Bunch Michelle Caroline 4

4 · TWFG, Inc. · Filed Apr 2, 2026

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Updated Apr 2, 2026

TWFG Director Michelle Bunch Receives RSU Awards; Tax Withholding

What Happened

Michelle Caroline Bunch, a director of TWFG, received awards (RSUs) totaling 31,500 shares on March 31, 2026. The awards are reported as two grants: 4,000 RSUs and 27,500 RSUs (both recorded at $0.00 per share).
Separately, 2,133 shares were disposed (withheld) at $18.39 per share to satisfy tax withholding obligations, generating a withholding value of $39,226. The withheld shares were elected by Mr. Bunch for tax purposes (see footnote).

Key Details

Transaction date: 2026-03-31 (filed on 2026-04-02).
Grants: 4,000 RSUs @ $0.00 (F1); 27,500 RSUs @ $0.00 (F2). Withholding: 2,133 shares @ $18.39 for taxes = $39,226 (F3).
Vesting: The 4,000 RSUs (F1) vest in full on the first anniversary of the grant, subject to continued service. The 27,500 RSUs (F2) were granted to her husband and vest in three equal installments on 3/31/2027, 3/31/2028, and 3/31/2029, subject to continued service.
Shares owned after transaction: not specified in this filing; footnote F4 notes family and LLC holdings are reported separately/individually.
Filing timeliness: Form 4 filed April 2, 2026 for 3/31/2026 transactions — appears to be timely.

Context

These entries are awards (RSUs) and a tax-withholding disposition; the withheld shares are not an open-market sale but were retained to cover tax obligations on RSU releases.
The 27,500-share grant relates to Mr. Bunch (her husband) and is included here due to deemed pecuniary interests; holdings are reported for family members and an LLC separately.

Form 4

Period: 2026-03-31

Director

Transactions

Award
Class A Common Stock
[F1]
2026-03-31+4,000→ 15,967 total
Award
Class A Common Stock
[F2]
2026-03-31+27,500→ 333,462 total(indirect: By Spouse)
Tax Payment
Class A Common Stock
[F3]
2026-03-31$18.39/sh−2,133$39,226→ 331,329 total(indirect: By Spouse)

Holdings

Footnotes (4)

[F1]Represents restricted stock units ("RSUs") granted to the reporting person in her capacity as a director of the issuer. The RSUs vest in full on the first anniversary of the grant date, subject to her continued service as a director through the vesting date.
[F2]Represents RSUs granted to her husband ("Mr. Bunch") under the 2024 Omnibus Incentive Plan. The RSUs vest in three equal annual installments on March 31, 2027, March 31, 2028, and March 31, 2029, subject to his continued service with the issuer through each vesting date.
[F3]Represents the shares withheld at the election of Mr. Bunch to satisfy tax withholding obligations in connection with the release of RSUs.
[F4]Represent shares of Class A Common Stock held by Mr. Bunch, sons and Bunch Family Holdings, LLC (the "LLC"). The holdings lines reflect the individual holdings of the distinct indirect forms of deemed pecuniary interest instead of reporting them in an aggregated form.

Signature

/s/ Julie E. Benes, as Attorney-in-Fact for Michelle C. Bunch|2026-04-02

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