Munson Paul E. 4

What Happened

• Paul E. Munson, Senior Vice President & Corporate Controller of Travelers Companies (TRV), exercised stock options to acquire 2,800 shares at $126.18 each (cost reported $353,304) on Feb 25, 2026, and sold shares in two open-market transactions the same day: 2,800 shares at $306.04 ($856,912) and 927 shares at $306.04 ($283,699). Total reported sale proceeds ≈ $1,140,611. The filing also shows a derivative disposition of 2,800 units at $0.00 related to the option exercise (see Key Details).

Key Details

• Transaction date: 2026-02-25 (Form filed 2026-02-26 — appears timely).
• Option exercise (code M, Acquired): 2,800 shares at $126.18 — $353,304 cost.
• Open-market sales (code S, Disposed): 2,800 shares at $306.04 = $856,912; 927 shares at $306.04 = $283,699. Total sales ≈ $1,140,611.
• Derivative disposition (code M, Disposed) listed as 2,800 at $0.00 — indicates conversion/settlement of the option instrument in connection with the exercise.
• Shares owned after transaction: not provided in the supplied details from the filing.
• No 10b5-1 plan, tax-withholding notation, or late filing flag is included in the provided data.

Context

• This pattern (exercise of options followed by same-day sale of shares) is commonly a cashless exercise or immediate sale to cover exercise costs and taxes; the filing shows both the acquisition via exercise and the subsequent sales on the same date.
• Sales are routine disclosures of insider liquidity and do not by themselves indicate company performance; the exercise (purchase) is informative because it increases the insider’s ownership prior to the sales, but the net economic result here was a material sale of stock.