Director at NorthWestern Energy (NWE) awarded 569 deferred shares

Rhea-AI Filing Summary

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

NorthWestern Energy Group, Inc. director Jan Robert Horsfall received a stock grant of 569 shares of common stock valued at $65.94 per share. The grant represents his second quarter 2026 compensation under the company’s rate schedule for non-employee directors.

These shares were issued as deferred share units on May 11, 2026 using a grant price set as of March 31, 2026, and will be settled after his termination of service. Following this award, Horsfall directly and through deferred share units holds a total of 11,109 shares, including shares accumulated through dividend reinvestment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HORSFALL JAN ROBERT

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	569	$65.94	$38K

Holdings After Transaction: Common Stock — 11,109 shares (Direct, null)

Footnotes (1)

1. Second quarter stock grant for 2026 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors. Includes underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company. Grant price as of March 31, 2026. Shares issued as deferred share units on May 11, 2026. Includes shares acquired from dividend reinvestment.

Key Figures

Stock grant size: 569 shares Grant price: $65.94 per share Total holdings after grant: 11,109 shares

3 metrics

Stock grant size 569 shares Second quarter 2026 stock grant for non-employee director

Grant price $65.94 per share Grant price as of March 31, 2026

Total holdings after grant 11,109 shares Includes deferred share units and dividend reinvestment

Key Terms

deferred share units, dividend reinvestment, compensation rate schedule, non-employee directors

4 terms

deferred share units financial

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

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

"received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors"

non-employee directors financial

"compensation rate schedule for non-employee directors"

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^*

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)
05/11/2026

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	05/11/2026		A		569(1)(2)	A	$65.94(3)	11,109(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. Second 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 March 31, 2026. Shares issued as deferred share units on May 11, 2026.

4. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	05/12/2026
	** 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 did Jan Robert Horsfall acquire in NorthWestern Energy (NWE) on this Form 4?

Jan Robert Horsfall received a grant of 569 shares of NorthWestern Energy common stock. The award is part of the company’s compensation schedule for non-employee directors and was issued as deferred share units rather than a market purchase.

At what price was Jan Robert Horsfall’s NorthWestern Energy (NWE) stock grant valued?

The 569-share grant was valued at a grant price of $65.94 per share. This price was set as of March 31, 2026, with the corresponding deferred share units issued on May 11, 2026 under the director compensation program.

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

After the grant, Jan Robert Horsfall holds 11,109 shares of NorthWestern Energy common stock. This figure includes underlying deferred share units to be issued after his service ends and shares accumulated through the company’s dividend reinvestment.

What is the nature of Jan Robert Horsfall’s 569-share award from NorthWestern Energy (NWE)?

The 569-share award is a second quarter 2026 stock grant under NorthWestern Energy’s compensation rate schedule for non-employee directors. The shares were issued as deferred share units, settling only after Horsfall’s termination of service from the company.

How and when are Jan Robert Horsfall’s deferred share units in NorthWestern Energy (NWE) settled?

The deferred share units, including the new 569-share grant, are issuable after Horsfall’s termination of service from NorthWestern Energy. Until then, they remain deferred, with additional shares potentially accumulating through dividend reinvestment under the plan’s terms.