Roche James Morgan 4

What Happened

• Roche James Morgan, President of The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations, was granted 240,000 restricted shares of Class A common stock on 2026-02-26. The shares were issued at $0.00 (award/grant). The grant is governed by his restricted stock award agreement and a Second Amended and Restated Employment Agreement dated February 26, 2026.

Key Details

• Transaction date: 2026-02-26 (Form 4 filed 2026-02-27)
• Transaction type/code: Award/Grant (Code A)
• Shares granted: 240,000 Class A restricted shares; acquisition price reported as $0.00
• Vesting: Four equal installments on Jan 1 of 2027, 2028, 2029 and 2030 (per footnote)
• Shares owned after transaction: Not specified in this filing
• Filing timeliness: Filed one day after the transaction (appears timely)

Context

• This was a restricted stock award (compensation), not an open-market purchase or sale. Such grants are common for executive compensation and vest over time; they do not by themselves indicate near-term buying or selling intent.