NorthWestern Energy (NWE) VP logs equity award vesting and tax share disposition

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. VP - Transmission Michael R. Cashell reported equity compensation transactions involving the company’s common stock. On February 27, 2026, he acquired 2,453 shares through the vesting of performance units granted under the company’s 2023 Long-Term Incentive Program, valued using a reference price of $68.45 per share. In a separate transaction the same day, 763 shares were disposed of to cover tax withholding obligations, recorded at a price of $0.00 per share, which reflects a non-cash tax payment rather than an open-market sale. After these transactions, Cashell directly owned 27,342 shares of NorthWestern Energy Group common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Cashell Michael R

Role VP - Transmission

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,453	$68.45	$168K
Tax Withholding	Common Stock	763	$0.00	--

Holdings After Transaction: Common Stock — 28,105 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^*

Cashell Michael R

(Last) (First) (Middle)

11 EAST PARK STREET

(Street)

BUTTE MT 59701

(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 - Transmission

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		2,453(1)	A	$68.45(2)	28,105	D
Common Stock	02/27/2026		F		763	D	$0	27,342	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) report for Michael R. Cashell?

NorthWestern Energy VP Michael R. Cashell reported vesting of 2,453 common shares and a related tax withholding of 763 shares. Both transactions occurred on February 27, 2026, under the company’s 2023 Long-Term Incentive Program for performance-based awards.

How many NorthWestern Energy (NWE) shares did Michael R. Cashell acquire in this Form 4?

Michael R. Cashell acquired 2,453 shares of NorthWestern Energy common stock. These shares were received upon vesting of performance units granted under the 2023 Long-Term Incentive Program, reflecting compensation rather than an open-market purchase of stock.

Why were 763 NorthWestern Energy (NWE) shares disposed of in Cashell’s Form 4?

The 763 shares were disposed of to satisfy tax withholding obligations related to the vesting award. The transaction used a price of $0.00 per share, indicating a tax-withholding disposition instead of a traditional market sale of NorthWestern Energy stock.

What is Michael R. Cashell’s NorthWestern Energy (NWE) share ownership after these transactions?

Following the reported equity award vesting and tax withholding, Michael R. Cashell directly owns 27,342 shares of NorthWestern Energy common stock. This figure reflects his updated ownership after both the acquisition and the tax-withholding share disposition.

How was the value of Michael R. Cashell’s NorthWestern Energy (NWE) award determined?

The reference value for the vested award used a share price of $68.45, the closing price on February 11, 2026. That date corresponds to when NorthWestern Energy’s Board of Directors approved payout and vesting of the performance-based equity award.

What compensation plan governed Michael R. Cashell’s NorthWestern Energy (NWE) share grant?

The grant came from NorthWestern Energy’s 2023 Long-Term Incentive Program. Cashell’s 2,453 shares were acquired upon December 31, 2025 vesting of performance units awarded under this plan, which ties equity compensation to achievement of performance criteria.