BESSETTE ANDY F 4

What Happened

• Andy F. Bessette, EVP and Chief Administrative Officer of Travelers Companies (TRV), exercised 4,255 option-derived shares (code M) on May 22, 2026 at an exercise price of $189.01 per share, costing $804,238.
• The same 4,255 shares were sold in an open-market transaction (code S) that day at $308.11 per share, generating gross proceeds of $1,311,008. A related derivative disposition entry at $0.00 also appears on the Form 4 (often used when shares are converted or surrendered as part of an exercise).
• Net difference (sale proceeds minus exercise cost) is about $506,770 before taxes and any fees. This pattern—exercise followed by an immediate sale—is commonly a cashless exercise to cover exercise cost and/or taxes and is often routine rather than a directional market signal.

Key Details

• Transaction date: 2026-05-22.
  • Exercise: 4,255 shares @ $189.01 — $804,238 (acquired).
  • Sale: 4,255 shares @ $308.11 — $1,311,008 (disposed).
  • Derivative disposition: 4,255 @ $0.00 (reported as disposal of derivative/converted shares).
• Shares owned after the transaction: not disclosed in the provided filing excerpt.
• Notable footnotes: filing shows exercise (M) and sale (S); no 10b5-1 plan or tax-withholding flag was provided in the excerpt.
• Filing date: 2026-05-26 for a 2026-05-22 transaction. No late-filing flag was indicated in the provided data.

Context

• Because the exercise and sale occurred the same day, this appears to be a cashless exercise where the insider converts options and immediately sells the resulting shares—commonly done to cover exercise costs and taxes.
• Such transactions are routine for executives and do not necessarily indicate a change in view on the company. Purchases are typically more informative about insider sentiment than sales tied to exercises.