Karen B. Fagg - 22 May 2025 Form 4 Insider Report for Knife River Corp (KNF)

Role: Director
Signature: /s/ Karl A. Liepitz, Power of Attorney
Issuer symbol: KNF
Transactions as of: 22 May 2025
Net transactions value: $0
Form type: 4
Filing time: 27 May 2025, 16:45:30 UTC
Previous filing: 02 Jan 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fagg Karen B	Director	1150 WEST CENTURY AVENUE, BISMARCK	/s/ Karl A. Liepitz, Power of Attorney	27 May 2025	0001345449

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	KNF	Common Stock	Award	$0	+1,810	+6.2%	$0.000000	30,937	22 May 2025	Direct	F1

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
holding	KNF	Phantom Stock						840	22 May 2025	Common Stock	840		Direct	F2

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

Explanation of Responses:

Id	Content
F1	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.
F2	Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.

Content

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.

Each share of phantom stock is the economic equivalent of one share of common stock. The shares of phantom stock become payable in cash upon the reporting person's termination of service as a director.