Knife River director Karen B. Fagg gets 330-share award

The phantom-stock award is payable in cash upon termination of Karen B. Fagg's service as a director.

Rhea-AI Filing Summary

On September 30, 2026, Knife River Corp director Karen B. Fagg received an award of 330 phantom-stock shares at a reported $53.4330 per share. Each phantom share is the economic equivalent of one common share and becomes payable in cash upon termination of her service as a director. After the award, her reported phantom-stock holdings were 1,589 shares; she also directly held 33,317 common shares.

Insider Trade Summary

Grant/Award: 329.852 shares

Grant/Award 2 txns

Insider Fagg Karen B

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock F1	329.852	$53.433	$18K
holding	Common Stock	--	--	--

Holdings After Transaction: Phantom Stock — 1,588.99 contracts (Direct); Common Stock — 33,317 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 award: 330 shares Reported award price: $53.4330 per share Phantom stock holdings: 1,589 shares +1 more

4 metrics

Phantom-stock award 330 shares Awarded September 30, 2026

Reported award price $53.4330 per share Phantom-stock award on September 30, 2026

Phantom stock holdings 1,589 shares Following the award on September 30, 2026

Direct common stock holdings 33,317 shares Reported September 30, 2026

Key Terms

Phantom Stock, economic equivalent, payable in cash upon the reporting person's termination of service as a director

3 terms

Phantom Stock financial

"Each share of phantom stock is the economic equivalent"

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

"the economic equivalent of one share of common stock"

payable in cash upon the reporting person's termination of service as a director financial

"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.

How many phantom shares did KNF director Karen B. Fagg receive?

Karen B. Fagg received 330 phantom-stock shares on September 30, 2026, at a reported $53.4330 per share. Her reported phantom-stock holdings after the award were 1,589 shares.

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

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Available on EDGAR 10/01/2026 - 04:55 PM Accepted by SEC EDGAR 10/01/2026 - 04:54 PM 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)
09/30/2026

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								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
Phantom Stock	(1)	09/30/2026		A		329.852		(1)	(1)	Common Stock	329.852	$53.433	1,588.99	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	10/01/2026
	** 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)