NorthWestern Energy (NWE) director awarded 524 deferred share units

Rhea-AI Filing Summary

HORSFALL JAN ROBERT reported acquisition or exercise transactions in this Form 4 filing.

NorthWestern Energy Group, Inc. reported that director Jan Robert Horsfall received a grant of 524 deferred share units of common stock as his third‑quarter 2026 stock grant for non‑employee directors at a grant price of $71.62 per share. After this award, his direct holdings total 11,670 shares, including dividend reinvestment and underlying deferred share units that will be issuable after his service ends.

Insider Trade Summary

Net Buyer: 524 shares

Net Buy 1 txn

Insider HORSFALL JAN ROBERT

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3, F4	524	$71.62	$38K

Holdings After Transaction: Common Stock — 11,670 shares (Direct)

Footnotes (4)

1. F1. Third quarter stock grant for 2026 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.
2. F2. Includes underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company.
3. F3. Grant price as of June 30, 2026. Shares issued as deferred share units on August 06, 2026.
4. F4. Includes shares acquired from dividend reinvestment.

Key Figures

Shares granted: 524 shares Grant price: $71.62 per share Shares following transaction: 11,670 shares +1 more

4 metrics

Shares granted 524 shares Third quarter 2026 stock grant to non-employee director

Grant price $71.62 per share Grant price as of June 30, 2026 for director stock grant

Shares following transaction 11,670 shares Direct holdings after August 6, 2026 award, including dividend reinvestment and deferred units

Transaction date August 6, 2026 Date shares were issued as deferred share units

Key Terms

deferred share units, dividend reinvestment, compensation rate schedule

3 terms

deferred share units financial

"Includes underlying deferred share units that are issuable subsequent to the reporting person's termination"

Deferred share units are promises that give an executive or director the right to receive company shares or their cash value at a future date, often when they retire or leave the company. Think of them as a paycheck held in a savings account that converts into stock later; they matter to investors because they tie pay to long-term performance, create potential future dilution of shares, and represent a delayed cash or share obligation the company must eventually fulfill.

dividend reinvestment financial

"Includes shares acquired from dividend reinvestment."

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

compensation rate schedule financial

"Third quarter stock grant for 2026 received pursuant to the ... compensation rate schedule for non-employee directors."

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

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Available on EDGAR 08/06/2026 - 02:22 PM Accepted by SEC EDGAR 08/06/2026 - 02:21 PM Learn about SEC filing dates

FAQ

What did NorthWestern Energy (NWE) director Jan Robert Horsfall receive in this report?

Jan Robert Horsfall received a stock-based award of 524 deferred share units of NorthWestern Energy common stock as his third‑quarter 2026 grant for non‑employee directors, based on a grant price of $71.62 per share set as of June 30, 2026.

How many NorthWestern Energy (NWE) shares does Jan Robert Horsfall hold after this grant?

After the award, Jan Robert Horsfall directly holds 11,670 NorthWestern Energy shares. This figure includes shares acquired through dividend reinvestment and underlying deferred share units that will be issuable after his service with the company ends, as described in the report’s footnotes.

When were Jan Robert Horsfall’s new NWE deferred share units priced and issued?

The third‑quarter 2026 grant to Jan Robert Horsfall used a grant price of $71.62 per share as of June 30, 2026. The shares were issued as deferred share units on August 6, 2026, according to the transaction footnotes.

How are Jan Robert Horsfall’s NorthWestern Energy (NWE) director awards structured?

The award consists of deferred share units, which are underlying shares issuable after Jan Robert Horsfall’s termination of service from NorthWestern Energy. His reported holdings also include shares accumulated via dividend reinvestment, reflecting ongoing reinvestment of dividends into additional shares.

Were Jan Robert Horsfall’s new NWE share units acquired under a Rule 10b5-1 trading plan?

The reported acquisition is a director compensation grant and is not indicated as made under a Rule 10b5‑1 trading plan. The specific checkbox affirming transactions under such a plan is not marked, pointing to a standard board compensation award.

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^*

HORSFALL JAN ROBERT

(Last) (First) (Middle)

3010 W 69TH STREET

(Street)

SIOUX FALLS SOUTH DAKOTA 57108

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NorthWestern Energy Group, Inc. [ NWE ]

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)
08/06/2026

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	08/06/2026		A		524(1)(2)	A	$71.62(3)	11,670(4)	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. Third quarter stock grant for 2026 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.

2. Includes underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company.

3. Grant price as of June 30, 2026. Shares issued as deferred share units on August 06, 2026.

4. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	08/06/2026
	** 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)