HERRMANN RONALD 4

What Happened

• Ronald Herrmann, Executive Vice President of Reinsurance Group of America, exercised company derivatives on February 11, 2026. The Form 4 shows conversion/exercise activity totaling 4,641 derivative units, a reported acquisition of 2,401 shares at an exercise price of $106.53 (cost $255,779), and withholding of 715 shares to satisfy tax obligations valued at $220.70 each ($157,801). Per the filing footnote, 2,240 shares were also withheld to cover the exercise price, resulting in a net settlement of 1,686 shares delivered to Herrmann.
• Transaction codes: M = exercise/conversion of derivative; F = shares withheld to cover exercise price/taxes. This appears to be a net (cashless) settlement of SARs/options rather than an open-market sale or purchase.

Key Details

• Transaction date: 2026-02-11; filing date: 2026-02-12 (appears timely).
• Reported lines: 2,401 shares acquired at $106.53 (total $255,779); 715 shares withheld for taxes at $220.70 (value $157,801); 4,641 derivative units converted (reported as disposed @ $0 for the derivative).
• Net settlement after withholdings: 1,686 shares delivered to the insider (4,641 gross − 2,240 withheld for exercise price − 715 withheld for taxes).
• Shares owned after the transaction: not specified in the supplied filing excerpt.
• Footnotes: F1 explains the share-withholding breakdown; F2 notes SARs vest 25% per year over four years starting Dec 31 of the grant year.

Context

• This was an exercise/conversion of company derivatives (likely SARs or stock options) with net settlement via share withholding — common for executives to cover exercise costs and tax obligations. No open-market sale of the net shares is reported in this filing. Exercises indicate the insider converted contractual rights into stock; they are routine and do not necessarily signal a change in sentiment.