Klein Michael Frederick 4

What Happened

• Michael F. Klein, EVP & President, Personal Insurance at Travelers (TRV), reported exercising options to acquire 10,000 shares on May 26, 2026 at $132.58 per share (cost $1,325,800). He reported three open-market sales that day totaling 10,000 shares for aggregate proceeds of $3,076,546 (sales at weighted-average prices of ~$307.10, $308.33 and $308.79). A separate line shows a disposition of 10,000 derivative securities at $0.00 related to the exercise/conversion.
• Net proceeds before taxes/fees (sales minus exercise cost) were approximately $1,750,746. The transactions combine an option exercise (code M) and same-day open-market sales (code S).

Key Details

• Transaction date: May 26, 2026; Form 4 filed May 27, 2026 (timely).
• Exercise: 10,000 shares at $132.58 = $1,325,800.
• Sales (total 10,000 shares; proceeds $3,076,546):
  • 6,069 shares @ $307.10 = $1,863,792 (F1: weighted avg across $306.645–$307.530)
  • 2,412 shares @ $308.33 = $743,699 (F2: weighted avg across $307.650–$308.645)
  • 1,519 shares @ $308.79 = $469,055 (F3: weighted avg across $308.660–$308.965)
• Footnotes F1–F3 note the reported sales prices are weighted averages across small price increments; the filer will provide per-price breakdown on request.
• Shares owned after the reported transactions are not disclosed in this filing.

Context

• This is effectively a cashless exercise pattern: options were exercised and an equal number of shares were sold the same day. Transaction codes: M = option exercise/conversion; S = open-market sale.
• These filings are factual records of transactions; they do not state the insider’s motivations.