HERRMANN RONALD 4

What Happened

• Ronald Herrmann, Executive Vice President of Reinsurance Group of America (RGA), converted 6,576 Performance Contingent Stock units into 6,576 shares on March 12, 2026. The conversion is reported as an exercise/conversion of a derivative (code M) with a reported price of $205.00 per share (total value $1,348,080).
• To satisfy tax withholding, Herrmann delivered 2,857 of those shares back to the issuer (reported as code F), valued at the same $205.00 closing price (approx. $585,685). Net shares received by Herrmann = 3,719 shares, roughly $762,395 at $205. This was not an open-market purchase or sale of additional shares—it's a conversion of performance awards with a sell-to-cover for taxes.

Key Details

• Transaction date: March 12, 2026. Filing date (Form 4): March 16, 2026 (filed within required timeframe).
• Prices reported: $205.00 per share (closing price used for tax withholding).
• Shares: 6,576 units converted → 6,576 shares acquired; 2,857 shares delivered to issuer for taxes; net 3,719 shares retained.
• Footnotes: Award was Performance Contingent Stock granted March 9, 2023 (each unit = 1 share); shares surrendered were used for tax withholding at the $205 closing price; expiration date not applicable.
• Shares owned after the transaction: not specified in the filing.

Context

• This is a conversion of vested performance-contingent awards (derivative instrument), not a market buy or thematic sale. The share delivery to the company to cover taxes is a routine "sell-to-cover"/withholding action and does not necessarily signal a change in insider sentiment.
• For retail investors, exercises/vests increase insider exposure when net shares are retained (here, Herrmann kept 3,719 shares).