BARBI LESLIE 4

What Happened

• Barbi Leslie, Executive Vice President and Chief Investment Officer of Reinsurance Group of America (RGA), had restricted share units (RSUs) settle on January 20, 2026. A total of 2,782 RSUs converted into common shares (522 + 526 + 1,734).
• To satisfy tax withholding, 881 shares were surrendered (201, 159, and 521 shares) resulting in cash value withheld of $39,543 + $31,280 + $102,496 = $173,319. Net shares received by Leslie after withholding: 1,901 (2,782 − 881).
• This was not a market sell—rather an RSU settlement with shares withheld for taxes (code M = exercise/conversion; code F = payment of exercise price/tax liability).

Key Details

• Transaction date: January 20, 2026; Form 4 filed January 22, 2026 (filed within the typical 2‑business‑day window).
• Shares settled (acquired): 2,782 (522; 526; 1,734). Shares withheld (disposed for tax): 881 (201; 159; 521) for ~$173,319 total.
• Net shares retained by insider after withholding: 1,901.
• Post-transaction holdings: not disclosed in the provided filing.
• Footnotes: RSUs granted 3/6/2025 (vest in 1/3 increments, fully vest 12/31/2027); RSUs granted 3/15/2024 (vest in 1/3 increments, fully vest 12/31/2026); other RSUs fully vest 12/31/2025. Each RSU represents the contingent right to one share on settlement.
• Transaction codes: M = derivative exercise/conversion (RSU settlement); F = shares withheld to satisfy tax liability.

Context

• This is a routine equity compensation settlement and tax-withholding event, not an open-market sale or purchase. Such withholding is common when RSUs vest and does not necessarily signal a view on the company’s stock.
• For retail investors, purchases or open-market sales by insiders often carry different implications; here the action reflects compensation mechanics rather than an investment decision.