RYAN PATRICIA A. 4

What Happened
Patricia A. Ryan, Chief Legal Officer of Skyward Specialty Insurance Group, was granted a total of 15,141 equity units on February 25, 2026. The filing shows four awards (transaction code A) at $0.00 per unit (i.e., equity compensation): two RSU grants (1,442 and 10,815 RSUs) and two PSU grants (each 1,442 PSUs). These are awards/derivative grants, not open-market purchases or sales.

Key Details

• Transaction date: February 25, 2026; Form 4 filed Feb 27, 2026 (timely within the 2-business-day window).
• Units granted: 15,141 total = 12,257 RSUs (1,442 + 10,815) and 2,884 PSUs (1,442 + 1,442).
• Price: $0.00 per unit (award/grant; no cash paid).
• Vesting / payout:
  • 1,442 RSUs vest 100% on Jan 1, 2029.
  • 10,815 RSUs vest 50% on Jan 1, 2029 and 50% on Jan 1, 2030.
  • Each 1,442 PSU award vests Dec 31, 2028 and pays out 0%–200% of target depending on performance.
• Shares owned after transaction: not specified in the filing.
• Transaction code: A = Award/Grant; these are derivative awards (see footnotes explaining RSU/PSU mechanics).

Context
RSUs are rights to receive shares upon vesting; PSUs are performance-based units whose final payout can exceed or fall below target depending on goals (here 0–200%). Such grants are routine components of executive compensation and do not represent an immediate cash investment or sale. The filing appears timely; nothing in the submission indicates a sale, exercise, or tax withholding event.