Ryan Specialty (NYSE: RYAN) director receives 5,757 vested RSUs as board pay

Rhea-AI Filing Summary

COLLINS MICHELLE L reported acquisition or exercise transactions in this Form 4 filing.

Director Michelle L. Collins of Ryan Specialty Holdings, Inc. received a grant of 5,757 shares of Class A Common Stock in the form of Restricted Stock Units. The award was issued at a reported price of $0.00 per share, reflecting compensation rather than a market purchase.

These RSUs vested immediately upon grant, but Collins elected to defer settlement until her separation from the board of directors. After this grant, she holds a total of 19,219 shares of Class A Common Stock in direct ownership, including 16,219 RSUs that have vested immediately upon grant and are subject to similar deferred settlement.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider COLLINS MICHELLE L

Role null

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	5,757	$0.00	--

Holdings After Transaction: Class A Common Stock — 19,219 shares (Direct, null)

Footnotes (1)

1. The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3). Includes 16,219 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

Key Figures

RSUs granted: 5,757 shares Grant price: $0.00 per share Total holdings after transaction: 19,219 shares +1 more

4 metrics

RSUs granted 5,757 shares Restricted Stock Units vested immediately upon grant

Grant price $0.00 per share Reported price per share for RSU award

Total holdings after transaction 19,219 shares Class A Common Stock held directly after grant

Deferred vested RSUs 16,219 units RSUs vested immediately with settlement deferred until board separation

Key Terms

Restricted Stock Units, defer settlement, Rule 16(b)(3)

3 terms

Restricted Stock Units financial

"The reported securities represent Restricted Stock Units that vested immediately upon grant"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

defer settlement financial

"for which the reporting person has elected to defer settlement until their separation from service"

Rule 16(b)(3) regulatory

"Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3)."

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^*

COLLINS MICHELLE L

(Last) (First) (Middle)

155 NORTH WACKER DRIVE, SUITE 4000

(Street)

CHICAGO ILLINOIS 60606

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
RYAN SPECIALTY HOLDINGS, INC. [ RYAN ]

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)
04/28/2026

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
Class A Common Stock	04/28/2026		A		5,757(1)	A	$0	19,219(2)	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. The reported securities represent Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors. Such grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

2. Includes 16,219 Restricted Stock Units that vested immediately upon grant for which the reporting person has elected to defer settlement until their separation from service on the board of directors.

Remarks:

	/s/ Mark S. Katz, as Attorney-in-Fact	04/30/2026
	** 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 insider transaction did RYAN director Michelle Collins report?

Director Michelle L. Collins reported receiving 5,757 Restricted Stock Units of Ryan Specialty Class A Common Stock. The RSUs vested immediately upon grant as director compensation, not as an open-market stock purchase, and are subject to deferred settlement until she leaves the board.

Did Michelle Collins buy or sell RYAN stock in the market?

Michelle Collins did not buy or sell RYAN shares in the market. She received 5,757 Restricted Stock Units as a board compensation grant at a reported price of $0.00 per share, which is a non-cash equity award rather than a trading transaction.

How many RYAN shares does Michelle Collins hold after this Form 4?

After this Form 4 transaction, Michelle Collins holds 19,219 shares of Ryan Specialty Class A Common Stock directly. This total includes 16,219 Restricted Stock Units that vested immediately upon grant and are deferred until she separates from service on the board.

What does it mean that Collins deferred settlement of her RYAN RSUs?

Deferring settlement means Collins’ 5,757 newly granted RSUs, and similar prior awards, vested now but will not convert into deliverable shares until she leaves the board. This structure delays when she actually receives the underlying stock for these vested units.

Were Michelle Collins’ RYAN RSUs approved under a specific SEC rule?

Yes. The board of Ryan Specialty approved Collins’ Restricted Stock Unit grant for purposes of Rule 16(b)(3). This rule helps exempt properly approved insider equity awards from short-swing profit recovery provisions under Section 16(b) of the Securities Exchange Act.