[Form 4] TWFG, Inc. Insider Trading Activity

Rhea-AI Filing Summary

TWFG, Inc. (TWFG) – Form 4 filing dated 07/21/2025. Chief Creative & Marketing Officer Charles A. Bunch reported a Code F transaction on 07/17/2025, indicating the company withheld shares to cover taxes upon the release of restricted stock units. 6,187 Class A common shares were surrendered at an implied price of $33.16, a disposition driven by tax liability rather than a discretionary sale. Following the withholding, Bunch directly owns 38,012 Class A shares and indirectly owns 72 shares through his son, preserving a sizable equity stake. No derivative securities were involved, and no open-market activity occurred.

Positive

• Non-discretionary transaction: Code F indicates shares were withheld for taxes, avoiding a bearish signal often associated with open-market sales.
• Executive retains 38,012 shares, demonstrating continued alignment with shareholder interests.

Negative

• 14% reduction in personal stake (6,187 of 44,199 pre-event shares) may be viewed by some investors as a dilution of insider ownership, despite the administrative nature.

Insights

Equity Compensation Analyst

TL;DR: Tax-driven share withholding; neutral signal.

The Code F transaction reflects mandatory share withholding to satisfy RSU tax obligations, not an elective sale. While Bunch’s direct holdings fall 14% to 38,012 shares, he still retains meaningful exposure, limiting bearish interpretation. Because the shares were returned to the issuer, market float contracts slightly, but the effect is immaterial relative to overall volume. The filing carries little strategic insight into management’s outlook and should be viewed as routine administrative activity.

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

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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).

1. Name and Address of Reporting Person^*

Bunch Charles Alexander

(Last) (First) (Middle)

C/O TWFG, INC.

10055 GROGANS MILL RD, SUITE 500

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

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

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Creative & Marketing Off

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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
Class A Common Stock	07/17/2025		F		6,187	D(1)	$33.16	38,012	D
Class A Common Stock								72	I(2)	By 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. Represents shares of Class A Common Stock held by his son.

Remarks:

	/s/ Julie E. Benes, as Attorney-In-Fact for Charles A. Bunch	07/21/2025
	** 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

How many TWFG shares did Charles A. Bunch dispose of?

The Form 4 shows 6,187 Class A shares were withheld to pay taxes.

What does transaction code "F" mean on TWFG's Form 4?

Code F denotes shares withheld by the issuer to cover tax obligations arising from equity awards.

What is Charles A. Bunch’s current TWFG share ownership?

After the transaction, he holds 38,012 direct shares and 72 indirect shares via his son.

At what price were the withheld TWFG shares valued?

The implied price per share disclosed is $33.16.

Does this filing indicate an open-market sale by the executive?

No. The shares were withheld by the company for taxes; no open-market sale occurred.