Madsen Sarah E 4

What Happened
Sarah E. Madsen, Chief Legal Officer of United Fire Group, had 613 shares withheld to satisfy tax withholding related to the vesting of restricted stock units (RSUs). The withheld shares were valued at $36.40 each, for a total of $22,313. This was a tax-withholding disposition (transaction code F), a routine event when RSUs vest rather than an active open-market sale.

Key Details

• Transaction date: 2026-03-20; Price: $36.40 per share; Total value withheld: $22,313.
• Transaction type/code: F — tax withholding (shares surrendered to cover tax liability upon RSU vesting).
• Footnote: F1 — Represents payment of tax liability by withholding shares incident to the vesting of RSUs.
• Shares owned after transaction: not specified in the filing.
• Filing date: 2026-03-24 — filed on time (Form 4 due within two business days after the 3/20 transaction).

Context
Tax-withholding dispositions for vested RSUs are routine and do not necessarily indicate a change in the insider’s view of the company. This is a non-purchase disposition used solely to satisfy tax obligations, not an open-market sale signaling sentiment.