NorthWestern Energy grants Horsfall 548 shares

Horsfall's reported direct holdings after the transaction were 12,261 shares, including shares acquired through dividend reinvestment.

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. director Jan Robert Horsfall acquired 548 shares in a fourth-quarter 2026 stock grant on October 1, 2026, under the compensation rate schedule for non-employee directors. The transaction was reported at $68.38 per share and includes underlying deferred share units issuable after termination of service. His reported direct holdings after the transaction were 12,261 shares, including shares acquired from dividend reinvestment.

Insider Trade Summary

Grant/Award: 548 shares

Grant/Award 1 txn

Insider HORSFALL JAN ROBERT

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1, F2, F3	548	$68.38	$37K

Holdings After Transaction: Common Stock — 12,261 shares (Direct)

Footnotes (3)

1. F1. Fourth 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. Includes shares acquired from dividend reinvestment.

Key Figures

Shares in fourth-quarter stock grant: 548 shares Reported price per share: $68.38 per share Direct holdings after transaction: 12,261 shares

3 metrics

Shares in fourth-quarter stock grant 548 shares October 1, 2026

Reported price per share $68.38 per share October 1, 2026 stock grant

Direct holdings after transaction 12,261 shares Includes shares acquired from dividend reinvestment

Key Terms

deferred share units, dividend reinvestment, compensation rate schedule

3 terms

deferred share units financial

"Includes underlying deferred share units"

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

"pursuant to the ... compensation rate schedule for non-employee directors"

FAQ

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

What were the terms of Jan Robert Horsfall's NWE stock grant?

Jan Robert Horsfall received a 548-share fourth-quarter 2026 stock grant on October 1, 2026, reported at $68.38 per share. The grant includes underlying deferred share units issuable after termination of service from the company.

When are the deferred share units in Jan Robert Horsfall's NWE grant issuable?

The underlying deferred share units are issuable after the reporting person's termination of service from NorthWestern Energy Group, Inc.

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

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Available on EDGAR 10/05/2026 - 05:24 PM Accepted by SEC EDGAR 10/05/2026 - 05:24 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^*

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)
10/01/2026

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	10/01/2026		A		548(1)(2)	A	$68.38	12,261(3)	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. Fourth 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. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	10/05/2026
	** 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)