Frey Daniel S. 4

What Happened Daniel S. Frey, Chief Financial Officer of Travelers Companies, Inc. (TRV), was issued 16,125.128 shares as the payout of performance share rights and, concurrently, 7,522 shares were surrendered/disposed to satisfy his tax withholding obligation. The withheld shares were valued at $298.46 each, totaling $2,245,016. The grant is reported as an award (code A) and the share surrender as a tax withholding/payment (code F).

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-19 (timely).
• Award: 16,125.128 shares granted (reported $0 acquisition price as these were performance-share payouts).
• Tax withholding/surrender: 7,522 shares disposed at $298.46 per share = $2,245,016.
• Footnote: F1 — shares represent common stock paid out upon achievement of performance objectives in performance share rights granted in 2023.
• Shares owned after transaction: Not specified in this filing.
• Transaction types explained: A = award/grant payout; F = shares withheld/used to satisfy tax liability.

Context This was an issuance of performance-based compensation with a routine withholding of shares to cover taxes (a common administrative/cashless settlement). Such withholding/surrenders are typical and do not necessarily signal a voluntary open-market sale or a change in insider sentiment.