BIRD BRIAN B 4

What Happened

• Brian B. Bird, President, CEO and Director of NorthWestern Energy Group, received 20,864 shares on 2026-02-27 upon vesting of performance units under the company's 2023 Long-Term Incentive Program. The shares are valued at $68.45 each (closing price used), for a total award value of about $1,428,141. To satisfy tax withholding, 7,341 of those shares were withheld (treated as a disposition) with no cash reported.

Key Details

• Transaction date: 2026-02-27 (vesting/payment); Form 4 filed 2026-03-02 (appears timely).
• Award type/code: A = grant/award (vesting of performance units); F = shares withheld to pay tax liability.
• Price used for valuation: $68.45 per share (closing price on 2026-02-11, Board approval date).
• Award value: ~ $1,428,141; shares withheld approximate value: ~ $502,491.
• Shares owned after transaction: total beneficial ownership not specified in the filing; filing notes total includes ESPP participation and dividend reinvestment.
• Footnotes: F1 — vesting occurred 12/31/2025; F2 — price is 2/11/26 closing price when Board approved payout; F3 — total ownership includes ESPP and dividend reinvestment.

Context

• This was a compensation-related vesting of performance units, not an open-market purchase or sale by the insider, so it is generally routine executive compensation rather than a direct bullish/sell signal. The withholding of shares to cover taxes is a common administrative step and not an indication of a market sale beyond meeting tax obligations.