Knife River director granted phantom stock units

Knife River Corp director Karen B. Fagg acquired 221.676 shares of phantom stock on March 31, 2026, as a grant classified as a grant, award, or other acquisition.

Rhea-AI Filing Summary

Knife River Corp director Karen B. Fagg acquired 221.676 shares of phantom stock on March 31, 2026, as a grant classified as a grant, award, or other acquisition. Each phantom share is economically equivalent to one share of Knife River common stock.

The phantom stock becomes payable in cash when Fagg’s service as a director ends, so this is a cash-settled compensation award rather than an open-market stock trade. After this grant, she holds 1,061.659 phantom stock units and 30,937 shares of common stock directly.

Insider Trade Summary

Grant/Award: 221.676 shares

Grant/Award 2 txns

Insider Fagg Karen B

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	221.676	$79.508	$18K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 1,061.659 contracts (Direct); Common Stock — 30,937 shares (Direct)

Footnotes (1)

1. F1. Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.

Key Figures

Phantom stock grant: 221.676 units Reference price per phantom unit: $79.508 Total phantom stock after grant: 1,061.659 units +1 more

4 metrics

Phantom stock grant 221.676 units Grant to director on March 31, 2026

Reference price per phantom unit $79.508 Economic equivalent per common share

Total phantom stock after grant 1,061.659 units Director’s phantom stock balance following transaction

Common stock holdings 30,937 shares Direct Knife River common shares held after reported date

Key Terms

Phantom Stock, economic equivalent, payable in cash, termination of service as a director

4 terms

Phantom Stock financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

economic equivalent financial

"Each share of phantom stock is the economic equivalent of one share of common stock."

payable in cash financial

"The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director."

termination of service as a director financial

"The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Knife River (KNF) director Karen B. Fagg report in this Form 4?

Karen B. Fagg reported receiving a grant of 221.676 phantom stock units tied to Knife River common stock. This award is compensation, not an open-market trade, and increases her total phantom stock holdings to 1,061.659 units alongside 30,937 common shares.

What is the size and reference value of the phantom stock grant at Knife River (KNF)?

The grant covers 221.676 phantom stock units at a reference price of $79.508 per unit. Each phantom unit is economically equivalent to one common share, aligning director compensation with Knife River’s share value over time without issuing new shares immediately.

How and when will Karen B. Fagg’s Knife River (KNF) phantom stock be paid?

The phantom stock units will be settled in cash when Fagg’s service as a director ends. Until then, the units track the economic value of Knife River common stock, functioning as deferred, cash-settled compensation rather than deliverable shares.

How many Knife River (KNF) phantom stock units does Karen B. Fagg hold after this grant?

Following the grant, Fagg holds 1,061.659 phantom stock units. These units mirror the value of Knife River common shares and will be paid in cash upon her termination of board service, reinforcing long-term alignment with shareholder value during her tenure.

What are Karen B. Fagg’s direct common stock holdings in Knife River (KNF)?

The filing shows Fagg directly holding 30,937 Knife River common shares after the reported date. This position is separate from her 1,061.659 phantom stock units, which are cash-settled. Together, they outline her combined equity-linked exposure to Knife River.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 04/01/2026 - 05:41 PM EDT Learn about SEC filing dates

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^*

Fagg Karen B

(Last) (First) (Middle)

1150 WEST CENTURY AVENUE

(Street)

BISMARCK NORTH DAKOTA 58503

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Knife River Corp [ KNF ]

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)
03/31/2026

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
Common Stock								30,937	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
Phantom Stock	(1)	03/31/2026		A		221.676		(1)	(1)	Common Stock	221.676	$79.508	1,061.659	D

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.

	/s/ Karl A. Liepitz, Power of Attorney	04/01/2026
	** 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)