Tax withholding on TWFG, Inc. (NASDAQ: TWFG) director RSUs

Rhea-AI Filing Summary

TWFG, Inc. director Michelle Caroline Bunch had 17,733 shares of Class A Common Stock withheld at $26.35 per share to satisfy tax withholding obligations in connection with the release of restricted stock units, at her election. Following this tax-withholding disposition, 313,596 shares are reported as indirectly held through her husband, with additional lines showing 15,967 shares held directly and further indirect interests, including holdings through an LLC and through each of her two sons, reflecting distinct forms of deemed pecuniary interest.

Insider Trade Summary

Net Seller: 17,733 shares

Net Sell 5 txns

Insider Bunch Michelle Caroline

Role Director

Type	Security	Shares	Price	Value
Tax Withholding	Class A Common Stock F1	17,733	$26.35	$467K
holding	Class A Common Stock	--	--	--
holding	Class A Common Stock F2	--	--	--
holding	Class A Common Stock F2	--	--	--
holding	Class A Common Stock F2	--	--	--

Holdings After Transaction: Class A Common Stock — 313,596 shares (Indirect, By husband); Class A Common Stock — 15,967 shares (Direct); Class A Common Stock — 342,362 shares (Indirect, By LLC); Class A Common Stock — 5,850 shares (Indirect, By first son); Class A Common Stock — 5,850 shares (Indirect, By second son)

Footnotes (2)

1. F1. The shares are withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the release of restricted stock units ("RSU")
2. F2. The holdings lines reflect the individual holdings of the distinct indirect forms of deemed pecuniary interest instead of reporting them in an aggregated form.

Key Figures

Shares withheld for taxes: 17,733 shares Tax withholding share value: $26.35 per share Indirect holdings by husband: 313,596 shares +4 more

7 metrics

Shares withheld for taxes 17,733 shares Class A Common Stock withheld to satisfy tax obligations on RSU release

Tax withholding share value $26.35 per share Per-share value used for 17,733 withheld shares

Indirect holdings by husband 313,596 shares Class A Common Stock indirectly held through husband after transaction

Direct holdings 15,967 shares Class A Common Stock held directly after reported transaction

Indirect holdings by LLC 342,362 shares Class A Common Stock indirectly held through an LLC

Indirect holdings by first son 5,850 shares Class A Common Stock indirectly attributed to first son

Indirect holdings by second son 5,850 shares Class A Common Stock indirectly attributed to second son

Key Terms

restricted stock units ("RSU"), tax withholding obligations, indirect ownership, deemed pecuniary interest

4 terms

restricted stock units ("RSU") financial

"obligations in connection with the release of restricted stock units ("RSU")"

tax withholding obligations financial

"withheld at the election of the Reporting Person to satisfy tax withholding obligations"

indirect ownership financial

"total_shares_following_transaction" "313596.0000" ... "ownership_type" "indirect""

deemed pecuniary interest financial

"distinct indirect forms of deemed pecuniary interest instead of reporting them"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/21/2026 - 05:58 PM Accepted by SEC EDGAR 07/21/2026 - 05:58 PM Learn about SEC filing dates

FAQ

What insider transaction did TWFG (TWFG) director Michelle Caroline Bunch report?

Michelle Caroline Bunch reported a tax-withholding disposition where 17,733 TWFG Class A Common shares were withheld to satisfy tax obligations on an RSU release. The transaction used $26.35 per share as the value for the withheld stock.

How many TWFG (TWFG) shares were withheld for taxes and at what price?

A total of 17,733 TWFG Class A Common Stock shares were withheld to cover tax liabilities, valued at $26.35 per share. This reflects payment of taxes associated with the release of restricted stock units, not an open-market sale.

What are Michelle Caroline Bunch’s indirect TWFG (TWFG) holdings after the transaction?

After the tax withholding, 313,596 TWFG Class A Common shares are reported as indirectly held through her husband. Additional indirect interests are reported separately, including shares held through an LLC and through each of her two sons, reflecting distinct pecuniary interests.

How many TWFG (TWFG) shares does Michelle Caroline Bunch hold directly?

The filing reports 15,967 TWFG Class A Common shares held directly by Michelle Caroline Bunch following the reported transaction. Separate lines detail additional indirect holdings through family members and an LLC, rather than aggregating all interests into a single figure.

What other indirect TWFG (TWFG) holdings are reported for Michelle Caroline Bunch?

Besides husband-held shares, the report lists 342,362 TWFG Class A shares indirectly held through an LLC and 5,850 shares attributed to each of her two sons. A footnote explains these lines present distinct indirect forms of deemed pecuniary interest.

Was the TWFG (TWFG) tax-withholding transaction under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as a plan transaction, and the footnotes describe the event as shares withheld at Bunch’s election to satisfy tax withholding obligations related to a restricted stock unit release.

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^*

Bunch Michelle Caroline

(Last) (First) (Middle)

C/O

10055 GROGANS MILL RD, SUITE 500

(Street)

THE WOODLANDS TEXAS 77380

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TWFG, Inc. [ TWFG ]

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)
07/17/2026

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	07/17/2026		F		17,733(1)	D	$26.35	313,596	I	By husband
Class A Common Stock								15,967	D
Class A Common Stock								342,362(2)	I	By LLC
Class A Common Stock								5,850(2)	I	By first son
Class A Common Stock								5,850(2)	I	By second son

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 shares are withheld at the election of the Reporting Person to satisfy tax withholding obligations in connection with the release of restricted stock units ("RSU")

2. The holdings lines reflect the individual holdings of the distinct indirect forms of deemed pecuniary interest instead of reporting them in an aggregated form.

Remarks:

	/s/ Julie E. Benes, as Attorney-in-Fact for Michelle Caroline Bunch	07/21/2026
	** 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)