Cashell Michael R 4

What Happened
Michael R. Cashell, Vice President — Transmission at NorthWestern Energy Group (NWE), received 2,453 shares valued at $68.45 each (total ≈ $167,908) on 2026-02-27 as the payout/vesting of performance units under the company's 2023 Long-Term Incentive Program. The filing also shows 763 shares were surrendered/withheld for tax withholding (reported as disposition at $0.00).

Key Details

• Transaction date(s): 2026-02-27 (reported on Form 4 filed 2026-03-02). Filing appears timely.
• Award: 2,453 shares reported as an acquisition (code A) at $68.45 per share; total value reported $167,908.
• Tax withholding: 763 shares reported disposed (code F) at $0.00 (company withheld shares to cover taxes).
• Shares owned after transaction: not specified in this Form 4.
• Footnotes:
  • F1: Shares were acquired upon 12/31/2025 vesting of performance units granted under the 2023 LTIP.
  • F2: The per-share price ($68.45) is the closing price on 2/11/2026, the date the Board approved the payout/vesting.
• Transaction codes explained: A = award/grant/other acquisition (vesting of performance units); F = shares withheld for tax liability (routine).

Context
This was a vesting of long-term incentive units (not an open-market buy or a discretionary sale). The withholding of 763 shares to satisfy tax obligations is a standard payroll/tax procedure and does not by itself indicate a change in insider sentiment.