Baldwin Insurance (BWIN) director gets stock grant, shares withheld for tax

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. director Paul Eugene Sparks reported compensation-related stock activity in the company’s Class A common stock. He received a grant of 2,275 shares of Class A common stock at a price of $0.00 per share, reflecting an award rather than a market purchase. Of these, 784 shares were withheld by the issuer at $21.53 per share to satisfy income tax withholding obligations, leaving 1,491 shares held directly after the transactions.

In addition to his direct holdings, Sparks reports indirect ownership of Class A common stock through several vehicles. These include 996,706 shares held by Sparks 5280VC, LLC, 96,787 shares held by the Paul Sparks Inheritor's Trust for which he acts as trustee, and 18,042 shares held by his individual retirement account, for which he remains the beneficial owner.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Sparks Paul Eugene

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	2,275	$0.00	--
Tax Withholding	Class A Common Stock	784	$21.53	$17K
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 2,275 shares (Direct); Class A Common Stock — 996,706 shares (Indirect, By Sparks 5280VC, LLC)

Footnotes (1)

1. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the grant of restricted Class A common stock reported on this Form 4. These shares are directly held by the Paul Sparks Inheritor's Trust, for which such Reporting Person acts as trustee. These shares are directly held by such Reporting Person's individual retirement account, for which the Reporting Person remains the beneficial owner.

Key Figures

Stock grant: 2,275 shares Tax withholding shares: 784 shares Tax withholding price: $21.53 per share +4 more

7 metrics

Stock grant 2,275 shares Class A Common Stock award at $0.00 per share

Tax withholding shares 784 shares Withheld by issuer to satisfy income tax obligations

Tax withholding price $21.53 per share Price used for shares withheld for taxes

Direct holdings after transactions 1,491 shares Class A Common Stock held directly by Paul Sparks

Indirect holdings via Sparks 5280VC, LLC 996,706 shares Class A Common Stock held indirectly through LLC

Indirect holdings via Inheritor's Trust 96,787 shares Held by Paul Sparks Inheritor's Trust where he is trustee

Indirect holdings via IRA 18,042 shares Held by individual retirement account, beneficially owned

Key Terms

restricted Class A common stock, income tax withholding obligations, individual retirement account, indirect ownership

4 terms

restricted Class A common stock financial

"in connection with the grant of restricted Class A common stock reported on this Form 4"

income tax withholding obligations financial

"shares withheld by the issuer to satisfy income tax withholding obligations"

individual retirement account financial

"directly held by such Reporting Person's individual retirement account"

indirect ownership financial

"These shares are directly held by the Paul Sparks Inheritor's Trust"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sparks Paul Eugene

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FLORIDA 33607

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Baldwin Insurance Group, Inc. [ BWIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	04/01/2026		A		2,275	A	$0	2,275	D
Class A Common Stock	04/01/2026		F		784(1)	D	$21.53	1,491	D
Class A Common Stock								996,706	I	By Sparks 5280VC, LLC
Class A Common Stock								96,787	I	By Trust(2)
Class A Common Stock								18,042	I	By IRA(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares withheld by the issuer to satisfy income tax withholding obligations in connection with the grant of restricted Class A common stock reported on this Form 4.

2. These shares are directly held by the Paul Sparks Inheritor's Trust, for which such Reporting Person acts as trustee.

3. These shares are directly held by such Reporting Person's individual retirement account, for which the Reporting Person remains the beneficial owner.

Remarks:

	/s/ Seth Cohen, as Attorney-in Fact, for Paul Sparks	04/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Paul Sparks report for Baldwin Insurance Group (BWIN)?

Paul Sparks reported receiving a grant of 2,275 shares of Baldwin Insurance Group Class A common stock. The award was a compensation grant at $0.00 per share, not an open-market purchase, and increases his direct equity exposure to the company.

How many Baldwin Insurance Group (BWIN) shares were withheld for taxes in this Form 4?

The filing shows 784 shares of Class A common stock withheld by the issuer at $21.53 per share. These shares covered income tax withholding obligations related to the restricted stock grant reported in the same Form 4 filing.

What are Paul Sparks’ direct Baldwin Insurance Group (BWIN) holdings after the reported transactions?

After the grant and related tax withholding, Paul Sparks directly holds 1,491 shares of Baldwin Insurance Group Class A common stock. This figure reflects his personal direct ownership position, separate from shares held through entities and retirement accounts.

What indirect Baldwin Insurance Group (BWIN) holdings are associated with Paul Sparks?

The Form 4 lists 996,706 shares held by Sparks 5280VC, LLC, 96,787 shares held by the Paul Sparks Inheritor's Trust, and 18,042 shares held by his individual retirement account. These positions are reported as indirect ownership interests in Baldwin Insurance Group.

Was the Baldwin Insurance Group (BWIN) tax-withholding transaction an open-market sale?

No. The 784 shares were withheld by the issuer to satisfy income tax obligations tied to the restricted stock grant. This type of F-code transaction is a tax-withholding disposition, not an open-market sale initiated for portfolio or valuation reasons.

Is the Form 4 filing for Baldwin Insurance Group (BWIN) a routine compensation event?

Yes. The primary transaction is an A-code grant of 2,275 shares of Class A common stock, a typical equity compensation award. The accompanying F-code withholding of 784 shares reflects standard tax handling of that compensation rather than discretionary trading.