LaFave Bleau 4

What Happened

• LaFave Bleau, VP — Business Development & Asset Management at NorthWestern Energy, received 671 shares on 2026-02-27 as the vesting payout of performance units (code A). The report values those shares at $68.45 each for a total of $45,930 (per footnote: price = closing price on 2026-02-11). To satisfy tax withholding (code F), 198 of the shares were surrendered (disposed) at $0.00.

Key Details

• Transaction date: 2026-02-27 (reported on Form 4 filed 2026-03-02)
• Award: 671 shares acquired at $68.45 (total $45,930)
• Tax withholding: 198 shares withheld/disposed at $0.00 to cover tax liabilities
• Footnotes: F1 — shares resulted from 12/31/2025 vesting of 2023 Long-Term Incentive Program performance units; F2 — $68.45 is the 2/11/2026 closing price when the Board approved payout
• Shares owned after the transactions: not specified in the provided filing excerpt
• Timeliness: Form 4 was filed 2026-03-02 for a 2026-02-27 transaction (filed within the normal two-business-day window)

Context

• These transactions reflect vested long-term incentive awards converting to common shares, with a portion withheld for taxes — a routine administrative step rather than an open-market sale. This is not an exercise-and-sell or discretionary sale; no immediate cash sale of shares was reported.