Spray Stephen M 4

What Happened
Stephen M. Spray, President & CEO and a director of Cincinnati Financial Corporation (CINF), received three equity award grants on February 25, 2026 totaling 58,012 derivative units: 22,056, 1,838 and 34,118 units. Each grant is reported with an acquisition price of $0.00, indicating these were awarded (not purchased or exercised). The instruments include restricted stock units (RSUs) and a stock option (see footnotes for vesting conditions).

Key Details

• Transaction date: 2026-02-25; Form 4 filed 2026-02-27 (timely filing).
• Reported acquisition: 22,056 units @ $0.00; 1,838 units @ $0.00; 34,118 units @ $0.00 (all coded "A" = award/grant; derivative securities).
• Shares owned after transaction: not disclosed in the filing.
• Footnotes / vesting:
  • F1: The RSUs (max shown) vest March 1, 2029 if performance goals are met.
  • F2: The RSUs vest in three annual installments on March 1 if service requirements are met.
  • F3: The option vests in three annual installments beginning on the first anniversary of the grant.
• No cash paid per the filing; market value at grant date is not provided in the Form 4.

Context
These are grant awards (derivative securities) rather than open-market purchases or sales. RSUs typically convert to shares upon vesting, while stock options require exercise before becoming shares. Because one award is performance-based and others vest over time, full ownership depends on meeting service and performance conditions. Grants are routine executive compensation and do not, by themselves, indicate a buy/sell signal.