BORER MARK A 4

What Happened
Mark A. Borer, a director of Spire Inc. (SR), was awarded 1,640 time‑vested restricted shares (transaction code A) on February 5, 2026. The award is reported at a closing price of $85.27 per share, for a total reported value of $139,843. This was a grant/award (an acquisition) rather than an open‑market purchase or sale; the restricted shares vest on August 5, 2026.

Key Details

• Transaction date: 2026-02-05; filing date: 2026-02-06 (filed the next day).
• Price used: $85.27 per share (closing price on Feb 5, 2026).
• Shares granted: 1,640 restricted shares; total reported value: $139,843.
• Vesting: Time‑vested restricted stock vests August 5, 2026 (F1).
• Holdings/controls: The shares are held in a revocable family trust of which Mr. Borer and his spouse are trustees and share voting/dispositive power (F3).
• Related deferred compensation: The filing notes vested phantom stock in Mr. Borer’s deferred income plan that is the economic equivalent of common shares and payable in cash on a multi‑year schedule (see F4).
• Filing timeliness: Reported the day after the transaction (no late filing indicated).

Context
Restricted stock awards are company grants that typically cannot be sold until they vest; they are not the same as an open‑market purchase. The phantom stock referenced is a deferred, cash‑payable arrangement that mirrors economic exposure to shares and will be paid according to the schedule disclosed in the filing (lump sum in Jan 2028, annual and lump payments beginning in Jan 2030–2032) — it does not represent immediately tradeable shares.