JOHNSTON STEVEN J 4

What Happened
Steven J. Johnston, Chairman and Director of Cincinnati Financial Corp (CINF), was granted a total of 25,893 derivative awards on February 25, 2026. The filing lists three grant lines: 9,844 units at $0.00, 821 units at $0.00, and 15,228 units at $0.00 (all reported as awards/derivatives). These are compensation awards (not open-market purchases or sales) and have no cash purchase price; vesting and settlement depend on the specific award terms.

Key Details

• Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (timely filing).
• Reported awards: 9,844 @ $0.00; 821 @ $0.00; 15,228 @ $0.00 — total 25,893 derivative awards.
• Transaction code: A = Award/Grant (derivative securities).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes (as reported):
  • F1: Some RSUs are performance-based and vest March 1, 2029 if goals are met (numbers shown may be the maximum that can vest).
  • F2: Some RSUs vest in three annual installments on March 1 if service requirements are met.
  • F3: An option vests in three annual installments beginning on the first anniversary of the grant.
  • F4: Phantom stock shares were granted under the company’s Top Hat (excess benefits) plan and are to be settled at retirement or termination; their value can be moved into other plan investments.

Context
These awards are part of executive compensation and are derivative in nature (RSUs, options, and/or phantom shares). That means they typically convert to stock or cash only after vesting conditions (time, performance, or retirement) are met — they are not immediate buys or sales of shares. Performance-based and phantom awards may never convert if conditions aren’t met, so they do not necessarily indicate an immediate change in the insider’s market exposure.