Gerald Shields - Mar 28, 2024 Form 4 Insider Report for CITIZENS, INC. (CIA)

Role: President & CEO, Director
Signature: /s/Gerald W. Shields
Stock symbol: CIA
Transactions as of: Mar 28, 2024
Transactions value $: -$11,002
Form type: 4
Date filed: 4/2/2024, 05:43 PM
Previous filing: Mar 22, 2024
Next filing: Jul 2, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CIA	Citizens, Inc. Class A Common Stock	Options Exercise		+21.1K	+12.51%		190K	Mar 31, 2024	Direct	F1
transaction	CIA	Citizens, Inc. Class A Common Stock	Tax liability	-$11K	-5.14K	-2.71%	$2.14	185K	Mar 31, 2024	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CIA	Restricted Stock Units	Options Exercise	$0	-21.1K	-33.33%	$0.00	42.2K	Mar 31, 2024	Class A Common Stock	21.1K		Direct	F1, F2
transaction	CIA	Restricted Stock Units	Award	$0	+75.8K		$0.00	75.8K	Mar 28, 2024	Class A Common Stock	75.8K		Direct	F1, F3
transaction	CIA	Restricted Stock Units	Award	$0	+46.7K		$0.00	46.7K	Mar 28, 2024	Class A Common Stock	46.7K		Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of Citizens, Inc. Class A common stock.
F2	On March 31, 2023, the reporting person was granted an award of restricted stock units (RSUs), vesting in three equal annual installments on the first anniversary of the date of the grant (March 31, 2024) and the second anniversary of the date of the grant (March 31, 2025) and the third anniversary of the date of the grant (March 31, 2026).
F3	On March 28, 2024, the reporting person was granted an award of restricted stock units (RSUs) under the Citizens, Inc. Omnibus Incentive Plan for 2023 pay-for-performance. The RSUs vest in three equal annual installments on the first anniversary of the date of the grant (March 28, 2025) and the second anniversary of the date of the grant (March 28, 2026) and the third anniversary of the date of the grant (March 28, 2027).
F4	On March 28, 2024, the reporting person was granted an award of RSUs under the Citizens, Inc. Omnibus Incentive Plan for 2024 long-term incentive. The RSUs vest in three equal annual installments on the first anniversary of the date of the grant (March 28, 2025) and the second anniversary of the date of the grant (March 28, 2026) and the third anniversary of the date of the grant (March 28, 2027).