BEAVER STEVEN KENT 4

What Happened Steven K. Beaver, EVP and CFO of Aflac Japan, exercised 5,508 stock options on May 22, 2026 (cost reported at $35.52 per share, $195,644 total) and immediately sold the 5,508 shares in the open market at a weighted-average price of $117.81 per share, generating gross proceeds of approximately $648,897. The filing also shows the underlying derivative (the options) being disposed of (reported at $0), which reflects the options being converted/exercised.

Key Details

• Transaction date: May 22, 2026.
• Exercise: 5,508 shares at $35.52 per share = $195,644 (cash paid to exercise).
• Sale: 5,508 shares sold at weighted-average $117.81 = $648,897 (prices ranged $117.77–$117.95; see footnote F1).
• Net proceeds (gross sale minus exercise cost): roughly $453,253 (approximate, pre-tax).
• Shares owned after transaction: not stated in this filing.
• Footnotes: F1 explains the weighted-average sale price and price range; F2 shows the original option vesting schedule (vests in 2018–2020), indicating these options were vested previously.
• Filing: Reported May 27, 2026 (file date); appears to have been filed within the standard Form 4 reporting window for a May 22 trade (accounting for the May 25 holiday).

Context This is an exercise-and-sell (cashless exercise) transaction: the insider exercised vested options and sold all resulting shares the same day. Such transactions are commonly used to cover the exercise cost and tax obligations and do not, by themselves, indicate a change in the insider's long-term view of the stock. The derivative-disposition line on the Form 4 reflects cancellation/conversion of the option instrument upon exercise.