HEYMAN WILLIAM H 4

What Happened

• William H. Heyman, Vice Chairman of Travelers Companies (TRV), exercised options on 6,000 shares (5,000 on 2026-02-05 and 1,000 on 2026-02-06) at an exercise price of $172.50 per share (total exercise cost $1,035,000) and sold 6,000 shares in open-market trades (5,000 at $302.00 on 2/5 and 1,000 at $303.00 on 2/6) for total gross proceeds of $1,813,000. The filing also reports corresponding derivative disposals at $0 for the same share amounts.

Key Details

• Dates & prices:
  • 2026-02-05: exercised 5,000 options @ $172.50 (acquired) and sold 5,000 shares @ $302.00 (disposed).
  • 2026-02-06: exercised 1,000 options @ $172.50 (acquired) and sold 1,000 shares @ $303.00 (disposed).
  • Total exercised: 6,000 shares (exercise cost ≈ $1,035,000). Total sale proceeds: ≈ $1,813,000.
• Shares owned after transaction: Not specified in the provided filing summary.
• Footnote: F1 states the reporting person disclaims beneficial ownership of the reported shares.
• Timeliness: Report filed 2026-02-09 for transactions on 2/5–2/6; filing appears timely under Form 4 rules.

Context

• This is an exercise of stock options followed by immediate open-market sales — a common cashless-exercise pattern where an insider converts options to shares and then sells them. The filing also shows $0 disposals of derivative securities for the same amounts; the form does not provide further detail on those entries beyond the disclaimer of beneficial ownership. This activity is primarily reporting routine execution of compensation-related options rather than an outright purchase signal.