Knife River (KNF) director Karen Fagg receives 2,380 restricted stock units award

Rhea-AI Filing Summary

Fagg Karen B reported acquisition or exercise transactions in this Form 4 filing.

Knife River Corp director Karen B. Fagg received an equity grant of 2,380 restricted stock units. These RSUs vest on the day immediately before the company’s next annual stockholder meeting, as long as she continues serving on the board. After this award, she holds 33,317 shares of common stock directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Fagg Karen B

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,380	$0.00	--

Holdings After Transaction: Common Stock — 33,317 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 2,380 units Holdings after transaction: 33,317 shares Transaction code: A (grant, award, or other acquisition) +1 more

4 metrics

RSUs granted 2,380 units Restricted stock units awarded to director on May 20, 2026

Holdings after transaction 33,317 shares Total Knife River common stock held directly after grant

Transaction code A (grant, award, or other acquisition) Indicates equity award rather than open-market trade

Vesting condition Before next annual meeting RSUs vest immediately prior to next Knife River annual stockholder meeting

Key Terms

restricted stock units (RSUs), contingent right, grant, award, or other acquisition, Common Stock

4 terms

restricted stock units (RSUs) financial

"Represents restricted stock units (RSUs) that vest on the day immediately prior to the date of the next Knife River Corporation annual meeting"

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

contingent right financial

"Each RSU represents the contingent right to receive one share of the issuer's common stock"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Common Stock financial

"security_title: Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

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^*

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)
05/20/2026

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	05/20/2026		A		2,380(1)	A	$0.0000	33,317	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

Explanation of Responses:

1. Represents restricted stock units (RSUs) that vest on the day immediately prior to the date of the next Knife River Corporation (the "issuer") annual meeting of stockholders occurring after the date of grant and subject to the reporting person continuing in service on the board of directors of the issuer through such vesting date. Each RSU represents the contingent right to receive one share of the issuer's common stock.

	/s/ Karl A. Liepitz, Power of Attorney	05/21/2026
	** 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 Knife River (KNF) report for Karen B. Fagg?

Knife River reported that director Karen B. Fagg received 2,380 restricted stock units as a grant. The award is a form of equity compensation rather than an open-market purchase, increasing her direct stake in Knife River’s common stock holdings.

How many Knife River (KNF) shares does Karen B. Fagg hold after this Form 4?

After the reported grant, Karen B. Fagg holds 33,317 shares of Knife River common stock directly. This figure includes the effect of the 2,380 restricted stock units awarded as part of her board compensation, according to the Form 4 disclosure.

What are the vesting terms of Karen B. Fagg’s new Knife River RSUs?

The 2,380 restricted stock units vest on the day immediately before Knife River’s next annual stockholder meeting. Vesting is contingent on Karen B. Fagg continuing to serve on the board of directors through that vesting date, as described in the Form 4 footnote.

Does the Knife River (KNF) Form 4 show a stock purchase or sale by Karen B. Fagg?

The Form 4 shows an acquisition through a grant of restricted stock units, not an open-market purchase or sale. The transaction is coded as an award, reflecting equity compensation rather than trading activity in Knife River shares on the market.

What does each restricted stock unit granted by Knife River represent?

Each restricted stock unit represents a contingent right to receive one share of Knife River common stock. The shares are issued only if vesting conditions are met, including Karen B. Fagg’s continued service on the company’s board until the specified vesting date.