LEONARDI THOMAS B 4

What Happened
Thomas B. Leonardi, a director of Travelers Companies, Inc. (TRV), was granted 729 deferred stock units on February 3, 2026. The units were reported at a per-unit value of $288.23, totaling $210,120 (filing lists $210,120). This was an award/grant (Form 4 transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-03; reported on Form 4 filed 2026-02-05 (timely filing).
• Grant details: 729 deferred stock units @ $288.23 each; aggregate value ~$210,120.
• Shares owned after transaction: Not disclosed in this filing.
• Footnote F1: Units are deferred stock units under the Company’s 2023 Stock Incentive Plan and Deferred Compensation Plan for Non‑Employee Directors; convert one-for-one into common shares on distribution. Directors elect lump sum or annual installments; distributions begin at least six months after director service ends.
• Footnote F2: Includes 79.942 deferred stock units acquired since Feb 4, 2025 via the plan’s dividend reinvestment feature.
• Transaction code: A = Award/Grant. No indication of tax withholding sale or a 10b5-1 plan.

Context
Deferred stock units are a form of compensation for non-employee directors and convert into shares when distributed; they are routine director compensation and do not, by themselves, signal a buy or sell decision. The filing appears timely (filed two days after the transaction date).