Travelers (TRV) EVP Daniel Yin Exercises Options, Sells Shares

What Happened

• Daniel Tei‑Hwa Yin, EVP & Co‑Chief Investment Officer of Travelers Companies (TRV), exercised stock options that converted into 8,470 shares. The exercise is reported as an acquisition at an exercise price of $118.78 per share, valued at $1,006,067.
• To satisfy tax/withholding obligations, 5,904 of those shares were reported disposed under code F at $302.20 per share, totaling $1,784,189. The filing also shows the derivative (the option) was converted/terminated in the exercise (8,470 shares @ $0.00), which is a technical reporting line for the option conversion.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-23 (filing marked late).
• Option exercise (code M): 8,470 shares acquired at $118.78 = $1,006,067.
• Tax/withholding sale (code F): 5,904 shares disposed at $302.20 = $1,784,189.
• Derivative conversion: 8,470 shares reported as derivative disposed @ $0.00 (reflects option conversion).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Filing timeliness: marked late (transactionTimeliness = L), which delays public transparency.

Context

• This is an option exercise with partial share withholding/sale to cover tax or exercise obligations — a common, routine administrative step rather than a straightforward open‑market buy or sell for investment purposes.
• Code explanations: M = option exercise/conversion; F = payment of exercise price or tax liability (shares withheld/sold to cover taxes). The conversion of the derivative to stock is reflected by the $0.00 derivative disposal line.