CHENG TONY KIN SHUN 4

What Happened

• Tony K. Cheng, President, CEO and Director of Reinsurance Group of America (RGA), exercised 4,152 stock appreciation rights (SARs) on Feb 10, 2026. The filing reports an acquisition amount of $388,337 (4,152 @ $93.53) linked to the exercise.
• To satisfy taxes/exercise obligations, 1,786 shares were withheld (reported at $217.51 each, totaling ~$388,473), leaving a net settlement of 2,366 shares to Mr. Cheng. The filing shows the derivative conversion/settlement entries (transaction codes M = exercise/conversion, F = tax withholding).

Key Details

• Transaction date: 2026-02-10; Form 4 filed 2026-02-11 (next-day filing).
• Exercise/Conversion: 4,152 SARs (code M) — reported as 4,152 shares acquired at $93.53 (total $388,337).
• Tax withholding: 1,786 shares withheld (code F) at $217.51/share (total ~$388,473) resulting in net 2,366 shares delivered to the insider (F1).
• Footnote: SARs were granted Mar 4, 2016 and vested in 25% increments each Dec 31, 2016–2019 (F2).
• Shares owned after transaction: not specified in the provided summary of the filing.
• Filing timeliness: appears timely (transaction 2/10/2026; Form 4 filed 2/11/2026).

Context

• This was an exercise/settlement of SARs (a derivative). Part of the shares were withheld to cover tax/exercise obligations, a common "net settlement" or cashless exercise mechanism — not an open-market purchase or sale by the insider.
• Exercises and withholding are typically routine executive compensation actions and do not, by themselves, indicate a change in the insider’s view of the stock. Purchases are generally more direct signals of bullish sentiment.