[Form 4] Citizens, Inc. Insider Trading Activity

Rhea-AI Filing Summary

CITIZENS, INC. (CIA) – Form 4 insider activity for Director Jerry Davis

The filing discloses two separate equity transactions and one new equity award:

• 05/30/2025 (Code L): Davis purchased 526.9977 Class A shares through the Stock Investment Plan at $3.77 per share.
• 06/18/2025 (Code M): 14,035 shares were issued on settlement of previously granted Restricted Stock Units (RSUs) that vested on 06/18/2025.
• 06/17/2025 (Code A): Davis received a new grant of 12,012 RSUs that will vest on 06/17/2026.

Following the reported acquisitions, Davis’ direct ownership of Class A common stock increased to 70,327.6676 shares. The director now holds 12,012 un-vested RSUs and no other derivative securities from prior grants. No dispositions of common shares occurred.

Positive

• Director increased direct ownership by 14,561.9977 shares, signalling confidence in CIA’s prospects.
• New 12,012 RSU grant extends equity-based retention for another year without immediate dilution to the float.

Negative

• None.

Insights

Securities Analyst

TL;DR: Director boosted stake by ~14.6k shares; fresh 12k RSU grant signals retention.

The filing shows continual accumulation: a modest payroll-plan purchase and the full conversion of vested RSUs, taking Davis’ direct share count above 70k. The absence of any share sales is generally viewed as an alignment-of-interest signal. While share volumes are immaterial relative to CIA’s public float, insiders buying rather than selling can support investor sentiment, especially for smaller-cap insurers where governance signals carry weight.

Corporate Governance Expert

TL;DR: Grant of 12,012 one-year RSUs refreshes equity incentives; no red flags.

The company granted a standard one-year vesting RSU tranche, consistent with prevailing director compensation practices. The prior grant vested on schedule and was converted without any discretionary acceleration or sales, indicating procedural compliance. No Section 16 termination or 10b5-1 plan usage was checked, so transactions appear routine. Overall, governance impact is neutral-to-positive.

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^*

Davis Jerry

(Last) (First) (Middle)

11815 ALTERRA PARKWAY, SUITE 1500

(Street)

AUSTIN TX 78758

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CITIZENS, INC. [ CIA ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
05/30/2025

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

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

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

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
Citizens, Inc. Class A Common Stock	05/30/2025		L(1)		526.9977	A	$3.77	56,292.6676	D
Citizens, Inc. Class A Common Stock	06/18/2025		M		14,035	A	(2)	70,327.6676	D

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
Restricted Stock Units	(2)	06/17/2025		A		12,012		(3)	(3)	Class A Common Stock	12,012	$0	12,012	D
Restricted Stock Units	(2)	06/18/2025		M			14,035	(4)	(4)	Class A Common Stock	14,035	$0	0	D

Explanation of Responses:

1. These shares were purchased through the Citizens, Inc. Stock Investment Plan as part of regular monthly payroll deduction.

2. Each restricted stock unit represents a contingent right to receive one share of Citizens, Inc. Class A common stock.

3. On June 17, 2025, the reporting person was granted 12,012 restricted stock units, vesting on June 17, 2026.

4. On June 18, 2024, the reporting person was granted 14,035 restricted stock units, vesting on June 18, 2025.

Remarks:

	/s/Sheryl Kinlaw, Attorney-in-Fact	06/20/2025
	** 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.

FAQ

How many CIA shares did director Jerry Davis purchase on 05/30/2025?

Davis acquired 526.9977 Class A shares at $3.77 each through the Stock Investment Plan.

How many shares were issued upon RSU vesting on 06/18/2025 for CIA?

14,035 Class A shares were delivered when the 06/18/2024 RSU grant vested.

What is Jerry Davis’s total direct ownership in Citizens, Inc. after the transactions?

Following the reported transactions, Davis directly owns 70,327.6676 shares of CIA common stock.

How many new Restricted Stock Units did Jerry Davis receive on 06/17/2025?

The director received 12,012 RSUs that will vest on 06/17/2026.

Were any CIA shares sold by the director in this Form 4 filing?

No. The filing shows only acquisitions and RSU grant/settlement; no common shares were sold.