CITIZENS, INC. — Director's Dealing 2021

May 11, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CITIZENS, INC. (CIA)
CIK: 0000024090
Period of Report: 2021-05-07

Reporting Person: Eliasberg James A. (Former VP, Chief Legal Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-07	Citizens, Inc. Class A Common Stock	M	7883	—	Acquired	40929	Direct
2021-05-07	Citizens, Inc. Class A Common Stock	F	1920	$5.70	Disposed	39009	Direct
2021-05-07	Citizens, Inc. Class A Common Stock	M	10486	—	Acquired	49495	Direct
2021-05-07	Citizens, Inc. Class A Common Stock	F	2556	$5.70	Disposed	46939	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-07	Restricted Stock Units	$	M	10486	Disposed		Class A Common Stock (10486)	Direct
2021-05-07	Restricted Stock Units	$	M	7883	Disposed		Class A Common Stock (7883)	Direct

Footnotes

F1: Represents shares of Citizens, Inc. Class A Common Stock issued upon accelerated vesting of Restricted Stock Units (RSUs) pursuant to the terms of the Separation and Release Agreement by and between the Reporting Person and Citizens, Inc. dated April 29, 2021 (the "Separation Agreement").

F2: Each restricted stock unit represents a contingent right to receive one share of Citizens, Inc. Class A common stock.

F3: The RSUs were granted on January 29, 2021. The RSUs were scheduled to vest annually at a rate of 1/3 on each anniversary of the grant date. All of the unvested RSUs were accelerated on the Transaction Date pursuant to the terms of the Separation Agreement.

F4: The RSUs were granted on April 15, 2020. 1/2 of the RSUs previously vested on April 15, 2021 and the remaining 1/2 were scheduled to vest on April 15, 2022. All of the unvested RSUs were accelerated on the Transaction Date pursuant to the terms of the Separation Agreement.