Form 4: Ryan Specialty Holdings Director Receives Restricted Stock Unit Grant

Michelle L. Collins, a Director at Ryan Specialty Holdings, Inc., was granted 2,323 Restricted Stock Units (RSUs) that vested immediately, with settlement deferred until her separation from board service.

Summary

• Michelle L. Collins, a Director of Ryan Specialty Holdings, Inc. (RYAN), acquired 2,323 shares of Class A Common Stock on May 30, 2025, at a price of $0 per share.
• These securities represent Restricted Stock Units (RSUs) that vested immediately upon grant.
• The reporting person has elected to defer the settlement of these RSUs until her separation from service on the board of directors.
• The grant was approved by the Issuer's Board for purposes of Rule 16(b)(3) of the Securities Exchange Act.
• Following this transaction, Michelle L. Collins beneficially owns a total of 13,462 shares, which includes the newly acquired 2,323 RSUs and 10,462 previously held RSUs, all of which vested immediately upon grant with deferred settlement.

Sentiment

Score: 6

Explanation: Slightly positive, as it indicates continued alignment of a director's interests with shareholders through equity compensation, which is a standard and generally well-regarded practice.

Positives

• The grant of Restricted Stock Units to a director aligns the director's interests with those of shareholders, as the value of the compensation is tied to the company's stock performance.
• The immediate vesting of the RSUs indicates a strong commitment from the company to its director, while the deferred settlement provides a long-term incentive for continued service.

Future Outlook

The settlement of the granted Restricted Stock Units is deferred until the reporting person's separation from service on the board of directors, indicating a long-term incentive structure.

Management Comments

• The grant was approved by the Board of the Issuer for purposes of Rule 16(b)(3).

Industry Context

The granting of Restricted Stock Units (RSUs) to directors is a common practice in the financial services and insurance industry, as well as across publicly traded companies, to attract, retain, and incentivize board members by aligning their financial interests with long-term shareholder value.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) as a component of director compensation is a standard practice across many industries, including insurance and specialty insurance, similar to companies like Marsh & McLennan Companies (MMC) or Aon plc (AON) which also utilize equity-based incentives for their board members.
• The immediate vesting with deferred settlement is a common structure designed to ensure directors have a vested interest in the company's long-term performance while managing tax implications or retention goals.

Corporate Governance

Related Party Transactions

• The grant of Restricted Stock Units to a director constitutes a related party transaction, which is a standard form of compensation for board members.

Stakeholder Impact

• Shareholders: The equity grant aligns the director's financial incentives with the long-term performance of the company, potentially benefiting shareholders through improved governance and strategic decisions.

Next Steps

• Settlement of the Restricted Stock Units will occur upon Michelle L. Collins' separation from service on the board of directors.

Key Dates

Recommendation

Keywords

Ryan Specialty Holdings, RYAN, Form 4, Insider Transaction, Restricted Stock Units, RSU Grant, Director Compensation, Beneficial Ownership, Equity Compensation