Kess Avrohom J. 4

What Happened Avrohom J. Kess, Vice Chairman & Chief Legal Officer of Travelers Companies (TRV), exercised 20,000 stock options on 2026-02-20 (exercise price $140.85), paying $2,817,000. Following the exercise, 15,244 shares were withheld to satisfy tax withholding (disposed) at a weighted average price of $300.98 for proceeds of $4,588,139, and 4,756 shares were sold in the open market at $300.44 for $1,428,901. The filing also records the derivative conversion (20,000 options converted into shares).

Key Details

• Transaction date: 2026-02-20; Form 4 filed 2026-02-23 (appears timely).
• Option exercise: 20,000 shares exercised at $140.85 per share — total exercise cost $2,817,000.
• Share dispositions: 15,244 shares withheld for taxes at a weighted avg $300.98 (proceeds $4,588,139); 4,756 shares sold open market at $300.44 (proceeds $1,428,901). Total proceeds from share dispositions ≈ $6,017,040.
• Footnote: The $300.98 weighted average for the tax withholding sale reflects prices in the $300.38–$300.60 range; the reporting person can provide per-share sale prices on request (footnote F1).
• Shares owned after the transaction: not specified in the provided summary — see the Form 4 for post-transaction holdings.

Context

• This is an option exercise followed by share withholding for taxes and an open-market sale — a common cashless-exercise pattern where some or all shares are sold to cover taxes/expenses rather than a stand-alone market sell signal.
• Sales to cover tax obligations are routine and not necessarily an indicator of broader insider sentiment.