NorthWestern Energy (NWE) CFO award vests 6,186 shares

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. VP and CFO Crystal Dawn Lail reported equity award activity in company common stock. On the vesting of performance units granted under the 2023 Long-Term Incentive Program, she acquired 6,186 shares, valued at a reference share price of 68.45 per share as of the Board’s approval date.

To cover tax obligations, 1,506 shares were disposed of through a tax-withholding transaction, not an open-market sale. Following these non-market transactions, she directly owns 35,081 shares of NorthWestern Energy common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lail Crystal Dawn

Role VP and CFO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	6,186	$68.45	$423K
Tax Withholding	Common Stock	1,506	$0.00	--

Holdings After Transaction: Common Stock — 36,587 shares (Direct)

Footnotes (1)

1. Shares acquired upon 12/31/25 vesting of performance units granted under the company's 2023 Long-Term Incentive Program. Share price is the closing share price on 2/11/26, the date when the company's Board of Directors approved payout and vesting of the award.

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^*

Lail Crystal Dawn

(Last) (First) (Middle)

3010 W 69TH STREET

(Street)

SIOUX FALLS SD 57108

(City) (State) (Zip)

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

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	02/27/2026		A		6,186(1)	A	$68.45(2)	36,587	D
Common Stock	02/27/2026		F		1,506	D	$0	35,081	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. Shares acquired upon 12/31/25 vesting of performance units granted under the company's 2023 Long-Term Incentive Program.

2. Share price is the closing share price on 2/11/26, the date when the company's Board of Directors approved payout and vesting of the award.

Remarks:

	Emily L. Folsom, by power of attorney	03/02/2026
	** 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.

FAQ

What insider transactions did NorthWestern Energy (NWE) CFO Crystal Dawn Lail report?

Crystal Dawn Lail reported vesting-related equity transactions. She acquired 6,186 common shares upon performance units vesting under the 2023 Long-Term Incentive Program, and 1,506 shares were disposed of to satisfy tax obligations, leaving her with 35,081 directly owned shares.

How many NorthWestern Energy (NWE) shares does the CFO own after this Form 4?

After the reported transactions, VP and CFO Crystal Dawn Lail directly owns 35,081 NorthWestern Energy common shares. This reflects the vesting of 6,186 shares and the tax-withholding disposition of 1,506 shares related to the company’s 2023 Long-Term Incentive Program award.

Were NorthWestern Energy (NWE) CFO’s transactions open-market buys or sells?

The transactions were not open-market buys or sells. Shares were acquired through vesting of performance units granted under the 2023 Long-Term Incentive Program, and shares were disposed of solely for tax withholding, rather than through discretionary market purchases or sales.

What award triggered the 6,186-share acquisition for NorthWestern Energy (NWE) CFO?

The 6,186-share acquisition came from performance units vesting on 12/31/25 under NorthWestern Energy’s 2023 Long-Term Incentive Program. The company’s Board of Directors approved payout and vesting of this award on 2/11/26, using that date’s closing price as the reference.

At what share price was the NorthWestern Energy (NWE) award valued for vesting?

The vested performance units were valued using the closing share price of 68.45 on 2/11/26. That is the date when NorthWestern Energy’s Board of Directors approved payout and vesting of the 2023 Long-Term Incentive Program award that generated 6,186 common shares.