[Form 4] UNITIL CORP Insider Trading Activity

Rhea-AI Filing Summary

Jane Lewis-Raymond, a director of Unitil Corporation (UTL), reported transactions on 10/01/2025. She disposed of 288.33 shares of common stock (Code V) and was granted 2,435 restricted stock units (RSUs) that are fully vested upon grant and payable 70% in Common Stock and 30% in cash based on the closing price the day before settlement. The RSUs have an attributed per-share price of $47.22 and represent the right to receive that mix of stock and cash after she separates from the Board.

The filing also clarifies that prior small share amounts (2.235; 2.369; 2.725) were acquired via dividend reinvestment earlier in 2025. The Form 4 is signed by an attorney-in-fact on behalf of the reporting person.

Insights

Corporate Governance Analyst

Director reported a modest sale and a grant of fully vested RSUs on 10/01/2025.

The disposition of 288.33 shares is recorded under Code V, which denotes a transaction in a fiduciary or similar capacity rather than a downward trading signal by the individual in their personal trading account.

The grant of 2,435 RSUs is described as fully vested and payable 70% in stock and 30% in cash; this structure ties compensation to equity value while providing partial cash liquidity at settlement.

Equity Compensation Analyst

RSU grant uses mixed cash/stock payout with a reference price of $47.22.

The filing states each RSU equals one share and is payable based on the closing price the day prior to settlement; the document shows an explicit price of $47.22 and 2,435 RSUs reported as granted and held directly.

This payout mix (70/30) affects dilution differently than full-share grants: 2,435 RSUs will convert into ~1,704 shares in stock (70%) plus cash for the remainder at settlement, as described by the filing.

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).

1. Name and Address of Reporting Person^*

Lewis-Raymond Jane

(Last) (First) (Middle)

6 LIBERTY LANE WEST

(Street)

HAMPTON NH 03842

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITIL CORP [ UTL ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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
Common stock, no par value								288.33(1)	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
Restricted stock units	(2)	10/01/2025		A		2,435		(2)	(2)	Common stock	2,435	$47.22	2,435	D

Explanation of Responses:

1. Includes 2.235 shares of common stock acquired on February 28, 2025, 2.369 shares of common stock acquired on May 30, 2025, and 2.725 shares of common stock acquired on August 28, 2025, in each case resulting from the reinvestment of dividends pursuant to Unitil Corporation's Dividend reinvestment and Stock Purchase Plan.

2. Each restricted stock unit is equivalent in value to one share of Unitil Corporation's common stock, no par value ("Common Stock"), and represents the right to receive a combination of cash and Common Stock after separation from service on Unitil Corporation's Board of Directors. Each restricted stock unit is fully vested upon grant and is payable 70% in Common Stock and 30% in cash, based upon the closing price of Common Stock on the day prior to settlement.

	/s/ Sandra L. Whitney, attorney-in-fact for Jane Lewis-Raymond	10/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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