NorthWestern Energy Group (NWE) VP logs 206-share insider sale

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. executive Jason Merkel, VP - Distribution, reported a small insider transaction in company common stock. On 01/22/2026 he disposed of 206 shares at $64.54 per share, coded as transaction type “F.” After this transaction, he beneficially owned 4,746 common shares, held as direct ownership.

Insider Trade Summary

Net Seller: 206 shares

Net Sell 1 txn

Insider Merkel Jason

Role VP - Distribution

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	206	$64.54	$13K

Holdings After Transaction: Common Stock — 4,746 shares (Direct)

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 01/23/2026 - 05:58 PM Learn about SEC filing dates

FAQ

What insider transaction did NWE report for Jason Merkel?

The filing shows that Jason Merkel disposed of 206 shares of NorthWestern Energy Group, Inc. common stock on 01/22/2026 at a price of $64.54 per share.

What is Jason Merkels role at NorthWestern Energy Group (NWE)?

Jason Merkel is reported as an officer of NorthWestern Energy Group, Inc., holding the title VP - Distribution.

How many NWE shares does Jason Merkel own after this Form 4 transaction?

After the reported transaction, Jason Merkel beneficially owned 4,746 shares of NorthWestern Energy Group, Inc. common stock.

Was the NWE insider transaction reported as direct or indirect ownership?

The Form 4 indicates direct ownership (D) for the shares reported, meaning the 4,746 shares are held directly by Jason Merkel.

What does transaction code F mean on the NWE Form 4 for Jason Merkel?

The transaction is labeled with code F, indicating a specific SEC transaction type for this disposition of 206 common shares on 01/22/2026.

Who signed the Form 4 for the NWE insider transaction?

The Form 4 was signed by Emily L. Folsom on 01/22/2026, acting under a power of attorney for the reporting person.

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^*

Merkel Jason

(Last) (First) (Middle)

1313 NORTH LAST CHANCE GULCH

(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 - Distribution

3. Date of Earliest Transaction (Month/Day/Year)
01/22/2026

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	01/22/2026		F		206	D	$64.54	4,746	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:

Remarks:

	Emily L. Folsom, by power of attorney	01/22/2026
	** 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.