NorthWestern VP awarded 2,474 performance shares

NorthWestern Energy Group, Inc. executive John D. Hines, VP – Energy Supply & MT Gov, reported equity compensation activity in company common stock.

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. executive John D. Hines, VP – Energy Supply & MT Gov, reported equity compensation activity in company common stock. He acquired 2,474 shares on February 24, 2026 as a grant/award tied to performance units under the 2023 Long-Term Incentive Program.

A footnote explains these shares were acquired upon December 31, 2025 vesting of performance units, valued using the $68.45 closing share price on February 11, 2026, when the board approved payout and vesting. To cover taxes, 57 shares were disposed of through a tax-withholding transaction, leaving Hines with 41,016 directly held shares, including deferred share units issuable after his service ends.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Hines John D

Role VP - Energy Supply & MT Gov

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,474	$68.45	$169K
Exercise Price or Tax Liability	Common Stock	57	$0.00	$0.00

Holdings After Transaction: Common Stock — 41,016 shares (Direct)

Footnotes (3)

1. F1. Includes underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company.
2. F2. Shares acquired upon 12/31/25 vesting of performance units granted under the company's 2023 Long-Term Incentive Program.
3. F3. 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.

FAQ

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

What insider stock transactions did NorthWestern Energy (NWE) executive John D. Hines report?

John D. Hines reported receiving 2,474 NorthWestern Energy common shares as an equity award and disposing of 57 shares for tax withholding. Both transactions occurred on February 24, 2026, and relate to previously granted performance units under the company’s 2023 Long-Term Incentive Program.

How many NorthWestern Energy (NWE) shares does John D. Hines hold after this Form 4?

After these transactions, John D. Hines directly holds 41,016 NorthWestern Energy common shares. This figure includes underlying deferred share units that will be issued only after his termination of service from the company, according to the footnote disclosure in the filing.

What type of equity award did NorthWestern Energy (NWE) grant to John D. Hines?

Hines received 2,474 NorthWestern Energy common shares upon vesting of performance units granted under the 2023 Long-Term Incentive Program. The company’s board approved payout and vesting on February 11, 2026, using the closing share price that day to value the award.

Why did John D. Hines dispose of 57 NorthWestern Energy (NWE) shares in this Form 4?

The 57 shares were disposed of as a tax-withholding transaction, not an open-market sale. The filing describes this as payment of exercise price or tax liability by delivering securities, a common method to satisfy tax obligations triggered by equity award vesting.

At what price was John D. Hines’ NorthWestern Energy (NWE) equity award valued?

The award was valued using the $68.45 closing share price on February 11, 2026. That is the date when NorthWestern Energy’s board of directors approved the payout and vesting of the performance-based award, according to the footnote explanation in the Form 4.

How are deferred share units treated in John D. Hines’ NorthWestern Energy (NWE) holdings?

His reported holdings include underlying deferred share units that will only be issued after his termination of service. These units are counted within the 41,016 directly held shares figure disclosed, reflecting future issuable stock tied to his continued service with NorthWestern Energy.

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

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Accepted by SEC EDGAR 02/25/2026 - 03:45 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^*

Hines John D

(Last) (First) (Middle)

208 N. MONTANA AVENUE, SUITE 205

(Street)

HELENA MT 59601

(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 - Energy Supply & MT Gov

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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	02/24/2026(1)		A		2,474(2)	A	$68.45(3)	41,073	D
Common Stock	02/24/2026		F		57	D	$0	41,016	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. Includes underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company.

2. Shares acquired upon 12/31/25 vesting of performance units granted under the company's 2023 Long-Term Incentive Program.

3. 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	02/25/2026
	** 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.