Roche James Morgan 4

What Happened

• Roche James Morgan (James Roche), President of The Baldwin Group and CEO, Underwriting, Capacity and Technology Operations, had 501 shares of Baldwin Insurance Group, Inc. withheld to satisfy income tax withholding obligations related to the vesting of restricted Class A common stock. The shares were valued at $21.06 each, totaling $10,551 (transaction reported as a disposition under code F).

Key Details

• Transaction date: 2026-03-15; filing date: 2026-03-17 (timely).
• Price per share: $21.06; shares withheld/disposed: 501; total value: $10,551.
• Transaction code: F — shares withheld by issuer to cover taxes (not an open-market sale).
• Footnote: Withholding relates to vesting of restricted Class A common stock reported on a Form 3 filed 2024-01-26.
• Shares owned after transaction: Not disclosed in this filing.

Context

• This was a tax-withholding disposition (issuer withheld shares to cover taxes on vesting), not a voluntary sale or market purchase. Such withholdings are routine administrative actions tied to equity compensation and do not by themselves indicate a change in the insider’s view of the company.