[Form 4] Citizens, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cynthia H. Davis, a director of Citizens, Inc. (CIA), reported multiple equity transactions on Form 4 covering activity from 1 January to 20 June 2025.

• Open-market/plan purchases: Six monthly purchases under the Citizens Stock Investment Plan added a combined 398.80 shares at prices between $3.77 and $5.00, increasing direct ownership to 31,506.38 shares prior to the June events.
• RSU vesting & share issuance: On 18 June 2025, 14,035 restricted stock units (RSUs) vested and were automatically converted to Class A common shares at a zero exercise price (code “M”), lifting total directly held shares to 45,541.38.
• Fractional share sale: 0.3809 fractional shares were sold for $3.40 (code “J”) to clear the plan account; net proceeds to the insider were $0.00.
• New equity incentive grant: On 17 June 2025, Davis received a new award of 12,012 RSUs that will vest on 17 June 2026. After the grant, she holds 12,012 derivative RSUs in addition to the common shares above.

Post-transaction beneficial ownership now stands at 45,541 common shares directly plus 12,012 unvested RSUs. The filings indicate a continued increase in insider equity exposure, aligning director incentives with shareholder interests. Given Citizens’ modest share price (recent transactions executed around $3.77-$5.00), the cumulative dollar value of new ownership (~$200k) is immaterial to the company’s capitalization but may signal confidence from the board member.

Insights

Corporate Governance Specialist

TL;DR: Director boosted direct stake by 45% via RSU vesting and ongoing plan purchases—positive alignment, limited market impact.

The bulk of the change is the vesting of 14,035 RSUs, a scheduled incentive event, taking Davis’ direct holdings from ~31.5k to 45.5k shares. Combined with the fresh 12,012-unit grant, the director’s unvested equity now equals roughly 26% of her direct ownership, ensuring a multi-year performance horizon. The small monthly purchases, though modest in size, demonstrate consistent participation in the employee stock plan. No open-market sales were reported aside from the negligible fractional share clearance, eliminating any negative signalling. From a governance lens, increasing insider skin-in-the-game is generally viewed favorably, but the absolute share count remains too small relative to CIA’s public float to materially affect control or liquidity.

Securities Analyst

TL;DR: Routine equity events; neutral valuation impact; mildly bullish insider signal.

Transaction code mix (L, M, J) shows plan buys, incentive conversion, and housekeeping sale. The new RSU grant continues the company’s standard director compensation structure. The zero-cost conversion adds ~$64k of stock (at ~$4.60) to Davis’ account, while total direct holdings approximate $210k—minor versus CIA’s market cap. Historical studies show insider purchases correlate with positive future returns, but the small dollar amounts and absence of open-market buys temper that inference. Investors should treat this Form 4 as routine, with no immediate earnings or cash-flow implications.

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
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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 CYNTHIA H

(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)
01/03/2025

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	01/03/2025		L(1)		63.6993	A	$4.68	31,171.2767	D
Citizens, Inc. Class A Common Stock	01/31/2025		L(1)		59.6625	A	$5	31,230.9392	D
Citizens, Inc. Class A Common Stock	02/28/2025		L(1)		59.6306	A	$5	31,290.5698	D
Citizens, Inc. Class A Common Stock	03/31/2025		L(1)		65.3962	A	$4.56	31,355.966	D
Citizens, Inc. Class A Common Stock	05/02/2025		L(1)		71.3675	A	$4.17	31,427.3335	D
Citizens, Inc. Class A Common Stock	05/30/2025		L(1)		79.0474	A	$3.77	31,506.3809	D
Citizens, Inc. Class A Common Stock	06/18/2025		M		14,035	A	(2)	45,541.3809	D
Citizens, Inc. Class A Common Stock	06/18/2025		J(3)		0.3809	D	$3.4	45,541	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		(4)	(4)	Class A Common Stock	12,012	$0	12,012	D
Restricted Stock Units	(2)	06/18/2025		M			14,035	(5)	(5)	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. These fractional shares were sold through Computershare, plan administrator for the Citizens, Inc. Stock Investment Plan. The net proceeds of the sale to the holder was $0.00.

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

5. 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.
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