BUNGERT MICHAEL G 4

What Happened
Michael G. Bungert, a director of Ryan Specialty Holdings, Inc. (RYAN), was granted and immediately vested in 4,615 restricted stock units (RSUs) on April 28, 2026. The Form 4 reports the acquisition as 4,615 shares at $0.00 (an award/compensation grant). Per the filing, Bungert elected to defer settlement of the vested RSUs until his separation from board service, so no shares were delivered for sale or transfer at the time of the grant.

Key Details

• Transaction date: 2026-04-28; Form 4 filed 2026-04-30 (timely within reporting window).
• Transaction type/code: Award/Grant (A). Reported price: $0.00.
• Quantity: 4,615 restricted stock units granted and vested immediately.
• Shares owned after transaction: not specified in the filing.
• Footnote F1: RSUs vested immediately but settlement deferred until separation from the board (so the director cannot currently sell these shares).
• Footnote F2: Grant was approved by the Board for purposes of Rule 16(b)(3) (board approval helps satisfy short-swing profit safe harbor requirements).

Context
RSUs are a form of compensation that give the holder the right to receive shares in the future (here, deferred until board departure). Because settlement is deferred and no cash changed hands, this is a compensation award rather than a market purchase or sale—common for non-employee directors. Such grants are informative about compensation practices but do not, by themselves, indicate insider buying or selling intent.