Klenk Jeffrey P. 4

What Happened
Jeffrey P. Klenk, Executive Vice President and President, Bond & Specialty Insurance at Travelers (TRV), exercised stock options and immediately sold the resulting shares on Jan 23, 2026. He exercised 4,912 options at $140.85 ($691,855) and 11,800 options at $132.58 ($1,564,444), acquiring a total of 16,712 shares for a combined exercise cost of $2,256,299. Those 16,712 shares were sold in the open market at a weighted average price of $279.77 for total proceeds of $4,675,593 (net pre-tax proceeds ≈ $2,419,294).

Key Details

• Transaction date: January 23, 2026.
• Exercises (code M): 4,912 shares @ $140.85 (acquired for $691,855) and 11,800 shares @ $132.58 (acquired for $1,564,444).
• Sale (code S): 16,712 shares sold in the open market @ weighted avg $279.77 for $4,675,593. Footnote F1 notes sale prices ranged $279.60–$280.25; the filer will provide a breakdown on request.
• Two derivative-disposition lines at $0.00 reflect the conversion/closing out of the derivative instruments as part of the exercise.
• Shares owned after the transactions: not specified in the provided filing details.
• Filing timeliness: Report filed Jan 26, 2026 for a Jan 23 transaction (timely under Form 4 rules).

Context
This was an exercise of options followed by an immediate sale of the acquired shares (a common cashless or sell-to-cover pattern). Exercises convert derivative instruments into common shares (M), and the subsequent open-market sale (S) realized the gains; such transactions are typically routine and do not by themselves indicate the insider’s ongoing view of the company.