RGA Director Michele Bang Receives 817-Unit Phantom Stock Award

What Happened

• Michele Mi Kyung Bang, an independent director of Reinsurance Group of America, received an award of 817 phantom stock units on 2026-05-20. The units were granted at $0.00 on the Form 4 (derivative award) and represent a deferred director compensation grant rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-20; Filing date: 2026-05-22 (filed within the typical reporting window).
• Transaction type/code: A (Grant/Award) — 817 phantom stock units @ $0.00 (derivative).
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1: Phantom units convert 1-for-1 into common stock based on fair market value.
  • F2: Units were granted pursuant to a deferral election of the annual stock grant to independent directors.
  • F3/F4: Director may elect payment upon retirement or after a 5- or 7-year deferral; distributions follow elected timing upon retirement or the deferral period.
• No cash changed hands now; this is deferred compensation, not an active market buy or sale.

Context

• Deferred phantom stock awards are a routine form of director compensation and do not by themselves signal a buy/sell decision by the insider. The units will convert to common shares (or cash value) in the future per the distribution elections, so any eventual market impact depends on future conversion and sale decisions.