OLIVO MARIA 4

What Happened

• Maria Olivo, EVP, ERM & Chief Risk Officer at Travelers (TRV), exercised options on 10,400 shares and immediately sold those 10,400 shares in the open market. The exercise cost was $118.78 per share (total $1,235,312). The shares were sold at a weighted average price of $306.60 per share for total proceeds of about $3,188,588. The filing shows a related derivative disposition entry at $0, consistent with the exercise and immediate sale.

Key Details

• Transaction date: 2026-02-26; Form 4 filed 2026-02-27 (timely filing).
• Exercise (code M): 10,400 shares acquired at $118.78 each — $1,235,312 total.
• Sale (code S): 10,400 shares sold in the open market at a weighted average of $306.60 — ~$3,188,588 total.
• Filing includes a derivative disposition entry at $0 for 10,400 shares (reflects conversion/exercise).
• Footnote: The reported sale price is a weighted average across prices $306.55–$306.85; the filer will provide a per-price breakdown on request (Footnote F1).
• Shares owned after transaction: not specified in the provided summary of the filing.

Context

• This is effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. Such transactions are commonly routine (liquidity or tax events) and do not necessarily signal a change in insider sentiment.
• For retail investors, purchases are often more indicative of bullish insider conviction; this transaction is a sale following option exercise and primarily realizes gains from prior compensation.