NorthWestern Energy (NWE) CEO granted 20,864 shares, with 7,341 for taxes

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. reported that President and CEO Brian B. Bird received a grant of 20,864 shares of common stock on February 27, 2026, tied to the vesting of performance units from the company’s 2023 Long-Term Incentive Program. The value reference for this award uses a share price of $68.45, which reflects the closing price on February 11, 2026, when the Board approved payout and vesting.

On the same date, 7,341 shares were disposed of to cover tax obligations through delivery of shares rather than an open-market sale. After these transactions, Bird directly owned 218,047 shares of NorthWestern Energy Group common stock, including shares accumulated via the Employee Stock Purchase Plan and dividend reinvestment.

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

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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^*

BIRD BRIAN B

(Last) (First) (Middle)

3010 WEST 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		20,864(1)	A	$68.45(2)	225,388(3)	D
Common Stock	02/27/2026		F		7,341	D	$0	218,047	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.

3. Total shares owned includes shares acquired from participation in the company's Employee Stock Purchase Plan and through dividend reinvestment.

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).
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FAQ

What insider transactions did NorthWestern Energy Group (NWE) report for its CEO?

NorthWestern Energy Group reported that CEO Brian B. Bird received 20,864 common shares and disposed of 7,341 shares on February 27, 2026. The disposal was for tax withholding, meaning shares were delivered to satisfy taxes rather than sold on the open market.

How many NorthWestern Energy (NWE) shares did the CEO receive in the latest equity award?

Brian B. Bird received 20,864 shares of NorthWestern Energy common stock. These shares were acquired upon the December 31, 2025 vesting of performance units granted under the company’s 2023 Long-Term Incentive Program, reflecting performance-based compensation rather than an open-market purchase.

Why did the NorthWestern Energy CEO dispose of 7,341 shares in this Form 4?

The 7,341 shares were disposed of to pay tax obligations by delivering shares instead of cash. This tax-withholding disposition is recorded with a per-share price of $0.00, indicating no open-market sale, but a share reduction to satisfy tax liabilities on the vested award.

What share price was used to value the NorthWestern Energy CEO’s stock award?

The award references a share price of $68.45, the closing price on February 11, 2026. That is the date when NorthWestern Energy’s Board of Directors approved the payout and vesting of the performance unit award from the 2023 Long-Term Incentive Program.

How many NorthWestern Energy (NWE) shares does the CEO own after these transactions?

After the reported grant and tax-withholding disposition, Brian B. Bird directly owned 218,047 shares of NorthWestern Energy common stock. This figure includes shares accumulated through the company’s Employee Stock Purchase Plan and through dividend reinvestment over time.

Are the NorthWestern Energy CEO’s shares held directly or through another entity?

The filing reports Brian B. Bird’s ownership as direct, with no referenced intermediary entities. Footnotes state that total shares include those acquired via the Employee Stock Purchase Plan and dividend reinvestment, without mentioning any separate trusts, partnerships, or LLCs controlling the stock.