Lefebvre Mojgan M 4

What Happened
Mojgan Lefebvre, EVP & Chief Technology & Operations Officer at Travelers (TRV), exercised stock options and immediately sold the resulting shares on July 21, 2026. She exercised 9,213 options at $132.58 (cost $1,221,460) and sold those shares at an average price of $368.35 for proceeds of $3,393,652. She also exercised 7,100 options at $139.83 (cost $992,793) and sold those shares at an average price of $368.40 for proceeds of $2,615,676. Total shares sold: 16,313; total gross proceeds: $6,009,328; total exercise cost: $2,214,253; approximate net cash to the insider: $3,795,075. The filings show the exercises and immediate sales (a cashless exercise pattern), so these are disposals rather than a long-term buy signal.

Key Details

• Transaction date: 2026-07-21; Form 4 filed 2026-07-23 (timely).
• Exercises (code M): 9,213 @ $132.58 and 7,100 @ $139.83.
• Open-market sales (code S): 9,213 @ avg $368.35 and 7,100 @ avg $368.40.
• Total shares sold: 16,313; gross proceeds: $6,009,328; exercise cost: $2,214,253; net ≈ $3,795,075.
• Shares owned after transaction: not reported in the provided details.
• Footnote: weighted average sale price covered a range ($368.16–$368.57); filer can provide breakdown by price on request (F1).
• No 10b5‑1 plan, gift, or tax‑withholding notation was provided in the summary data supplied.

Context

• This is an options exercise followed by immediate sale (commonly a cashless exercise), which converts compensation/options into cash; such transactions are routine for executives and do not by themselves indicate a change in view about the company.
• Transaction codes: M = exercise/conversion of derivative; S = sale.
• The filing appears timely (filed two days after the trades).