Form 4: NiSource CFO Shawn Anderson Acquires 8,449 Restricted Stock Units

NiSource's EVP & CFO, Shawn Anderson, acquired 8,449 restricted stock units at $43.79 per share, vesting in 2029, as part of a pre-planned transaction.

Summary

• Shawn Anderson, Executive Vice President and Chief Financial Officer of NiSource Inc. (NI), acquired 8,449 shares of common stock in the form of Restricted Stock Units (RSUs).
• The transaction occurred on January 21, 2026, with a price of $43.79 per share.
• Each RSU represents a contingent right to receive one share of the company's common stock under the NiSource Inc. 2020 Omnibus Incentive Plan.
• The RSUs will vest 100% on February 28, 2029, contingent upon continuous employment with the company.
• Following this transaction, Mr. Anderson beneficially owns 156,640.581 shares directly and 806.8199 shares indirectly through the NiSource Inc. Retirement Savings Plan (401(k)).
• The direct ownership includes shares acquired through dividend reinvestments.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 6

Explanation: Slightly positive. The filing indicates an increase in insider ownership through a routine compensation grant, which aligns executive interests with shareholders. The use of a 10b5-1 plan adds transparency.

Positives

• The acquisition of 8,449 Restricted Stock Units by a key executive, Shawn Anderson, increases his direct ownership stake in the company, aligning management interests with shareholders.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned acquisition and reducing concerns about opportunistic insider trading.

Risks

• The acquired Restricted Stock Units are subject to forfeiture conditions, requiring continuous employment with NiSource Inc. through February 28, 2029, for full vesting.

Future Outlook

The acquired Restricted Stock Units are scheduled to vest 100% on February 28, 2029, provided the reporting person maintains continuous employment with NiSource Inc. until that date.

Industry Context

This filing reflects a routine executive compensation event within the utility sector, where long-term incentive plans, often including Restricted Stock Units, are common to align executive performance with shareholder value over multi-year periods. The use of a Rule 10b5-1 plan is standard practice for executives to manage their equity holdings in compliance with insider trading regulations.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased insider ownership may be viewed positively as it aligns management's financial interests with those of the shareholders.
• Employees (specifically Shawn Anderson): The RSU grant represents a component of long-term incentive compensation, contingent on continued employment and company performance.

Next Steps

• Shawn Anderson's Restricted Stock Units will vest on February 28, 2029, subject to continuous employment.

Key Dates

Keywords

NiSource, NI, Shawn Anderson, EVP & CFO, Restricted Stock Units, RSU, Insider Trading, Form 4, Executive Compensation, Equity Acquisition, 10b5-1 Plan