Cincinnati Financial (CINF) EVP John S. Kellington Exercises Options

What Happened
John S. Kellington, EVP and Chief Information Officer of Cincinnati Financial (CINF), exercised options on 2026-06-08 to acquire 24,221 shares at a strike price of $85.67 (cost = $2,075,013). To cover tax withholding and/or exercise-related obligations, 17,536 shares were surrendered/disposed at a reported value of $163.73/share (value = $2,871,169). The filing also reports the derivative instrument disposed (code M at $0), reflecting cancellation/conversion of the options upon exercise.

Key Details

• Transaction date: 2026-06-08; Form 4 filed 2026-06-10 (timely filing).
• Exercise (code M): 24,221 shares acquired at $85.67 = $2,075,013.
• Withholding/tax payment (code F): 17,536 shares disposed at $163.73 = $2,871,169.
• Derivative disposition (code M at $0) indicates the option was converted/cancelled on exercise.
• Footnote: the option vests in three annual installments beginning on the first anniversary of the grant.
• Shares owned after the transaction: not specified in the provided filing details.

Context
This was an option exercise with a share-surrender (cashless) component: the insider acquired shares by exercising options and surrendered a portion of the resulting shares to satisfy tax withholding/exercise obligations (common, routine practice). The primary action is an acquisition via exercise; the surrendered shares represent a disposal solely to meet tax/payment obligations, not necessarily a directional sale in the open market.