HEYMAN WILLIAM H 4

What Happened

• William H. Heyman, Vice Chairman of Travelers Companies (TRV), exercised options to acquire 5,000 shares and then sold the 5,000 shares in open-market transactions. The exercises recorded acquisitions of 1,000 shares on 2026-02-20 (exercise price $172.50), 1,000 shares on 2026-02-23 (exercise price $172.50), and 3,000 shares on 2026-02-23 (exercise price $189.01), for a total exercise cost of $912,030. The related open-market sales brought in total gross proceeds of $1,533,755 (multiple sales at $304.00, $305.00, weighted-average ~$307.76–308.00, and $309.00).

Key Details

• Transaction dates and prices:
  • 2026-02-20: exercised 1,000 shares @ $172.50 (acquired) and sold 1,000 shares @ $304.00 (disposed).
  • 2026-02-23: exercised 1,000 shares @ $172.50 and 3,000 shares @ $189.01 (acquired); sold 1,000 @ $305.00, 2,000 @ weighted avg ~307.755–308.00 (see footnote F1), and 1,000 @ $309.00 (see footnote F2).
• Aggregate: 5,000 shares exercised (cost ~$912,030) and 5,000 shares sold (proceeds ~$1,533,755).
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes of note:
  • F1/F2: Some sales reported as weighted-average prices across small price increments; the filer will provide per-price detail on request.
  • F3: The Reporting Person disclaims beneficial ownership of certain shares referenced in the filing.
• Timeliness: Form 4 was filed 2026-02-24 for transactions on 2026-02-20 and 2026-02-23 — the filing appears timely (within the required reporting window).

Context

• These entries reflect option exercises followed by immediate open-market sales (a common "cashless" or sell-to-cover pattern). Exercising options and then selling the acquired shares generally realizes the spread between the exercise price and market price rather than indicating a new long-term purchase.
• The filing is factual reporting of transactions; it does not state motivation.