Knife River (KNF) director granted 2,040 restricted stock units in equity award

Rhea-AI Filing Summary

Carmona-Alvarez German reported acquisition or exercise transactions in this Form 4 filing.

Knife River Corp director Carmona-Alvarez German received an equity award in the form of restricted stock units. On May 20, 2026, the director was granted 2,040 shares of Knife River common stock at a price of $0.00 per share, reflecting a stock-based compensation grant rather than a market purchase. Following this award, the director directly holds 9,025 shares of common stock.

The footnote explains these are restricted stock units that vest on the day immediately prior to the next Knife River annual stockholder meeting after the grant date, as long as the director continues serving on the board through that vesting date. Each RSU represents the right to receive one share of Knife River common stock when it vests.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Carmona-Alvarez German

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,040	$0.00	--

Holdings After Transaction: Common Stock — 9,025 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

RSUs granted: 2,040 units Grant price: $0.00 per share Shares after transaction: 9,025 shares +1 more

4 metrics

RSUs granted 2,040 units Restricted stock units granted on May 20, 2026

Grant price $0.00 per share Equity award, not open-market purchase

Shares after transaction 9,025 shares Total common stock directly held following grant

Vesting condition Next annual meeting RSUs vest immediately before next Knife River annual meeting

Key Terms

restricted stock units (RSUs), vest, contingent right, grant, award, or other acquisition

4 terms

restricted stock units (RSUs) financial

"Represents restricted stock units (RSUs) that vest on the day immediately prior..."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

vest financial

"RSUs that vest on the day immediately prior to the date of the next..."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

contingent right financial

"Each RSU represents the contingent right to receive one share of the issuer's common stock."

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

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^*

Carmona-Alvarez German

(Last) (First) (Middle)

1150 WEST CENTURY AVENUE

(Street)

BISMARCK NORTH DAKOTA 58503

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Knife River Corp [ KNF ]

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)
05/20/2026

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
Common Stock	05/20/2026		A		2,040(1)	A	$0.0000	9,025	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. Represents restricted stock units (RSUs) that vest on the day immediately prior to the date of the next Knife River Corporation (the "issuer") annual meeting of stockholders occurring after the date of grant and subject to the reporting person continuing in service on the board of directors of the issuer through such vesting date. Each RSU represents the contingent right to receive one share of the issuer's common stock.

	/s/ Karl A. Liepitz, Power of Attorney	05/21/2026
	** 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)

FAQ

What insider transaction did Knife River (KNF) report for Carmona-Alvarez German?

Knife River reported that director Carmona-Alvarez German received 2,040 restricted stock units as an equity award. These units were granted at a price of $0.00 per share, reflecting stock-based compensation rather than an open-market share purchase.

How many Knife River (KNF) shares does the director hold after this Form 4?

After the reported grant, the director holds 9,025 shares of Knife River common stock directly. This total includes the 2,040 restricted stock units reported in the transaction, which convert into common shares when they vest according to the award terms.

When do the newly granted RSUs for Knife River (KNF) vest?

The restricted stock units vest on the day immediately prior to Knife River’s next annual meeting of stockholders after the grant date. Vesting is contingent on the director continuing to serve on the board through that vesting date, as described in the footnote.

What does each Knife River (KNF) restricted stock unit represent in this grant?

Each restricted stock unit represents a contingent right to receive one share of Knife River common stock. Once the vesting conditions are satisfied, the RSUs convert into an equivalent number of common shares delivered to the director as part of equity compensation.

Was the Knife River (KNF) director’s Form 4 transaction an open-market stock purchase?

No. The Form 4 describes a grant of 2,040 restricted stock units at a price of $0.00 per share. This indicates a compensation-related equity award, not an open-market buy or sell transaction executed through a stock exchange or broker.