Rowland David Donnay 4

What Happened
David Donnay, Executive Vice President & Co‑Chief Investment Officer of Travelers Companies (TRV), exercised 4,731 derivative shares and immediately sold those 4,731 shares on Feb 26, 2026. He paid $126.18 per share on the exercise (cost $596,958) and sold at an average price of $308.52 per share for total proceeds of $1,459,604 — net proceeds before fees/taxes of roughly $862,646. The filing shows the exercise/conversion and the contemporaneous open‑market sale.

Key Details

• Transaction date: 2026-02-26 (Form 4 filed 2026-02-27 — timely)
• Exercise: 4,731 shares at $126.18 each (total cost $596,958) — code M (derivative exercise)
• Sale: 4,731 shares at weighted avg $308.52 (total proceeds $1,459,604) — code S
• Footnote: Weighted avg sale price represents prices ranging $308.18–$308.62; reporter can provide breakdown on request (F1)
• Shares owned after transaction: Not disclosed in this Form 4
• No 10b5‑1 plan, tax‑withholding, or late‑filing indication shown in the filing

Context
This was a cashless exercise pattern: options/derivative were exercised and the resulting shares were sold the same day. The filing also includes a derivative conversion/ disposition line at $0.00, which reflects the option conversion/cancellation reporting tied to the exercise. Such immediate sales are common for option exercises to cover the exercise cost and taxes and do not by themselves indicate a change in long‑term insider sentiment.