence thereof, by direction of the court to which it is made. Such application shall be upon
notice to the corporation. The court may also direct that notice shall be given at the expense of
the corporation to the shareholders and such other persons as it may designate in such manner as it
may require.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;The indemnification and advancement of expenses provided by or granted pursuant to the
other subsections of this section shall not exclude any other rights, including the right to be
indemnified against liabilities and expenses incurred in proceedings by or in the right of the
corporation, to which a corporate agent may be entitled under a certificate of incorporation,
bylaw, agreement, vote of shareholders, or otherwise; provided that no indemnification shall be
made to or on behalf of a corporate agent if a judgment or other final adjudication adverse to the
corporate agent establishes that his acts or omissions (a)&nbsp;were in breach of his duty of loyalty to
the corporation or its shareholders, as defined in subsection (3)&nbsp;of N.J.S.14A:2-7, (b)&nbsp;were not in
good faith or involved a knowing violation of law or (c)&nbsp;resulted in receipt by the corporate agent
of an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;Any corporation organized for any purpose under any general or special law of this State
shall have the power to purchase and maintain insurance on behalf of any corporate agent against
any expenses incurred in any proceeding and any liabilities asserted against him by reason of his
being or having been a corporate agent, whether or not the corporation would have the power to
indemnify him
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">against such expenses and liabilities under the provisions of this section. The corporation
may purchase such insurance from, or such insurance may be reinsured in whole or in part by, an
insurer owned by or otherwise affiliated with the corporation, whether or not such insurer does
business with other insureds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;The powers granted by this section may be exercised by the corporation, notwithstanding
the absence of any provision in its certificate of incorporation or bylaws authorizing the exercise
of such powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;Except as required by subsection 14A:3-5(4), no indemnification shall be made or expenses
advanced by a corporation under this section, and none shall be ordered by a court, if such action
would be inconsistent with a provision of the certificate of incorporation, a bylaw, a resolution
of the board of directors or of the shareholders, an agreement or other proper corporate action, in
effect at the time of the accrual of the alleged cause of action asserted in the proceeding, which
prohibits, limits or otherwise conditions the exercise of indemnification powers by the corporation
or the rights of indemnification to which a corporate agent may be entitled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;This section does not limit a corporation&#146;s power to pay or reimburse expenses incurred
by a corporate agent in connection with the corporate agent&#146;s appearance as a witness in a
proceeding at a time when the corporate agent has not been made a party to the proceeding.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibits</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(i)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Incorporation:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated Certificate of Incorporation dated September&nbsp;21, 1998 (Exhibit
3.1, Form&nbsp;10-K for the fiscal year ended September&nbsp;30, 1998 in File No.
1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of Restated Certificate of Incorporation
(Exhibit&nbsp;3(ii), Form&nbsp;8-K dated March&nbsp;14, 2005 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3(ii)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By-Laws as amended on June&nbsp;11, 2008 (Exhibit&nbsp;3.1, Form&nbsp;8-K dated June&nbsp;16,
2008 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Instruments Defining the Rights of Security Holders, including Indentures:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indenture dated as of October&nbsp;15, 1974, between National Fuel Gas Company
and The Bank of New York Mellon (formerly Irving Trust Company) (Exhibit
2(b), File No.&nbsp;2-51796).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Supplemental Indenture dated as of December&nbsp;1, 1982, to Indenture
dated as of October&nbsp;15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit&nbsp;4(a)(4)
in File No.&nbsp;33-49401).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Eleventh Supplemental Indenture dated as of May&nbsp;1, 1992, to Indenture
dated as of October&nbsp;15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit&nbsp;4(b),
Form&nbsp;8-K dated February&nbsp;14, 1992 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Twelfth Supplemental Indenture dated as of June&nbsp;1, 1992, to Indenture
dated as of October&nbsp;15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit&nbsp;4(c),
Form&nbsp;8-K dated June&nbsp;18, 1992 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thirteenth Supplemental Indenture dated as of March&nbsp;1, 1993, to Indenture
dated as of October&nbsp;15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit&nbsp;4(a)(14)
in File No.&nbsp;33-49401).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourteenth Supplemental Indenture dated as of July&nbsp;1, 1993 to Indenture
dated as of October&nbsp;15, 1974 between National Fuel Gas Company and The
Bank of New York</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibits</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mellon (formerly Irving Trust Company) (Exhibit&nbsp;4.1,
Form&nbsp;10-K for fiscal year ended September&nbsp;30, 1993 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Rights Agreement, dated as of December&nbsp;4, 2008,
between the Company and The Bank of New York Mellon, as rights agent
(Exhibit&nbsp;4.1, Form&nbsp;8-K dated December&nbsp;4, 2008 in File No.&nbsp;1-3880).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion re legality:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Lowenstein Sandler PC, Counsel for National Fuel Gas Company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consents of experts and counsel:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Lowenstein Sandler PC is contained in its opinion filed as
Exhibit&nbsp;5.1 to this registration statement.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">-
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Netherland, Sewell
&#038; Associates, Inc. regarding Seneca
Resources Corporation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated herein by reference as indicated.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or
sales are being made, a post-effective amendment
to this registration statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus
required by Section&nbsp;10(a)(3)
of the Securities Act of
1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus
any facts or events arising
after the effective date of
the registration statement
(or the most recent
post-effective amendment
thereof) which, individually
or in the aggregate,
represent a fundamental
change in the information
set forth in the
registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material
information with respect to
the plan of distribution not
previously disclosed in the
registration statement or
any material change to such
information in the
registration statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the information
required to be included in a post-effective
amendment by those paragraphs is contained in
reports filed with or furnished to the SEC by the
registrant pursuant to Section&nbsp;13 or Section
15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration
statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any
liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to
be a new registration statement relating to the
securities offered therein, and the offering of
such securities at that time shall be deemed to
be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a
post-effective amendment any of the securities
being registered which remain unsold at the
termination of the offering.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for purposes of determining any liability
under the Securities Act of 1933, each</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>filing of
the registrant&#146;s Annual Report pursuant to
Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 that is incorporated by
reference in the registration statement shall be
deemed to be a new registration statement
relating to the securities offered herein, and
the offering of such securities at that time
shall be deemed to be the initial bona fide
offering thereof.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions
described under Item&nbsp;6 above, or otherwise, the registrant has been
advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act of
1933, and will be governed by the final adjudication of such issue.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant. </B>Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the Town of Amherst, State of New
York, on the 19th day of March, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>NATIONAL FUEL GAS COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ D. F. Smith
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">D. F. Smith&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman of the Board, President<br>
and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ D. F. Smith
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
D. F. Smith
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,<br>
President, Chief Executive<br>
Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. J. Tanski
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. J. Tanski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Principal<br>
Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ K. M. Camiolo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
K. M. Camiolo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller and Principal<br>
Accounting Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ P. C. Ackerman
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
P. C. Ackerman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. T. Brady
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. T. Brady
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. D. Cash
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. D. Cash
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ S. E. Ewing
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
S. E. Ewing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. E. Kidder
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. E. Kidder
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. G. Matthews
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
C. G. Matthews
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ G. L. Mazanec
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
G. L. Mazanec
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ R. G. Reiten
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
R. G. Reiten
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ F.V. Salerno
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
F. V. Salerno
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;19, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT INDEX</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Exhibits</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Lowenstein Sandler PC, Counsel for National Fuel Gas Company.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Lowenstein Sandler PC is contained in its opinion filed as
Exhibit&nbsp;5.1 to this registration statement.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Netherland, Sewell &#038; Associates, Inc. regarding Seneca
Resources Corporation.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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sv8
As filed with the Securities and Exchange Commission on March 19, 2010
Registration No. 333-_______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
National Fuel Gas Company
(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of
incorporation or organization)
13-1086010
(I.R.S. Employer
Identification Number)
6363 Main Street, Williamsville, New York
(Address of Principal Executive Offices)
14221
(Zip Code)
2010 Equity Compensation Plan
(Full title of the plan)
DAVID F. SMITH
Chairman of the Board, President and Chief Executive Officer
6363 Main Street
Williamsville, New York 14221
(716) 857-7000
MICHAEL F. FITZPATRICK, JR., ESQ.
Dewey & LeBoeuf
LLP
1301 Avenue of the Americas
New York, New York 10019
(212) 259-8000
(Names, addresses and telephone numbers, including area codes, of agents for service)
It is respectfully requested that the Commission send copies of all orders, notices and
communications to:
JAMES P. BAETZHOLD, ESQ.
6363 Main Street
Williamsville, New York 14221
(716) 857-7000
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Title of securities
Amount to be
maximum offering
maximum aggregate
Amount of
to be registered
registered (1)
price per share (2)
offering price (3)
registration fee
Common stock, one
dollar ($1.00) par
value, common stock
purchase rights
3,000,000
$
51.63
$
154,890,000
$
11,044
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, this registration statement also
covers such indeterminable number of additional securities as may become deliverable as a
result of stock splits, stock dividends or similar transactions, in accordance with the
provisions of the employee benefit plan described herein.
(2)
Since no separate consideration will be paid for the common stock purchase rights, the
registration fee for such securities is included in the fee for the common stock. The value
attributable to the common stock purchase rights, if any, is reflected in the market price of
the common stock.
(3)
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h)
under the Securities Act of 1933 on the basis of the average of the high and low prices of the
registrant's common stock on the New York Stock Exchange composite tape on March 16, 2010.
EXPLANATORY NOTE
This Registration Statement on Form S-8 covers the registration of 3,000,000 shares of common
stock, one dollar ($1.00) par value, of National Fuel Gas Company (National) and associated common
stock purchase rights that may be delivered to certain employees of National and its subsidiaries
pursuant to the terms of the 2010 Equity Compensation Plan (Plan).
Part II. INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The Securities and Exchange Commission (SEC) allows National to "incorporate by reference" the
information that National files with the SEC, which means that National may disclose important
information to you by referring you to those documents in this registration statement. The
information incorporated by reference is an important part of this registration statement.
National is incorporating by reference the documents listed below and any future documents that are
filed by National with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934 until National sells all of these securities or deregisters all such securities
remaining unsold.
•
National's Annual Report on Form 10-K for the fiscal year ended September 30, 2009.
•
National's Quarterly Report on Form 10-Q for the quarter ended December 31, 2009.
•
National's Current Reports on Form 8-K filed December 28, 2009, March 5, 2010 and
March 17, 2010.
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this registration statement to
the extent that a statement contained herein or in any subsequently filed document which also is or
is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such
statement so modified shall not be deemed to constitute a part of this registration statement
except as so modified and any statement so superseded shall not be deemed to constitute a part of
this registration statement.
You may request a copy of these documents, at no cost to you, by writing or calling Paula M.
Ciprich, Secretary, National Fuel Gas Company, 6363 Main Street, Williamsville, New York 14221,
telephone (716) 857-7548.
Item 4. Description of Securities.
The following description of National's common stock is a summary and is qualified by
reference to the terms and provisions of National's Restated Certificate of Incorporation, as
amended (Restated Certificate of Incorporation), its By-Laws, and the Amended and Restated Rights
Agreement, dated as of December 4, 2008, between National and The Bank of New York Mellon, as
rights agent (Rights Agreement), which are filed as exhibits to this registration statement and
incorporated herein by reference. Reference is also made to the indenture dated as of October 15,
1974, as supplemented (1974 Indenture), between National and The Bank of New York Mellon, as
trustee. (The 1974 Indenture includes a limitation on the payment of dividends, as described below
under "Dividend Rights." National's other indenture, dated as of October 1, 1999, between National
and The Bank of New York Mellon, contains no such limitation.)
2
No shares of preferred stock of National are currently outstanding. However, the Board of
Directors of National has the ability to issue one or more series of preferred stock from time to
time. The actual effect of the preferred stock upon the rights of the holders of National's common
stock will not be known until National's Board of Directors determines the respective rights of the
holders of one or more series of preferred stock. Such effects, however, might include: (a)
restrictions on dividends on National's common stock if dividends on the preferred stock are in
arrears; (b) dilution of the voting power of National's common stock; (c) restrictions on the
rights of the holders of National's common stock to share in National's assets upon liquidation due
to satisfaction of any liquidation preference granted to the preferred stock; and (d) dilution of
rights of holders of National's common stock to share in National's assets upon liquidation if the
preferred stock is participating with respect to distributions upon such liquidation.
Dividend Rights
The holders of common stock are entitled to receive dividends as declared by the Board of
Directors, out of funds legally available for the purpose and subject to a limitation in the 1974
Indenture. The 1974 Indenture prohibits the payment of cash dividends on, and the purchase or
redemption of, common stock if the cumulative dividends on and amounts paid for purchase or
redemption of common or preferred stock since December 31, 1967 exceed or would exceed consolidated
net income available for dividends for that same period plus $10 million plus any additional amount
authorized or approved, upon application of National, by the SEC.
The Board of Directors' ability to declare dividends on common stock may also be limited by
the rights and preferences of certain series of preferred stock, which may be issued from time to
time, and by the terms of instruments defining the rights of holders of outstanding indebtedness of
National.
Voting Rights and Classification of the Board of Directors
The holders of common stock are entitled to one vote per share. The affirmative vote of the
majority of the votes cast by the holders of the common stock is required for the merger or
consolidation of National or for the sale of substantially all of its assets. The Board of
Directors is divided into three classes, each with, as nearly as possible, an equal number of
directors.
Liquidation Rights
Upon any dissolution, liquidation or winding up of National, the holders of common stock are
entitled to receive pro rata all of National's assets and funds remaining after payment of or
provision for creditors and subject to the rights and preferences of each series of preferred
stock.
No Preemptive Rights
Holders of common stock and any series of preferred stock that may be issued have no
preemptive right to purchase or subscribe for any shares of capital stock of National.
Common Stock Purchase Rights
The holders of the common stock have one right for each of their shares. Each right, which
will initially be evidenced by the common stock certificates representing the outstanding shares of
common stock of National, entitles the holder to purchase one-half of one share of common stock at
a purchase price of $75.00 per half share, being $150.00 per full share, subject to adjustment
(Purchase Price).
3
The rights have anti-takeover effects because they will cause substantial dilution of the
common stock if a person attempts to acquire National on terms not approved by the Board of
Directors.
The rights become exercisable upon the occurrence of a distribution date. Subject to
redemption or exchange of the rights, at any time following a distribution date, each holder of a
right will be entitled to receive, upon exercise of the right, common stock of National (or, under
certain circumstances, other securities or assets of National) having a value equal to two times
the amount paid to exercise the right. However, the rights are subject to redemption or exchange
by National prior to their exercise as described below.
A distribution date would occur upon the earlier of:
•
ten days after the public announcement that a person or group has acquired, or obtained
the right to acquire, beneficial ownership of National's common stock or other voting stock
having 10% or more of the aggregate voting power of National's common stock and other
voting stock, except in the circumstances described below; and
•
ten business days after the commencement or announcement by a person or group of an
intention to make a tender or exchange offer that would result in that person acquiring, or
obtaining the right to acquire, beneficial ownership of National's common stock or other
voting stock having 10% or more of the total voting power of National's common stock and
other voting stock.
Beneficial ownership of National's common stock includes, among other things, certain derivative or
synthetic arrangements having characteristics of a long position in National's common stock. In
addition, the phrase "then outstanding," when used with reference to a person's beneficial
ownership of securities of National, means the number of securities then issued and outstanding
together with the number of such securities not then actually issued and outstanding which such
person would be deemed to own beneficially under the Rights Agreement.
A distribution date would not occur where the acquisition described in the first bullet point above
results from a reduction in the number of National's shares of voting stock outstanding due to the
repurchase of shares by National, unless and until the acquiring person or group, after becoming
aware of its 10% stake, acquires any additional shares of National's then outstanding voting stock.
Similarly, a distribution date would not occur if National's Board of Directors determines that
the person or group that acquired the 10% stake did so inadvertently and without any intention of
changing or influencing control of National, and if that person or group, after being advised of
the Board of Directors' determination, reduces its stake below 10% within a period of time set by
the Board of Directors.
In certain situations after a person or group has acquired beneficial ownership of 10% or more
of the total voting power of National's stock as described above, each holder of a right will be
entitled to receive, upon exercise of the right, common stock of the acquiring company having a
value equal to two times the amount paid to exercise the right. These situations would arise if
National is acquired in a merger or other business combination or if 50% or more of National's
assets or earning power are sold or transferred.
At any time prior to the end of business on the tenth day following the announcement that a
person or group has acquired, or obtained the right to acquire, beneficial ownership of 10% or more
of the total voting power of National (except in the circumstances described above in which a
distribution date would not occur), National may redeem the rights in whole, but not in part, at a
price of $.005 per right, payable in shares of common stock, other securities, cash or other
assets. A decision to redeem the rights requires the vote of 75% of National's full Board of
Directors. Also, at any time following the announcement that
4
a person or group has acquired, or obtained the right to acquire, beneficial ownership of 10%
or more of the total voting power of National, 75% of National's full Board of Directors may vote
to exchange the rights, in whole or in part, at an exchange rate of one share of common stock per
right, subject to certain adjustments. Notwithstanding the foregoing, the Board of Directors may
not effect an exchange after a person or group has acquired, or obtained the right to acquire,
beneficial ownership of 50% or more of the common stock then outstanding.
After a distribution date, rights that are owned by an acquiring person will be null and void.
Upon exercise of the rights, National may need additional regulatory approvals to satisfy the
requirements of the Rights Agreement. The rights will expire on July 31, 2018, unless they are
exchanged or redeemed earlier than that date.
Business Combinations
National's Restated Certificate of Incorporation provides that certain conditions must be met
before the consummation of any merger or other business combination by National or any of its
subsidiaries with any stockholder who is directly or indirectly the beneficial owner of 5% or more
of National's outstanding common stock (substantial stockholder) or with an affiliate of any
substantial stockholder. The term substantial stockholder does not include National, any of its
subsidiaries, or any trustee holding common stock of National for the benefit of the employees of
National or any of its subsidiaries pursuant to one or more employee benefit plans or arrangements.
The conditions, which are in addition to those otherwise required by law, prescribe the minimum
amount per share that must be paid to holders of common stock and the form of consideration paid,
and require that the holders of common stock be furnished certain information about the business
combination prior to voting on it. A business combination, as defined in the Restated Certificate
of Incorporation, generally means any of the following transactions:
•
a merger, consolidation or share exchange;
•
a sale, lease, exchange or other disposition of any assets in exchange for property
having a fair market value of more than $10 million, if determined to be a business
combination by certain directors of National in accordance with provisions of the Restated
Certificate of Incorporation;
•
the issuance or transfer of securities in exchange for property having a fair market
value of more than $10 million, if determined to be a business combination by certain
directors of National in accordance with provisions of the Restated Certificate of
Incorporation;
•
the adoption of a plan of liquidation or dissolution of National; or
•
any reclassification of securities, recapitalization or reorganization that has the
effect of increasing the proportionate share of the outstanding shares of any class of
securities of National that is owned by any substantial stockholder or by any affiliate of
a substantial stockholder.
The approval of at least three-fourths of the entire Board of Directors or, in the event that
the Board of Directors consists of directors elected by the holders of preferred stock, the
approval of a majority of the entire Board of Directors, is required to amend or repeal the
classified board or business combination provisions contained in the Restated Certificate of
Incorporation.
Listing
The common stock is, and will be, listed on the New York Stock Exchange.
5
Transfer Agent and Registrar
The transfer agent and registrar for the common stock is BNY Mellon Shareowner Services.
Item 6. Indemnification of Directors and Officers.
Article Ninth of National's Restated Certificate of Incorporation provides as follows:
"No director or officer of this corporation shall be personally liable to the corporation
or any of its shareholders for monetary damages for breach of any duty owed to the corporation
or any of its shareholders, except to the extent that such exemption from liability is not
permitted under the New Jersey Business Corporation Act, as the same exists or may hereafter be
amended, or under any revision thereof or successor statute thereto."
Article II, Section 8 of the By-Laws of National provides as follows:
"A. The Corporation shall indemnify any person who is or was a Director or officer of the
Corporation, to the fullest extent permitted and in the manner provided by the laws of the State
of New Jersey as now or hereafter in effect, including, without limitation, the indemnification
permitted by N.J.S. 14A:3-5(8), against all liabilities (including amounts paid or incurred in
satisfaction of settlements, judgments, fines and penalties) and expenses (including, without
limitation, attorneys' fees and disbursements) imposed upon or incurred by such person in
connection with any pending, threatened or completed civil, criminal, administrative or
arbitrative action, suit or proceeding, and any appeal therein and any inquiry or investigation
which could lead to such action, suit or proceeding ("Proceeding") in which such person may be
made, or threatened to be made, a party, or in which such person may become involved by reason
of such person being or having been a Director or officer of the Corporation, or of serving or
having served at the request of the Corporation as a Director, officer, trustee, employee or
agent of, or in any other capacity with, another foreign or domestic corporation, or any
partnership, joint venture, sole proprietorship, employee benefit plan, trust or other
enterprise, whether or not for profit.
B. The right to indemnification conferred by this Section 8 shall include the right to be
paid by the Corporation the expenses incurred in defending or otherwise participating in any
Proceeding in advance of its final disposition, and the Corporation shall, to the fullest extent
permitted by law, promptly advance expenses (including, without limitation, attorneys' fees and
disbursements) that are incurred, from time to time, in connection therewith by any such current
or former Director or officer of the Corporation, subject to the receipt by the Corporation of
an undertaking of such person as required by law.
C. Nothing in this Section 8 shall restrict or limit the power of the Corporation to
indemnify its employees, agents and other persons, to advance expenses (including attorneys'
fees) on their behalf and to purchase and maintain insurance on behalf of any person who is or
was a Director, officer, employee or agent of the Corporation in connection with any Proceeding.
D. The indemnification provided by this Section 8 shall not exclude any other rights to
which a person seeking indemnification may be entitled under the Certificate of Incorporation,
By-Laws, agreement, vote of stockholders or otherwise. The indemnification provided by this
Section 8 shall continue as to a person who has ceased to be a Director or officer, and shall
extend to the estate or personal or legal representative of any deceased Director or officer."
6
E. Any repeal or modification of this Section 8 shall not adversely affect any rights to
indemnification and to the advancement of expenses of a Director or officer of the Corporation
existing at the time of such repeal or modification with respect to any acts or omissions
occurring prior to such repeal or modification.
National has entered into an Indemnification Agreement with each of its directors (each, a
"Director"). The Indemnification Agreement provides that National will indemnify the Director
against any and all expenses, judgments, costs, fines and amounts paid in settlement (collectively,
"Losses"), to the fullest extent permitted by law, in connection with any present or future
threatened, pending or completed proceeding based upon, arising from, relating to, or by reason of
the Director's status as a director, officer, employee, agent or fiduciary of National or any other
entity the Director serves at the request of National. In addition, National will advance, to the
extent not prohibited by law, the expenses incurred by the Director in connection with any
proceeding.
No indemnification may be made to the Director with respect to any proceeding if a final
judgment adverse to the Director establishes that the Director engaged in disqualifying conduct.
"Disqualifying conduct" means that the Director's actions or omissions (i) were in breach of the
Director's duty of loyalty to National and its shareholders, (ii) were not in good faith or
involved a knowing violation of law, or (iii) resulted in the receipt by the Director of an
improper personal benefit.
Notwithstanding any other provision in the Indemnification Agreement, National will not be
obligated to make any indemnity or advance in connection with any claim made against the Director:
(a) for which payment has actually been made to the Director under any insurance policy, other
indemnity provision, contract or agreement;
(b) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by
the Director of securities of National that did, in fact, violate Section 16(b) of the Securities
Exchange Act of 1934 (the "Exchange Act") or (ii) any reimbursement of National by the Director of
any bonus or other incentive-based or equity-based compensation or of any profits realized by the
Director from the sale of securities of National, as required in each case under the Exchange Act;
(c) except as otherwise provided in the Indemnification Agreement, in connection with any
proceeding initiated by the Director alone or in concert with others, including any proceeding
initiated by the Director against National or its directors, officers, employees or other
directors, unless (i) the Board of Directors authorized the proceeding prior to its initiation, or
(ii) National provides the indemnification, in its sole discretion, pursuant to the powers vested
in National under applicable law; or
(d) in the event that National is advised, in a written opinion of its regular outside legal
counsel, that National's performance of any provision of the Indemnification Agreement would
violate Section 13(k) of the Exchange Act.
To the fullest extent permitted by applicable law, if the indemnification provided for in the
Indemnification Agreement is unavailable to the Director for any reason, then National will
contribute to Losses incurred by the Director in such proportion as reflects (a) the relative
benefits received by National, on the one hand, and the Director, on the other hand, as a result of
the events or transactions giving rise to the proceeding, or (b) if the allocation described in
clause (a) above is not permitted by applicable law, the relative fault of National, on the one
hand, and the Director, on the other hand, in connection with such events or transactions.
7
The Indemnification Agreement provides that, to the extent a change in New Jersey law permits
greater indemnification or advancement of expenses than would be afforded under National's Restated
Certificate of Incorporation, By-laws and the Indemnification Agreement, it is the intent of the
parties that the Director will enjoy the greater benefits afforded by the change.
National also maintains directors' and officers' liability insurance coverage with respect to
acts or omissions by its directors and officers in their capacity as such.
Section 14A:3-5 of the New Jersey Statutes Annotated provides:
"INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES.
(1) As used in this section,
(a) "Corporate agent" means any person who is or was a director, officer,
employee or agent of the indemnifying corporation or of any constituent corporation absorbed
by the indemnifying corporation in a consolidation or merger and any person who is or was a
director, officer, trustee, employee or agent of any other enterprise, serving as such at
the request of the indemnifying corporation, or of any such constituent corporation, or the
legal representative of any such director, officer, trustee, employee or agent;
(b) "Other enterprise" means any domestic or foreign corporation, other than
the indemnifying corporation, and any partnership, joint venture, sole proprietorship, trust
or other enterprise, whether or not for profit, served by a corporate agent;
(c) "Expenses" means reasonable costs, disbursements and counsel fees;
(d) "Liabilities" means amounts paid or incurred in satisfaction of
settlements, judgments, fines and penalties;
(e) "Proceeding" means any pending, threatened or completed civil, criminal,
administrative or arbitrative action, suit or proceeding, and any appeal therein and any
inquiry or investigation which could lead to such action, suit or proceeding; and
(f) References to "other enterprises" include employee benefit plans;
references to "fines" include any excise taxes assessed on a person with respect to an
employee benefit plan; and references to "serving at the request of the indemnifying
corporation" include any service as a corporate agent which imposes duties on, or involves
services by, the corporate agent with respect to an employee benefit plan, its participants,
or beneficiaries; and a person who acted in good faith and in a manner the person reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit
plan shall be deemed to have acted in a manner "not opposed to the best interests of the
corporation" as referred to in this section.
(2) Any corporation organized for any purpose under any general or special law of this State
shall have the power to indemnify a corporate agent against his expenses and liabilities in
connection with any proceeding involving the corporate agent by reason of his being or having been
such a corporate agent, other than a proceeding by or in the right of the corporation, if
(a) such corporate agent acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation; and
8
(b) with respect to any criminal proceeding, such corporate agent had no
reasonable cause to believe his conduct was unlawful. The termination of any proceeding by
judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent,
shall not of itself create a presumption that such corporate agent did not meet the
applicable standards of conduct set forth in paragraphs 14A:3-5(2)(a) and 14A:3-5(2)(b).
(3) Any corporation organized for any purpose under any general or special law of this State
shall have the power to indemnify a corporate agent against his expenses in connection with any
proceeding by or in the right of the corporation to procure a judgment in its favor which involves
the corporate agent by reason of his being or having been such corporate agent, if he acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
corporation. However, in such proceeding no indemnification shall be provided in respect of any
claim, issue or matter as to which such corporate agent shall have been adjudged to be liable to
the corporation, unless and only to the extent that the Superior Court or the court in which such
proceeding was brought shall determine upon application that despite the adjudication of liability,
but in view of all circumstances of the case, such corporate agent is fairly and reasonably
entitled to indemnity for such expenses as the Superior Court or such other court shall deem
proper.
(4) Any corporation organized for any purpose under any general or special law of this State
shall indemnify a corporate agent against expenses to the extent that such corporate agent has been
successful on the merits or otherwise in any proceeding referred to in subsections 14A:3-5(2) and
14A:3-5(3) or in defense of any claim, issue or matter therein.
(5) Any indemnification under subsection 14A:3-5(2) and, unless ordered by a court, under
subsection 14A:3-5(3), may be made by the corporation only as authorized in a specific case upon a
determination that indemnification is proper in the circumstances because the corporate agent met
the applicable standard of conduct set forth in subsection 14A:3-5(2) or subsection 14A:3-5(3).
Unless otherwise provided in the certificate of incorporation or bylaws, such determination shall
be made
(a) by the board of directors or a committee thereof, acting by a majority
vote of a quorum consisting of directors who were not parties to or otherwise involved in
the proceeding; or
(b) if such a quorum is not obtainable, or, even if obtainable and such
quorum of the board of directors or committee by a majority vote of the disinterested
directors so directs, by independent legal counsel, in a written opinion, such counsel to be
designated by the board of directors; or
(c) by the shareholders if the certificate of incorporation or bylaws or a
resolution of the board of directors or of the shareholders so directs.
9
(6) Expenses incurred by a corporate agent in connection with a proceeding may be paid by the
corporation in advance of the final disposition of the proceeding as authorized by the board of
directors upon receipt of an undertaking by or on behalf of the corporate agent to repay such
amount if it shall ultimately be determined that he is not entitled to be indemnified as provided
in this section.
(7) (a) If a corporation upon application of a corporate agent has failed or refused to
provide indemnification as required under subsection 14A:3-5(4) or permitted under subsections
14A:3-5(2), 14A:3-5(3) and 14A:3-5(6), a corporate agent may apply to a court for an award of
indemnification by the corporation, and such court
(i)
may award indemnification to the extent authorized under
subsections 14A:3-5(2) and 14A:3-5(3) and shall award indemnification to the
extent required under subsection 14A:3-5(4), notwithstanding any contrary
determination which may have been made under subsection 14A:3-5(5); and
(ii)
may allow reasonable expenses to the extent authorized by, and
subject to the provisions of, subsection 14A:3-5(6), if the court shall find
that the corporate agent has by his pleadings or during the course of the
proceeding raised genuine issues of fact or law.
(b)
Application for such indemnification may be made
(i)
in the civil action in which the expenses were or are to be
incurred or other amounts were or are to be paid; or
(ii)
to the Superior Court in a separate proceeding. If the
application is for indemnification arising out of a civil action, it shall set
forth reasonable cause for the failure to make application for such relief in
the action or proceeding in which the expenses were or are to be incurred or
other amounts were or are to be paid.
The application shall set forth the disposition of any previous application for indemnification and
shall be made in such manner and form as may be required by the applicable rules of court or, in
the absence thereof, by direction of the court to which it is made. Such application shall be upon
notice to the corporation. The court may also direct that notice shall be given at the expense of
the corporation to the shareholders and such other persons as it may designate in such manner as it
may require.
(8) The indemnification and advancement of expenses provided by or granted pursuant to the
other subsections of this section shall not exclude any other rights, including the right to be
indemnified against liabilities and expenses incurred in proceedings by or in the right of the
corporation, to which a corporate agent may be entitled under a certificate of incorporation,
bylaw, agreement, vote of shareholders, or otherwise; provided that no indemnification shall be
made to or on behalf of a corporate agent if a judgment or other final adjudication adverse to the
corporate agent establishes that his acts or omissions (a) were in breach of his duty of loyalty to
the corporation or its shareholders, as defined in subsection (3) of N.J.S.14A:2-7, (b) were not in
good faith or involved a knowing violation of law or (c) resulted in receipt by the corporate agent
of an improper personal benefit.
(9) Any corporation organized for any purpose under any general or special law of this State
shall have the power to purchase and maintain insurance on behalf of any corporate agent against
any expenses incurred in any proceeding and any liabilities asserted against him by reason of his
being or having been a corporate agent, whether or not the corporation would have the power to
indemnify him
10
against such expenses and liabilities under the provisions of this section. The corporation
may purchase such insurance from, or such insurance may be reinsured in whole or in part by, an
insurer owned by or otherwise affiliated with the corporation, whether or not such insurer does
business with other insureds.
(10) The powers granted by this section may be exercised by the corporation, notwithstanding
the absence of any provision in its certificate of incorporation or bylaws authorizing the exercise
of such powers.
(11) Except as required by subsection 14A:3-5(4), no indemnification shall be made or expenses
advanced by a corporation under this section, and none shall be ordered by a court, if such action
would be inconsistent with a provision of the certificate of incorporation, a bylaw, a resolution
of the board of directors or of the shareholders, an agreement or other proper corporate action, in
effect at the time of the accrual of the alleged cause of action asserted in the proceeding, which
prohibits, limits or otherwise conditions the exercise of indemnification powers by the corporation
or the rights of indemnification to which a corporate agent may be entitled.
(12) This section does not limit a corporation's power to pay or reimburse expenses incurred
by a corporate agent in connection with the corporate agent's appearance as a witness in a
proceeding at a time when the corporate agent has not been made a party to the proceeding."
Item 8. Exhibits.
Exhibit No.
Description of Exhibits
3(i)
Articles of Incorporation:
*
-
Restated Certificate of Incorporation dated September 21, 1998 (Exhibit
3.1, Form 10-K for the fiscal year ended September 30, 1998 in File No.
1-3880).
*
-
Certificate of Amendment of Restated Certificate of Incorporation
(Exhibit 3(ii), Form 8-K dated March 14, 2005 in File No. 1-3880).
3(ii)
By-Laws:
*
-
By-Laws as amended on June 11, 2008 (Exhibit 3.1, Form 8-K dated June 16,
2008 in File No. 1-3880).
4
Instruments Defining the Rights of Security Holders, including Indentures:
*
-
Indenture dated as of October 15, 1974, between National Fuel Gas Company
and The Bank of New York Mellon (formerly Irving Trust Company) (Exhibit
2(b), File No. 2-51796).
*
-
Third Supplemental Indenture dated as of December 1, 1982, to Indenture
dated as of October 15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit 4(a)(4)
in File No. 33-49401).
*
-
Eleventh Supplemental Indenture dated as of May 1, 1992, to Indenture
dated as of October 15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit 4(b),
Form 8-K dated February 14, 1992 in File No. 1-3880).
*
-
Twelfth Supplemental Indenture dated as of June 1, 1992, to Indenture
dated as of October 15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit 4(c),
Form 8-K dated June 18, 1992 in File No. 1-3880).
*
-
Thirteenth Supplemental Indenture dated as of March 1, 1993, to Indenture
dated as of October 15, 1974, between National Fuel Gas Company and The
Bank of New York Mellon (formerly Irving Trust Company) (Exhibit 4(a)(14)
in File No. 33-49401).
*
-
Fourteenth Supplemental Indenture dated as of July 1, 1993 to Indenture
dated as of October 15, 1974 between National Fuel Gas Company and The
Bank of New York
11
Exhibit No.
Description of Exhibits
Mellon (formerly Irving Trust Company) (Exhibit 4.1,
Form 10-K for fiscal year ended September 30, 1993 in File No. 1-3880).
*
-
Amended and Restated Rights Agreement, dated as of December 4, 2008,
between the Company and The Bank of New York Mellon, as rights agent
(Exhibit 4.1, Form 8-K dated December 4, 2008 in File No. 1-3880).
5
Opinion re legality:
5.1
-
Opinion of Lowenstein Sandler PC, Counsel for National Fuel Gas Company.
23
Consents of experts and counsel:
23.1
-
Consent of PricewaterhouseCoopers LLP.
23.2
-
Consent of Lowenstein Sandler PC is contained in its opinion filed as
Exhibit 5.1 to this registration statement.
23.3
-
Consent of Netherland, Sewell
& Associates, Inc. regarding Seneca
Resources Corporation.
*
Incorporated herein by reference as indicated.
Item 9. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or
sales are being made, a post-effective amendment
to this registration statement:
(i)
To include any prospectus
required by Section 10(a)(3)
of the Securities Act of
1933;
(ii)
To reflect in the prospectus
any facts or events arising
after the effective date of
the registration statement
(or the most recent
post-effective amendment
thereof) which, individually
or in the aggregate,
represent a fundamental
change in the information
set forth in the
registration statement; and
(iii)
To include any material
information with respect to
the plan of distribution not
previously disclosed in the
registration statement or
any material change to such
information in the
registration statement;
provided, however, that paragraphs (a)(1)(i) and
(a)(1)(ii) do not apply if the information
required to be included in a post-effective
amendment by those paragraphs is contained in
reports filed with or furnished to the SEC by the
registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration
statement.
(2)
That, for the purpose of determining any
liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to
be a new registration statement relating to the
securities offered therein, and the offering of
such securities at that time shall be deemed to
be the initial bona fide offering thereof.
(3)
To remove from registration by means of a
post-effective amendment any of the securities
being registered which remain unsold at the
termination of the offering.
(4)
That, for purposes of determining any liability
under the Securities Act of 1933, each
12
filing of
the registrant's Annual Report pursuant to
Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 that is incorporated by
reference in the registration statement shall be
deemed to be a new registration statement
relating to the securities offered herein, and
the offering of such securities at that time
shall be deemed to be the initial bona fide
offering thereof.
(b)
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions
described under Item 6 above, or otherwise, the registrant has been
advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Securities Act of
1933, and will be governed by the final adjudication of such issue.
13
SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the Town of Amherst, State of New
York, on the 19th day of March, 2010.
NATIONAL FUEL GAS COMPANY
By:
/s/ D. F. Smith
D. F. Smith
Chairman of the Board, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this registration statement has
been signed by the following persons in the capacities and on the date indicated.
Signature
Title
Date
/s/ D. F. Smith
D. F. Smith
Chairman of the Board,
President, Chief Executive
Officer and Director
March 19, 2010
/s/ R. J. Tanski
R. J. Tanski
Treasurer and Principal
Financial Officer
March 19, 2010
/s/ K. M. Camiolo
K. M. Camiolo
Controller and Principal
Accounting Officer
March 19, 2010
/s/ P. C. Ackerman
P. C. Ackerman
Director
March 19, 2010
/s/ R. T. Brady
R. T. Brady
Director
March 19, 2010
/s/ R. D. Cash
R. D. Cash
Director
March 19, 2010
/s/ S. E. Ewing
S. E. Ewing
Director
March 19, 2010
Signature
Title
Date
/s/ R. E. Kidder
R. E. Kidder
Director
March 19, 2010
/s/ C. G. Matthews
C. G. Matthews
Director
March 19, 2010
/s/ G. L. Mazanec
G. L. Mazanec
Director
March 19, 2010
/s/ R. G. Reiten
R. G. Reiten
Director
March 19, 2010
/s/ F.V. Salerno
F. V. Salerno
Director
March 19, 2010
EXHIBIT INDEX
Exhibit
Number
Description of Exhibits
5.1
Opinion of Lowenstein Sandler PC, Counsel for National Fuel Gas Company.
23.1
Consent of PricewaterhouseCoopers LLP.
23.2
Consent of Lowenstein Sandler PC is contained in its opinion filed as
Exhibit 5.1 to this registration statement.
23.3
Consent of Netherland, Sewell & Associates, Inc. regarding Seneca
Resources Corporation.