HEYMAN WILLIAM H 4

What Happened

• William H. Heyman, Vice Chairman of Travelers Companies, exercised 1,557 stock options on 2026-04-28 at an exercise price of $189.01 per share (cost: $294,289) and then disposed of all 1,557 resulting shares. He sold 557 shares at $310.00 (proceeds $172,670) and 1,000 shares at $311.00 (proceeds $311,000), for total sale proceeds of $483,670. The filing shows the derivative converted/terminated in the exercise.

Key Details

• Transaction date: 2026-04-28; filing date: 2026-04-29 (filed on next business day)
• Exercise: 1,557 shares at $189.01 each — total cash used $294,289
• Sales: 557 shares @ $310.00 ( $172,670 ) and 1,000 shares @ $311.00 ( $311,000 ); total proceeds $483,670
• Disposal of derivative reported at $0 reflects conversion of the option into shares upon exercise
• Shares owned after the transaction: not specified in the provided filing
• Footnote: Reporting person disclaims beneficial ownership of these shares (F1)
• No indication of a 10b5-1 plan, tax-withholding surrender, or late filing in the report

Context

• This is essentially a cashless exercise followed by immediate open-market sales: Heyman exercised options and sold the acquired shares rather than retaining them. Such transactions are common for option exercises used to cover exercise costs, taxes, or to realize gains; they are routine insider liquidity events and do not by themselves indicate company outlook.