COLLINS MICHELLE L 4

What Happened
Michelle L. Collins, a director of Ryan Specialty Holdings, was granted 5,757 restricted stock units (RSUs) on April 28, 2026. The RSUs vested immediately upon grant at a reported acquisition price of $0.00 (no cash exchanged); the reporting form notes settlement of these RSUs has been deferred until her separation from board service. The grant was approved by the company’s board for purposes of Rule 16(b)(3).

Key Details

• Transaction date and price: 2026-04-28; Grant/Award (code A) of 5,757 RSUs at $0.00.
• Report filing: Form 4 filed 2026-04-30 (appears to be timely).
• Shares owned/other holdings: Filing notes this includes 16,219 RSUs that vested immediately and for which settlement has been deferred (per footnote).
• Compliance note: Board approval recorded under Rule 16(b)(3), which addresses certain insider transaction exemptions.
• Nature of transaction: Award/grant (not a purchase or sale); no proceeds or cash paid/received.

Context
RSU grants that vest immediately but have deferred settlement mean the director earns the right to shares but will not receive the underlying shares (or sell them) until a later event (here, separation from board service). Such awards are standard compensation and do not, by themselves, signal a buy/sell decision by the insider.