Hanover (THG) EVP Jeffrey M. Farber Exercises Options, Nets 16,965 Shares

What Happened

• Jeffrey M. Farber, Executive Vice President of Hanover Insurance Group, exercised three option grants on 2026-07-29 covering a total of 66,295 underlying shares (20,379 + 26,832 + 19,084).
• The filing shows gross values associated with those exercises totaling about $7.77 million (20,379 @ $117.22 = $2,388,826; 26,832 @ $118.54 = $3,180,665; 19,084 @ $115.35 = $2,201,339).
• The company withheld 49,330 shares to cover the exercise price and tax withholding (reported as a disposition valued at $232.34/share, $11,461,332), resulting in a net issuance to Farber of 16,965 shares.

Key Details

• Transaction date: 2026-07-29; Form 4 filed: 2026-07-31 (filed within the typical reporting window).
• Transaction codes: M = option exercise (conversion of derivatives); F = shares withheld to satisfy exercise price/taxes.
• Per-line detail:
  • 20,379 shares exercised @ $117.22 (acquired; vested 1/3 on 3/5/2020, 3/5/2021, 3/5/2022) — footnote F2.
  • 26,832 shares exercised @ $118.54 (acquired; vested 1/3 on 2/28/2021, 2/28/2022, 2/28/2023) — footnote F3.
  • 19,084 shares exercised @ $115.35 (acquired; vested 1/3 on 2/26/2022, 2/26/2023, 2/26/2024) — footnote F4.
  • 49,330 shares withheld @ $232.34 to cover exercise/taxes (disposition) — footnote F1 explains net exercise and net issuance of 16,965 shares.
• Shares owned after the transaction are not specified in the provided excerpt of the filing.

Context

• This was a net (cashless-style) option exercise: options were converted into shares and the company withheld a portion of shares to pay the exercise price and taxes rather than Farber paying cash. The withheld shares are reported as a disposition for tax/exercise purposes; the insider did not report a separate open-market sale of shares beyond the withholding.
• Option vesting schedules are noted in the filing footnotes (F2–F4). This report appears to be a routine reporting of an option exercise rather than an outright purchase or market sale by the insider.